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JEN | Will a foreclosure effect your credit rating worse than bankruptcy? |
We are filing for bankruptcy and will lose the house one way or another. If the foreclosure goes through, we can live in the home rent-free for perhaps up to 10 months. Or we can try to do one of those quick sales. Since we're filing for bankruptcy anyway, does it make any sense to do a quick sale and avoid the foreclosure? Or is it better off let the foreclosure go through, then save 10 months worth of not having to pay rent? |
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Yamakiri (is a 1337 Chemist)
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No. I'd sell the house, and then live with family for a while. If there's anything you can do to protect your credit, do it. Bankruptcy is the worst thing that can happen to your credit, but foreclosure's up there with it. Bankruptcy kills your credit for 10 years, so it's horrible. Foreclosure is just a bit better, at 7 years on your record.
So I'd reccomend quick sale, but try consulting an accountant for financial advice.
--Yamakiri |
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DAS
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It is not going to hurt you anymore, so go on and live in the house for 10 months, and save. Or just try to quick sale it. Then after your finished with your bk, go to a credit lawyer or a credit repair agency, and start getting your credit life back together. It's going to be a long road to recovery but it can be done. You should also take a money management course, so it will help you understand money better. |
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private
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Just remember. When you file for bankruptcy.
You can't do it again for another "nine years." <}:-{( |
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CreditCards.com
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It really doesn't matter which one affects your point score more. Either one makes you radioactive to lenders until you show a record of paying bills on time.
The key difference is that a bankruptcy will stay on your credit report for 10 years. A foreclosure stays on your credit report for seven years.
If you're filing for bankruptcy no matter what, your credit will be as bad as it can get. Do whatever you need to do to keep the roof over your heads as long as possible. |
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King David
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Bankruptcy is surprisingly better than foreclosure. Once you have filed for bankruptcy, you are free of the debt, but in return your credit is damaged for like 7 years. The good news is that people are more willing to lend to you than if you had a foreclosure.
Hope this helps. |
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dragonfire
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no
you credit profile is ruined for 10 years anyways due to a BK
so letting the house go into foreclosure doesn't really hurt you any more than the BK will anyway |
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Sands
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The fewer negative reports on your credit history the better. I'd recommend the quick sale. Even if you file for bankruptcy and your credit is destroyed for several years, at least you won't have the foreclosure added to it. Look at the bankruptcy on the cake and the foreclosure as the icing on the cake. That's one type of icing that you don't need. Good luck with everything. |
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Lynette C
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yes, get the house sold asap, do not leave it with money owing to the bank. That way you only have the BK to contend with. If everything is included, there are banks that will immediatley start lending to you after it is discharged. If you begin building new credit, keep it perfect, no lates whatsoever. If you are late on anything, you might as well kiss any credit future goodby. If you keep it clean, within two years, you will be able to buy a house again with the same rates as someone who had never declared bankrupty.
lc - Credit Union Manager |
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Jennifer
 |
Hi,
I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://www.x.se/a5nf |
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pickymom
 |
I filed bankruptcy nine years ago and was able to purchase a house on my own after four years.
I am also in a position now where I have to either quick sale my home and walk away with nothing or let the bank foreclose and live here for a few months. I am a full-time student with five children going through a divorce because my husband has a serious drug addiction. I have decided that since I won't be buying a home for at least 4-5 years anyway, I may just let the bank foreclose. At least this way, I can sell my brand new pool, Jacuzzi, and gazebo and have some money. If I quick sale, most likely I will get NOTHING. I'm still tossing it around. I hate my husband for putting me in this situation. |
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