Can Filing Bankruptcy Save Your Home?


If you fall behind on repaying the bank on a housing loan, you may be faced with a foreclosure notice. What can you do to save your house?

The first thing you ought to do is try to negotiate a deal with your bank. If you can work out more affordable terms of repayment, then it might just save your house from being sold in a foreclosure.

If this does not work, you may want to negotiate for a short sale. A short sale is where the bank agrees to you selling your house for less than what you owe. In a “deed in lieu” of foreclosure, you give the bank the deed to your home and avoid a formal foreclosure. The reason for doing this is to avoid the negative effects on your credit brought by a foreclosure.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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