Foreclosure and Bankruptcy

a bankruptcy filing brings a foreclosure proceeding to a halt. will it alter the hands of destiny? not necessarily, but it might buy you enough time to save your home if you can come up with sufficient resources to do so.

Thanks, George! I applied for loan modification but the lender told me to call every 2 weeks to check on the status. But I can't talk to a loan officer because they said it's their policy not to have the borrowers talk to them so they can concentrate on their work and not get distracted.They said they are still reviewing my file even if I am in foreclosure.

Hi Augusto,

As you've applied for a loan modification, you should wait for some more time and check out if they accept your request or not. If they do not accept your request, then you can think of filing bankruptcy.

Thanks

A short sale specialist told me that if I file for bankruptcy. I will not be able to keep my house anyway, it will just prolong my stay in the house because once it's discharged my lender will reinstate the foreclosure anyway.He said if I short sell it it will buy us time like 4 to 6 months more as long as they find a buyer before the sale date.

i hope my post didn't confuse you - that's what i was driving at to begin with. bankruptcy filing when in foreclosure buys time.