Posted on: 10th Jan, 2010 10:55 am
$60,00 in debt, refinanced the home and took out money. Cannot pay my bills should I file bankruptcy or foreclosure? the houses in my area are now only worth one third of my mortgage balance and still dropping.
hi rkspls,
rather than filing bankruptcy or going for a foreclosure, you should try out for a deed in lieu of foreclosure. it will help you sell off the property and you won't be responsible for the balance amount resulting from the sale. however, your credit score would go down by 250 points. as far as your bills are concerned, you can settle the debts with your creditors. you should speak to your creditors and try to get a payment plan to pay them off.
rather than filing bankruptcy or going for a foreclosure, you should try out for a deed in lieu of foreclosure. it will help you sell off the property and you won't be responsible for the balance amount resulting from the sale. however, your credit score would go down by 250 points. as far as your bills are concerned, you can settle the debts with your creditors. you should speak to your creditors and try to get a payment plan to pay them off.