Question by LineQ: What is the difference b/w foreclosure and bankruptcy when buying a house?
There are a list of houses for me to look at and buy, but what is the difference b/w a house that has gone into foreclosure vs. bankruptcy?
Which would be more of a hassel? Which would take more time and money to deal with if there is a difference?
Best answer:
Answer by kemperk
foreclosure is between the lender and the
borrower.
iT is a one lender thing
a bankruptcy is a federal process that
requires going to court and seeing if the
court will wipe out all debts.
I was within 2 weeks of filing when
in my 20′s. I chose not to do so.
BEST decision of my life.
90% of all home owners need not
be foreclosed on or file BK.
THEY should work 2 jobs for 3 yrs
and pay down the mortgage till it
is very small and then, their
equity will skyrocket again!
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