San Diego Short Sale and Foreclosed Homes

 

BANKRUPTCY

Bankruptcy has been marketed by many as a ‘foreclosure solution’ which in some states and situations it can be. If the homeowner has non-mortgage debts whose payments are causing them to fall short of paying their mortgage payments and a personal bankruptcy will eliminate these debts this may be a viable solution.  

PRO: Does not require lender approval. 

CON: If a homeowner cannot afford their mortgage payment, a bankruptcy will only stall not stop the foreclosure process. Bankruptcy can be costly.

Picture

    Have A Question? Ask A CDPE!