We are about to be forclosed on, do we need to consider bankruptcy? We don't have a lot of time I have a appointment next week to discuss bankruptcy. What is the better solution? Any advice would be greatly appreciated

First no you are not in that big of rush, unless you are considering a chapter 13 and trying to save the home, Are you able to afford the payments on the home if other debts are gone ?

Yes they will start processing on this date to forclose. My home is the only debt I have other than a few hanging hospital bills that have already been turned over to the credit bureau. I can afford the payments but I got so far behind that it will take more than I can afford to pay it all at one time

So are you trying to save the home, or do you plan on letting the house go.

If you want to try to save the home and can aford the mortgage and a little bit extra then bankruptcy chapter 13 might be the way to go it will reorganize your payments and write off the hospital bills within a three to five year time. Also it will stop foreclosure proceedings until the bankruptcy is put into place.

Agreed, if you want to save the home bankruptcy may be the answer.

However, if you have cleared up your other bills and can afford to pay, then I would look into either a refinance or back loading the loan.

Talk to your lender, they really don't want to foreclose if it can be avoided. They may be able to take the amount of the arrears and add it to the end of the loan. You may be able to refinance, lowering your interest rate and extending the length of the loan past what you currently have (i.e. youhave 20 yrs left, but refinance for 30 yrs).

Scott is right very few lenders want to foreclose and most will take 6 months to a year to not do it, if at all possible. Have you talked to anyone in their loss prevention programs, most have programs to start making current payments and small amounts to pay back. Even some allow interest only for a few months to allow you time to work things out.