I have my house on the market and the mortgagors are threating foreclosure with me being two months behind on payments. How long does the foreclosure take and would it be better to let them foreclose or file for bankruptcy?

Here's what the legal expert at NBC has to say: "If all else fails, you may have to consider allowing foreclosure to proceed – or filing for bankruptcy. But like most aspect of personal finance, there's no “one-size-fits-all” guidelines for which is the least bad alternative. There are different ways to file for bankruptcy, and not all of your debts have to be included (for more, see the next page.) So even if faced with bankruptcy, you'll need advice from someone - either a good credit counselor or a bankruptcy attorney - who can walk you through the choices you'll face. "

The simple fact that you are 2 months behind does not clearly indicate to us that you are bankrupt. Like Judy said, you should get advice from a competent attorney but can you tell us more about your situation?

Please forgive me if this does not show up as an answer to the last posting request. I am new to this site and how it works.

Two years ago, I asked my now 81 year old mother to move in with my finance, children and myself because she was not feeling comfortable living alone. We found a five bedroom, three bath house in NC with two bedrooms downstairs, just perfect for what we needed. My fiance's finances were and are in terrible condition, but I was able to get the mortgages by myself. At the closing, the attorney had my fiance's name on the deed. SHould have been a red flag, but I thought nothing of it.

My fiancé is now my ex-fiance due to a returning alcoholic problem, which cost him his job, and my mother has since moved into a retirement facility. I have moved my children into an apartment and am only able to pay for the rent, utilities and monthly expenses of maintaining our current lifestyle, with no fringes. My ex is paying 1/2 of the utilities of the old house, but neither of us can afford the $3,300 monthly mortgage payments.

The house has been on the market for about a month and I have been honest with both mortgage companies about my situation. My ex wants "us" to file for bankruptcy because he would like to keep the house. I have tried to explain to him that filing would not affect him and it was no guarrantee we could keep the house. Not to mention, I don't want the house. I guess he figures I would file for bankruptcy, get the payments down where he could handle them with his new job and then he would have the house.

The mortgage companies threating foreclosure if some arrangement is not made by Oct. 21, I just wonder if filing for bankruptcy would not be better for me.