How does a foreclosure look on your credit compaired to a bankruptcy? Which one hangs on to you longer? And with bankruptcy do you pay the bank back on any money left over that the bank could not sell the house for? "If the bank sells my place for $300,000 and I owe them $350,000" Will I pay the $50,000 left over.

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Originally Posted by epaddack

Will I pay the $50,000 left over.

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Hello epa:

Yup.

excon

Hello excon

Foreclosure and or bankruptcy you would still pay it back?

You are mixing apples and oranges.

A BK will follow you for 10 years; however, you can get a new credit card within 3 months at a higher interest rate and purchase a new home within 2 years IF you have emplolyment. You would file BK AFTER a foreclosure if the bank/mortgage co comes after you for any deficiency between selling cost and original loan obligation...

What is the difference between foreclosure and bankruptcy and which is the best way to handle a home?