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    srendon00's Avatar
    srendon00 Posts: 1, Reputation: 1
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    #1

    May 5, 2008, 10:24 PM
    Foreclose vs. Bankruptcy
    If I foreclose on my home or file bankruptcy, can the creditors come after land that I listed as an asset only on my loan documents? What would be the best thing to do... file bankruptcy or foreclose? This is in Arizona..
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #2

    May 6, 2008, 07:39 PM
    Not sure I understand, but let us clear something up. You can file a bankruptcy petition to pay or discharge your debts in some manner; but you do not foreclose on your home, and that is where I get confused about your question, "What would be the best thing to do...file bankruptcy or foreclose?" Do you mean abandon or walk away from your home loan? And you have mentioned listing other land as an asset on your "loan documents". I'm not clear about that, either; did you pledge your home and an additional piece of property on your home loan? I believe that if you do not catch up your past payments and keep them current, you will lose the home and any additional property you may own, whether by foreclosure or by filing bankruptcy.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    May 6, 2008, 08:12 PM
    Yes I am confused, what other land and how is it listed on the loan documents,
    But the bank has to foreclose and this happens if you just stop paying, but can take months. Or you can go bankrupt after they foreclose.

    You are allowed in bankrutpcy to keep certain levels of property and money that is exempt according to the state you live in.

    As for as bankrutpcy what is your other debts, credit cards, car loans, what can or can' be paid now.
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