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    epaddack's Avatar
    epaddack Posts: 8, Reputation: 2
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    #1

    Oct 21, 2006, 10:47 AM
    Foreclosure vs Bankruptcy
    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.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Oct 21, 2006, 10:49 AM
    Quote Originally Posted by epaddack
    Will I pay the $50,000 left over.
    Hello epa:

    Yup.

    excon
    epaddack's Avatar
    epaddack Posts: 8, Reputation: 2
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    #3

    Oct 21, 2006, 10:54 AM
    Hello excon

    Foreclosure and or bankruptcy you would still pay it back?
    Cvillecpm's Avatar
    Cvillecpm Posts: 553, Reputation: 28
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    #4

    Oct 21, 2006, 02:19 PM
    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...
    Timbo1's Avatar
    Timbo1 Posts: 1, Reputation: 1
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    #5

    Oct 18, 2007, 01:52 PM
    What is the difference between foreclosure and bankruptcy and which is the best way to handle a home?
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