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Received Foreclosure Notice |
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Hi Edith.
I recently received a foreclosure notice from my mortgage company. What should I do? Would filing for bankruptcy help? Any advice for dealing with this foreclosure would be very much appreciated.
Thanks.
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First off, about bankruptcy -- it does not cancel a mortgage. The only thing it might do is buy you time, because it postpones the lender's right to foreclose for a while. And of course it's terrible for your credit rating -- though foreclosure isn't all that good either.
I don't know where your foreclosure stands, or exactly what kind of notice you received. If your place could be sold for enough to cover the debt and back payments, and if they'll hold off while you try for that, it would be a great way to save your credit and perhaps any equity you do have in the property. You'd have to talk with your lender about that, or even better, get your real estate broker or lawyer to talk with them.
But if the foreclosure has progressed beyond a certain point, legally, it's hard to stop it.
You should be discussing all this directly with the lender, or getting a real estate broker to do so for you. |
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Edith
Originally published on December 28, 2007 |
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