If your house goes into foreclosure, is your credit affected the same as if you filed bankruptcy?
Question:
Answer:
Both bankruptcy and foreclosure will have drastic negative affects on your credit and your credit score. It is hard to say which one will affect your credit worse. If you file bankruptcy, your bankruptcy attorney may be able to help you stop the foreclosure process and set up a workout plan with the mortgage company. Refinancing with a mortgage broker is an option but you are going to need to have 30-40 percent equity in the home for that to work. Even though a bankruptcy can stay on your credit for up to 7-10 years, you could be eligible for a good rate on a mortgage again within as little as 24 months with re-established credit. The first link below will provide some tips on rebuilding credit and other useful credit information. Best of luck and I hope things truly get better for you and your family.
I don't want to say it is the same as if you filed bankruptcy but, from personal experience, it is right up there.
no.
Some anwers about foreclosure HERE:
http://www.foreclosureinfousa.net...
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