Foreclosure vs. Bankruptcy In Longmont Colorado: What Are the Differences?

Foreclosure vs. Bankruptcy In Longmont Colorado: What Are the Differences?

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Even though bankruptcy filings are down, there were still 755,182 filings last year. If you are one of the many Americans that are struggling to pay their monthly bills, then you may be wondering what your options are. One option is to sell to cash house buyers in Longmont,Co like us! Or read on to find out just what your options are.
This is where the foreclosure vs. bankruptcy debate comes in. What are these two processes, and how can they help you?
We’ve created a guide to help you determine what the best course of action is for your specific situation. Visit: https://www.longmonthousebuyers.com/blog/foreclosure-vs-bankruptcy-in-longmont-colorado-what-are-the-differences/

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Published 30 August 2019
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Foreclosure vs. Bankruptcy In Longmont Colorado:
What Are the Diferences?
Fo
reclosure vs. Bankruptcy
IF you are struggling to pay your debts and they are starting to spiral, you still have some options.
But to protect yourselF and We buy houses, you need to understand what the consequences are For each.
B
ank
r
upt
cy
Bankruptcy is a legal tool that enables an individual or business to be discharged From their debts. In some instances, the debt isn’t discharged, but a payment plan is put in place.
Who Initiates
The individual that owes the debt initiates a bankruptcy. It is rare For creditors to Force someone into bankruptcy.
Who Has Control of the Real Estate
You can retain control oF your real estate when you île For bankruptcy. This doesn’t mean you have to keep your home though. It may be beneîcial For you tosell house Fast and get something smaller.
Future Loans
You must let Future lenders know that you have îled For bankruptcy. This may afect your ability to gain approval.
Impact on Credit
It depends on your speciîc situation how your bankruptcy îling will afect your debt. orsome,itwiitllwillimproveitthrough tlhorwoeurgiht.theorreotmhoevrsa,loF debt. A bankruptcy will stay on your credit report For ten years.
Fo
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A Foreclosure permitsa lender or mortgage broker to claim ownership oF a pieceoF real estate to satisFy the balance they are owed on a past due loan. The process oF a Foreclosure can vary signiîcantly From state to state.
Who Initiates
Lenders are the ones who initiate the Foreclosure. No borrower can ever or would want to initiate a Foreclosure on themselves.
Who Has Control of the Real Estate
The speciîc process can vary by state, but the goal oF Foreclosures is For the lender to gain control oF the property andsell house Fast. This can happen at varying points in the Foreclosure process.
Future Loans
You must report on Future loan applications that you have been subject to Foreclosure. This is to let Future lenders know thatyou could not Fulîll your agreement topay a mortgage.