Q&A: What is more advantageous, filing bankruptcy or letting my home go into foreclosure?

Question by Rose: What is more advantageous, filing bankruptcy or letting my home go into foreclosure?
I have purchased another home while trying to sell my previous home. I have continued to pay the mortgage on the old house until it sells but it has become difficult to continue because of having to pay two mortgages. I did not anticipate it being so long to sell the other home. I have been thinking of stopping payment on the other home and allow it to go into foreclosure or filing bankruptcy to get from under the house. What are my alternatives?

Best answer:

Answer by Ms. E
I found a good article on the NBC news website:

http://www.nbcnews.com/id/21478416/ns/business-answer_desk/t/which-worse-foreclosure-or-bankruptcy/#.UXbT40qyLKc

I have heard that you can stay in the house a long time for free while it’s in foreclosure, and so you can save up money that way. I found this article on MSN website about this:

http://realestate.msn.com/article.aspx?cp-documentid=21782888

Good luck to you.

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2 Comments/Reviews

  • jelinek121 says:

    Have you looked at renting out your original home until it does sell?

  • Pascal the Gambler says:

    Either way devastates your credit the same. BK stays on your credit for 10 years.

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