Thinking about filing bankruptcy?

If your house is your only delinquent bill you have or there are only a few others, a short sale may be a much better option for you!

A short sale will often have you NOT owing the unpaid amount of the sale.    (See More under the Short Sale Tab) 

When you file a bankruptcy, it damages your credit more than a short sale.

And even if you do file the bankruptcy, you'll still need to sell your house via a short sale or a Foreclosure will go on your credit report in addition to the bankruptcy.

Why this is important

With all the changes in the current economy due to the past predatory lending and the government bailouts, you need a better than average credit score to get a loan.  Possibly 650 or above. 

With both a bankruptcy and a foreclosure - possibly with only one on your credit - it will be years before your score is high enough to get a loan.

There is a way to rebuild your credit, which will take about in a minute.

A bankruptcy Chapter 7 is dissolving you of the responsibility of repaying the debt your include in the bankruptcy. When the bankruptcy is discharged, you no longer owe the debt.  You've also said that you're not going to making any more payments on your house. 

For the bank to get the house back after you file a bankruptcy, they still need to file the foreclosure.  So you need to sell using a short sale so you don't damage your credit any more.

Yes, the house is still yours even after you file bankruptcy.  So don't move out...yet.  For the bank to get the house back, they do have to file the foreclosure.  Until they do that, the house is still yours.

Our mission is to improve the lives of all homeowners we come in contact with. 

Whether we can get the bank to work with us on a short sale or not, (we are pretty good at it) we want to give you all the information necessary from the beginning.  We also keep you updated throughout the short sale process so you can make better decisions for your life today and in the future. 

Better decisions with the bank, the sheriff, even in finding a new home and how long to stay in your current home.

We want you to know your options as we work with the bank to ensure you don't pay any unpaid balance from the sale of your house. 

Rebuild Your Credit

There is a way to re-build your credit slowly. It will test your ability to pay new bills on time. When offered a credit card for a high interest rate, take it. Get a $300 or $500 credit limit ONLY. Charge something on it each month.

Here is the IMPORTANT PART: pay it each month on time and in full.
Never be late with this payment.

It is a test you must pass to build your credit. Over time, the credit companies will see that you can pay bills on time. This will help reduce your interest rate when you are ready to apply for credit on a home or a car and just may get you a loan sooner.

Eliminate your fear.  Call us or Sign up now with Practical Housing Solutions to get your house sold through our Hybrid Short Sale Process!