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
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.
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
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
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
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.
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.
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!