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both suck.foreclosure is the worst it means your going to lose your house.neighbors will be pointing asking questions,if you have kids they will probably be asking what that sign is in the front yard and why do we have to move.bankruptcy isn't easy either ,if you get a lawyer you have to give him a bunch of money to help you keep your house.you have to start making payments on your bills including your mortgage on time.plus a bankruptcy payment.then if you do this and when you go to court there is still a chance you will lose your house.but if they accept your plan.keep making your bankruptcy payment and pay your bills on time for a year and you should be able to refinance to lower your monthly bills.
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A foreclosure is much worse! In a foreclosure the bank will file the proper documentation to have the home put up for public sale. You will have no choice in this because the bank would have put a clause in note and/or mortgage that they could use any legal remedy to recover their funds if you default in payments. Once the sale takes place you will receive a judgment against you for the deficiency, in other words whatever you owed on your mortgage, subtract that by what the home sold for and that is what you owe in your deficiency judgment. In essence, you lose your home and still have to make monthly payments on it (if you don't the bank will garnish your wages).Bankruptcy is a better option. Not what most people would think, but this way you will not have your wages garnished from the deficiency judgment. Filing bankruptcy is not much worse on your credit score either. A bankruptcy will show up on your credit report, but so will a foreclosure. Bankruptcy sometimes scares people because they think they will lose their car(s) or other personal property, but that is typically not the case in either a Chapter 7 or a 13. Contact a local Bankruptcy Attorney (most have initial consultation free). Tell him/her your sitaution and they can give you more information and further consequences of both scenarios.
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