foreclosure and chapter 13 or 7

[bankruptcy?]

I just read the sticky about foreclosures, but I am not sure if it accuratley answered my question.

My home is about to be sold next week. I was thinking of filing BK to stop the foreclosure. Reason behind this, is because when going to purchase a home, a foreclosure is looked upon much worse than a BK.

Now, my idea was to file a 7 and then try and short sale my house before they could lift the stay, but I do not know how long that time period is. Is it a week or 3 months?

If it is only a short period of time then obviously I need to complete a 13 and then try to short sell it.

I didn't really understand what he meant about short sales not being beneficial to the lender during a 13. There was also something said about a BK and foreclosure being one negative in regards to credit.

Any advice on this would be greatly appreciated.

[bankruptcy?]

Can anyone give me advice as to what to do in this case. My house gets sold Tuesday and I have to file On monday to prevent it.

Will a foreclosure still show on my credit if I file a 7 and the stay is lifted after a few weeks and they sell my home to auction?

Basically, I do not want to stay in my home. Really can't afford the payment since I got laid off my last job. But I also don't want the foreclosure on my record.

Can I short sell the home if I am in a 13?

[mcdulph]

Please call a local bankruptcy lawyer the very first thing Monday morning--if you can't find someone with a 24-hour emergency contact number over this weekend.

In the meantime, if I were you, I'd try to estimate the total amounts of my debts, income, and expenses so that the attorney can give you halfway intelligent advice on how to proceed.

Good luck!

[CindyLou]

Its always best in terms of future home purchasing power to file BK first then have the foreclosure. You can normally get FHA financing after 2 years with BK and 3 years with foreclosure.

Now the challenge here may the timeframe and whether they lift the stay and foreclose before the BK is discharged. In that case, I'm not sure what would be on your report.

Be sure whatever attorney you talk to is experienced in both foreclosures and BK's....

[woeisme]

How much better is BK on your record than forclosure? I know it's not exact, but sounded like one of the posters was saying it could help him/her buy one year earlier? But if you don't plan on buying another home anytime soon (say not for another 5 years or so), would it really be that beneficial to do a BK in that case, or is putting some time between the foreclosure and next purchase and having money saved up for a decent down payment next time a better route? seems like it would be to me, but have no idea of how banks see these issues.

[stljohn]

i don't know relative negative weight bk versus forclosure, I have a recently discharged 13 and my scores are in the mid 600s. I think that solely depends on how good your credit was before whatever roof fell in on you. Obviously prospective mortgage lenders don't want to see a foreclosure but I don't think a foreclosure in and of it self lowers credit scores.

Anyway as far as buying home in future consider there is alternative financing like lease with option or seller option to get around a foreclosure.