How Do I File Bankruptcy In Foreclosure

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If you have been thinking about filing for bankruptcy to stop the foreclosure on your home but are worried that it may affect your credit score or cause you to lose your home to foreclosure, then you need to take a look at the different ways to file bankruptcy in foreclosure and file before you actually do file. There is a great difference between declaring bankruptcy and having a judgment filed against you. When you file bankruptcy in foreclosure, your bankruptcy is not a judgment and it does not show up on your credit report. You do, however, lose your right to sell your home if you are declared bankrupt.

When you file bankruptcy in foreclosure, you will fill out a bankruptcy form that tells the court what you are doing, where you are going to spend money, and when you will finish paying off your debts. Your bankruptcy will also state whether or not your home can be foreclosed upon. In some states, the mortgage company has to wait for two years before they can take your house away in a foreclosure. This is also true for the federal government. But your mortgage company can usually sell your home immediately after your bankruptcy is declared because this is their obligation under the law.

If you really want to save your home from foreclosure, then you need to file bankruptcy in order to stop the foreclosure process. You can talk to a bankruptcy attorney if you need help filling out the forms or taking care of any legal issues. If you file bankruptcy in foreclosure, you will still have your home but will not be able to sell it right away because it will not have an "official" bankruptcy declaration on it. This will mean that you will have to wait for two years to an additional two years before you can take the house back through a foreclosure auction. But after this time, if you pay your debts well enough, the sale of your home should be fairly quick.