Legal Question in Real Estate Law in Florida

Forclosure vs Bankrupcy

I just began the bankrupcy process. I was not able to pay in full the second mortage I took out on my home for 6 months. They would not work with me at all, demanded paid in full. They began the forclosure process, so I did not have a choice but to begin the bankrupcy proceeding, as no lender would loan me money because the home was in forclosure. The loan was for 170,000. My first mortage is 398,000. I have never been late on anything and HAD a credit score of 802. Which is the worse of both evils? Should I have filed the bankrupcy or just let the forclosure go, as my first mortage holder is the primary.


Asked on 12/18/06, 11:55 am

1 Answer from Attorneys
Robert Roemer Robert Roemer

Re: Foreclosure vs Bankruptcy

In order to help you, I need you to send an e-mail with the value of your home today, and the amount of debt in your first, second, third and any lines of credit that are secured by your home. I believe from the information so far that you should let me re-evaluate your situation. As soon as you send me the e-mail with this information, I will get back to you right away. At this point, I would advise you to take no further action until you send this information to me because I have done both foreclosure defense as well as foreclosed property for lenders for the last 10 years. I hope this helps you and I look forward to hearing from you.

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Answered on 12/18/06, 6:12 pm


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