No. forclosure is not as bad as bankruptcy. You are only dealing with the house in question. Bankrupcy is dealing with all of your bills and your assets. could include selling off assets to settle debts. Talk with the bank. Something should be able to be done. Maybe talk to a Realitor and see if it is possible to have them handle it as a rental. In Ohio they will make sure it is rented escrow part of the rent for repairs and make the bank not as well providing that there is not a lot of repairs that need done befpre someone could move in.
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