[onegreeneye]

...fast? do to job loss had to relocate to another state. home in michigan has been on market for 6 months no takers yet even after multible reductions in price. can't afford two homes any more so have'nt paid for the home in michigan (taxes are due also) recieved notice of foreclosure to take place 30th august. with bankrupcy laws that have changed what do you do first? talk w/lawyer or take pre bankrupcy class/ I never in my 50yrs thought I would have to do something like this. is foreclosure worse than a bankrupcy? can't even do a short sale no lookers. if I give the bank the deed back I also have a equity loan and have no equity left in the home. the auction will take place on the 30th I don't know what to do first. I'm humiliated at the thought of all this happenning. will I ever get a loan again? how much upfront to file bankrupcy? any help is appreciated.

[JJ]

Talk to A lawyer with lots of experience in this area.

[Fred W]

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.