Foreclosure - The Last Resort

Michelle G asked:


I want to buy a foreclosure home but, my credit is awful. I have a low credit score and a bankruptcy. What can I do ?

Carson

Agustin A asked:


My house may go to foreclosure and if i file bankruptcy it will stall this but if I dont sell the home then I will have two strikes a bankruptcy and a foreclosure on both my wife and my credit record. Im thinking of allowing it foreclose but can I ever buy again and will I have to repay the difference on my foreclosed home when the bank sells to buy again?

Bailey

)BJB( asked:


How much would the foreclosure of a $150,000 mortgage affect a credit score, and for how long? Let’s say the mortgage is about a quarter paid off, and the credit score is relatively good (~650).
7-10 years?
That sounds more like a bankruptcy.
Please note: this is purely theoretical. I am not going through a foreclosure, and I likely won’t, so please don’t sympathize with me. I, however, sympathize with you; it must be incredibly tough to go through one.

Carlos

Mrs. Pearlie asked:


Just like to see if the prices would be different? I know that foreclosure homes are cheap, but are the bankruptcy homes cheaper or?

Whats the catch?

Anything would be appreciated.

Thanks.

Daniel