Comments on: What is the difference b/w foreclosure and bankruptcy when buying a house? http://propertiesmagazine.com/blog/index.php/what-is-the-difference-bw-foreclosure-and-bankruptcy-when-buying-a-house/ Properties, Real Estate, Homes Information Fri, 04 May 2012 03:04:28 +0000 hourly 1 http://wordpress.org/?v=3.1.4 By: Yanna N http://propertiesmagazine.com/blog/index.php/what-is-the-difference-bw-foreclosure-and-bankruptcy-when-buying-a-house/comment-page-1/#comment-660 Yanna N Wed, 02 Apr 2008 02:57:47 +0000 http://propertiesmagazine.com/blog/index.php/what-is-the-difference-bw-foreclosure-and-bankruptcy-when-buying-a-house/#comment-660 Hey SadieAnn, you may take interest in this website i came across earlier, there is loads of information on foreclosures that can prove useful to you. Check it out! Hey SadieAnn, you may take interest in this website i came across earlier, there is loads of information on foreclosures that can prove useful to you. Check it out!

]]> By: TatrD http://propertiesmagazine.com/blog/index.php/what-is-the-difference-bw-foreclosure-and-bankruptcy-when-buying-a-house/comment-page-1/#comment-659 TatrD Sun, 30 Mar 2008 02:35:46 +0000 http://propertiesmagazine.com/blog/index.php/what-is-the-difference-bw-foreclosure-and-bankruptcy-when-buying-a-house/#comment-659 Be careful of bankruptcy listings!!! If the house is in foreclosure it means the bank took the house back and they have the deed. If the person has filed bankruptcy, they may have used the house as collateral for a loan from another lender (called a 2nd mortgage or HELOC - home equity line if credit). BEFORE you purchase a house in either situation, make sure you do a legal search for any liens on the house. If you buy it and there was a lien you weren't made aware of - it's your problem now. Be careful of bankruptcy listings!!! If the house is in foreclosure it means the bank took the house back and they have the deed. If the person has filed bankruptcy, they may have used the house as collateral for a loan from another lender (called a 2nd mortgage or HELOC – home equity line if credit). BEFORE you purchase a house in either situation, make sure you do a legal search for any liens on the house. If you buy it and there was a lien you weren’t made aware of – it’s your problem now.

]]> By: Beverly S http://propertiesmagazine.com/blog/index.php/what-is-the-difference-bw-foreclosure-and-bankruptcy-when-buying-a-house/comment-page-1/#comment-658 Beverly S Fri, 28 Mar 2008 23:07:27 +0000 http://propertiesmagazine.com/blog/index.php/what-is-the-difference-bw-foreclosure-and-bankruptcy-when-buying-a-house/#comment-658 Your question is a little strange.. A house does not go into bankruptcy, a person does. A house that goes into foreclosure is just when the person can't pay the mortgage so the lender takes back the house & re-sells it to someone else. A bankruptcy is where a person can't pay their debts so they file for bankruptcy & their assets can be sold (cars/homes etc.) to pay the creditors. Hope this helps! Your question is a little strange.. A house does not go into bankruptcy, a person does. A house that goes into foreclosure is just when the person can’t pay the mortgage so the lender takes back the house & re-sells it to someone else.
A bankruptcy is where a person can’t pay their debts so they file for bankruptcy & their assets can be sold (cars/homes etc.) to pay the creditors. Hope this helps!

]]> By: J P http://propertiesmagazine.com/blog/index.php/what-is-the-difference-bw-foreclosure-and-bankruptcy-when-buying-a-house/comment-page-1/#comment-657 J P Fri, 28 Mar 2008 14:32:11 +0000 http://propertiesmagazine.com/blog/index.php/what-is-the-difference-bw-foreclosure-and-bankruptcy-when-buying-a-house/#comment-657 Bankruptcy means that the current owner's creditors cannot take the house unless the courts say its ok. Once they get the ok, the bank can either foreclose on it or the owner can surrender the deed willingly (called a "deed in lieu of foreclosure). If the house is in foreclosure, the bank is already working on taking it from the owner. If its advertised for sale, its probably already in the bank's name, unless you are looking at a foreclosure auction. In this market, just wait until the property has gone through foreclosure and the bank has the deed. At that point, its just like buying from any other person and the realtor can handle the negotiations. Bankruptcy means that the current owner’s creditors cannot take the house unless the courts say its ok. Once they get the ok, the bank can either foreclose on it or the owner can surrender the deed willingly (called a “deed in lieu of foreclosure).
If the house is in foreclosure, the bank is already working on taking it from the owner. If its advertised for sale, its probably already in the bank’s name, unless you are looking at a foreclosure auction.
In this market, just wait until the property has gone through foreclosure and the bank has the deed. At that point, its just like buying from any other person and the realtor can handle the negotiations.

]]> By: kemperk http://propertiesmagazine.com/blog/index.php/what-is-the-difference-bw-foreclosure-and-bankruptcy-when-buying-a-house/comment-page-1/#comment-656 kemperk Tue, 25 Mar 2008 12:52:23 +0000 http://propertiesmagazine.com/blog/index.php/what-is-the-difference-bw-foreclosure-and-bankruptcy-when-buying-a-house/#comment-656 foreclosure is between the lender and the borrower. iT is a one lender thing a bankruptcy is a federal process that requires going to court and seeing if the court will wipe out all debts. I was within 2 weeks of filing when in my 20's. I chose not to do so. BEST decision of my life. 90% of all home owners need not be foreclosed on or file BK. THEY should work 2 jobs for 3 yrs and pay down the mortgage till it is very small and then, their equity will skyrocket again! foreclosure is between the lender and the
borrower.

iT is a one lender thing

a bankruptcy is a federal process that
requires going to court and seeing if the
court will wipe out all debts.

I was within 2 weeks of filing when
in my 20′s. I chose not to do so.
BEST decision of my life.

90% of all home owners need not
be foreclosed on or file BK.

THEY should work 2 jobs for 3 yrs
and pay down the mortgage till it
is very small and then, their
equity will skyrocket again!

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