Wait For House To Foreclose?

March 20th, 2012 by Questions

Would it be wise to wait for the bank to foreclose Before filing for bankruptcy? I am about to miss my 1st payment and can no longer afford the house or wish to keep it. Equity is next to zero, income is zero, savings have dried up. Have LOC and credit cards also that I am not going to be able to make minimum payments for the 1st time or forseeable future.

Posted from: Ontario


One Response to “Wait For House To Foreclose?”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

You don’t need to wait the until the foreclosure occurs, but have to notify the bank that they need to foreclose and that they are to stop taking any payments out of your account for the mortgage or line of credit. As soon as you have notified them of this (And I suggest doing it both verbally and in writing) the you are in a position where a bankruptcy can be filed.

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