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If a home is foreclosed upon, the mortgage lender usually auctions the property at a foreclosure sale, applying whatever amount is received at the foreclosure sale to the debt owed on the mortgage. In many cases, the sale price at auction is not sufficient to cover the mortgage and other secured liens on the property, such as home equity loans; the difference between what you owe on the property and what the lenders actually receive is called a deficiency balance. Mortgage lenders generally cannot pursue borrowers for deficiency balances resulting from foreclosure on loans that were used to purchase a borrower’s primary residence.

However, if you find that the deficiency balance claimed is too large to pay off within a reasonable time frame, or if the creditor is unwilling to work with you to establish workable payment terms, you may wish to consider filing for bankruptcy protection to resolve your deficiency balance. I strongly encourage you to consult with a qualified attorney in your area if you are considering filing for bankruptcy protection

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What are the consequences for not filing for bankruptcy?

Most of the time, not filing for bankruptcy is much worse. Here are some of the consequences of not filing for bankruptcy. Your Assets May Be Repossessed, You May Lose Your Home, Government Agencies Can Garnish Your Wages..etc. You can get more information about bankruptcy questions at Diy4law

House in milwaukee 3623 n 60th street i know the people thatlive there,i

Yes, of course it's possible. Go there and see it.

My house is in foreclosure. I have no way out. Would it be better to

When loan modification is not the answer, American Homeowner Preservation presents a worthy alternative to foreclosure. AHP purchases homes from families at risk of foreclosure and then leases back at an affordable rate plus provides a discounted option to repurchase. Learn more at www.ahphelp.com

Can a debtor file a bankruptcy for the sole ...

When filing for bankruptcy, it is important to check the rules especially if you have a co-signer. Your co-signer was the one who co-signed your debts when you applied for it. Your co-signer vouched about your credibility as a borrower, which is how you got the approval. Generally, a co-signer is ...