More than ever borrowers have to choose between foreclosure, bankruptcy, or struggling to subsist in a home that may be worth less than the mortgage underneath it. As more buyers have to make tough choices, it is important to understand what each choice means for the future and what the best choice for a particular situation is.

Bankruptcy

By far the worse possible choice a borrower will ever have to face, declaring bankruptcy leaves credit scarred for seven years (or more) and removes the possibility of obtaining any credit for that period of time. Since bankruptcy laws have changed in the past year, declaring bankruptcy no longer means freedom from all debt. Now filers have to work out a payment plan that might result in them paying less than they actually owe, but will certainly result in them paying something. Worse yet, the payments will be garnished, coming directly out of the filer’s paycheck. This option should not be considered if a borrower is only having trouble paying the mortgage, but has enough to pay the rest of his/her bills. Avoid this option at all cost.

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