bankruptcy vs foreclosure on credit

[mage lang="en|de|en" source="flickr"]bankruptcy vs foreclosure on credit[/mage]
Which one is worse to recover from in terms of credit? Bankruptcy vs. Foreclosure?

I am on the verge of loosing a property of mine bcos the tenant has not been making their payments. I am trying to scrape up the money to catch up and prevent the house from foreclosure, however I want to prepare for the worst case scenario.

Don’t do either!!!
If you are not past the point where you can catch up with the bank then get a loan and let someone put a lien on your house for it. Evict that tenant and move on. It’s work and stress now but nothing compared to what you will feel as a result of a foreclosure or bankruptcy.

Or if that is not an option to you then SELL that property now even if you have to take a loss on it. You’ll be responsible for the remaining amount. Borrow it from the new buyer if you have to. Let them rent to own (running an ad in the paper for Rent to Own) even though you don’t have the current renter out. Tell them to handle that.

My point is that there are a lot of other options. Don’t throw up your hands and quit just yet.

Advantages of a Short Sale Vs. Foreclosure 1-866-60-MODIFY