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Resources on Foreclosure, Credit & Debt, and Bankruptcy

How to File for Chapter 7 Bankruptcy

Chapter 13 Bankruptcy

The New Bankruptcy: Will It Work for You?

Selling Your House in a Tough Market

Foreclosure: Articles and FAQs

Guide to Avoiding Foreclosure (HUD)

Avoiding Foreclosure: State Resources (HUD)

Foreclosure Survival Guide

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Foreclosure Survival Guide (1st Edition)

Basic Workout Options

Whether you are working through your lender or mortgage servicer, or getting help from a nonprofit housing counselor, you’ll be considering some or all of the following options.

If You’ve Got a Second or Third Mortgage

If you work something out with your first mortgage lender, you’ll still have to deal with your second and third mortgage lenders. They do have some incentive to be reasonable—if they aren’t, tell them that you are headed for foreclosure. They know that if that happens, they will receive nothing, because all the sales proceeds will likely go to pay off the first mortgage and their liens will be wiped out in the process.