“Is it better to file for bankruptcy or to be foreclosed?

 “Is it better to file for bankruptcy or to be foreclosed?”
 ”What is a short sale and how can it affect my credit?”
 ”What about a Deed In Lieu of Foreclosure?
 ”What should I do?”

The recent economic crisis has paralyzed the hopes and futures of millions of homeowners who are now wondering how they will recover and rebuild in one of the most stringent lending environments on record. How will they manage their credit through the turbulent economic and financial strangleholds in which they find themselves trapped? Is there relief? Is there any salvaging of the housing market? What is the best path for consumers to get there?
There’s no question that many families will still have to leave their homes. Their biggest question now is how to most effectively do so (without devastating their credit scores) so that they will someday be able to buy a home again.
Now is the time for tough questions to be asked and answered.
Note: The guidelines which are referred to in this report are the selling guidelines of Fannie Mae & Freddie Mac, the two companies (recently taken over by the U.S. government) that own or guarantee about half of the U.S.’s mortgages. These companies base their decisions to purchase mortgage loans on guidelines that are national policy. These guidelines mandate specific credit requirements and policies with respect to problematic situations such as foreclosures, deed in lieu of foreclosures, short sale, or bankruptcy. Specifically, a demonstration of an impeccable credit history must be shown for a designated period of time after the negative event has occurred.
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