Foreclosing on my house and will need to file bankruptcy.... words of advice?

We purchased a home at the height of the housing madness in Las Vegas 4 years ago. It's now worth nothing and if we were to sell it we'd owe around 120,000-150,000. Factor into that the $30,000 we are in debt due to medical expenses and refinancing our adjustable mortgage (thinking we were doing the right thing 3 years ago) and paying for the mortgage many a months with credit cards.... so we see this can't go on forever. Only option that makes sense is to foreclose on the house and then turn around and file for bankruptcy. Don't know anyone who has ever done this, and we have never had debt problems like this ever before. We are young (late 20's and early 30's) and have three children. Can anyone offer words of advice as we start down this road? Where can I go to find up to date accurate information on foreclosures and bankruptcy and the ramifications of the two? Do we stop payments on everything we are paying on right now? We have not missed any payments yet. Your help is greatly appreciated. Thank you in advance.Foreclosing on my house and will need to file bankruptcy.... words of advice?
There is a really good book that can actually help you stay in your home for a good chunk of time without making any payments. I used it and was in my house for over a year while I got back on my feet.





In your case, you will probably want to save up everything you can and then file for bankruptcy. Either way, nothing is going to stay on your credit for more than 7 years in NV and so you should just take advantage of it. The book is called There is No Place Like Your Home. If you guys use this and save your money someplace safe with someone you trust in the meantime, you will be able to bounce back and rebuild your credit much stronger.





The website for the book is http://www.release-me.org/





Hope this helps.Foreclosing on my house and will need to file bankruptcy.... words of advice?
I bought a house and and had a mountain of dept so after 1 year i filled chapter 13 thats where you keep everything you owe but pay a smaller payment, i pay 327.75 a week and i only have 1 more year left if you have any more questions please feel free to ask me , oh yeay i listen to daveramsey to just i listened to late, good luck and everything will be ok dont worry remember you have a family
I really don't know too much about the subject, but you could try to put your home on short sale, If the bank you got your loan from agrees, they will sell you house just like in a foreclosure, but pretty much ';forgive'; you for the extra 120,000-150,000 you owe them. Im sorry that all i can say, you should really try to find an expert to help you out
Get and read Dave Ramsey's book The Total Money Makeover. Then go to his web site and find out your local radio station he is on daily.





Dave has some pretty good ideas about dealing with these kinds of problems. You must have a good income otherwise your debts would not be current NOW. So it's doubtful you're bankrupt, and if you don't need to sell the house, stay there.





Good Luck