Avoid an Auction Strategy:
Active Income - Little to no Equity
Depending on the equity in the home and income you have, filing bankruptcy may be an option to postpone or prevent a foreclosure on your home. It may however leave a negative mark on your personal credit, but may accomplish your ultimate goal in the end.
Benefits of Bankruptcy
Bankruptcy will provide an immediate stop to foreclosure proceedings including pending sales.
You will have the opportunity to make payments towards the balance owed alongside current payments.
Brings Loan Current
Foregoes delinquent balance due and allows you to make future payments towards debt.