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Bankruptcy is something that happens to the borrower. Foreclosure is something that happens to the property.
by JackFr 2y ago
Bankruptcy is something that happens to the borrower. Foreclosure is something that happens to the property.
- trollbridge 2y agoCorrect, although a foreclosure of a property will be affected if the owner of said property undergoes bankruptcy. (For private individuals, such as Mr Jones, some or all of their primary residential property is exempt from bankruptcy, and the foreclosure itself will be stayed until the bankruptcy is adjudicated, and, generally speaking, foreclosure will be stopped if they resume making mortgage payments, regardless of prior delinquencies.)