Some people consider whether or not they should file bankruptcy or just let their mortgage lender foreclose on them? A mindset of either/or will make the decision all the more difficult in the long run. Monthly mortgage payments must be paid on time every month,or the mortgage lender will file an action of foreclosure. You must pay the lender who is filing the action in order to prevent the action from going forward. Understandably, most people do not want to have their car repossessed, so they make their car payments on time every month. Therefore the same result will apply to a person who does not pay his mortgage payments – he will lose his home through foreclosure! (more…)