BK = Bankruptcy.

Losing a home is a tragic event. Being saddled with debt after a foreclosure doubles it.

Using a BK to increase the amount of time to allow for:

1. A sale of the home.

2. Time to find another residence and clean loose ends up with the current home. Moving 10-20 years worth of a homestead into a small home/apartment is an ordeal.

3. Attempt to get the lead bank to review your situation closer and determine if a workout/modification would really work without all of the ancillary unsecured debt service (credit card payments). You will have their attention.

The third point is very important. If the family genrates sufficient income to pay heat, light, W/S/G, and the mortgage after wiping out the unsecured debts, including medical bills, they may save their home if they can prove their point in court.

I don't suggest BK as an option very often, but sometimes it makes sense.

It really isn't the time to say, "well, you should have done this....." because the horse is already out of the barn. It is a time to say what needs to be done going forward.

Best of luck.