Foreclosure After Bk Discharge

If your lender comes after you for the deficiency, and you later file for bankruptcy, bankruptcy will discharge (eliminate) the deficiency debt. However, for many people it makes more sense to file bankruptcy before foreclosure to preemptively discharge the mortgage debt.

BKForum.com is a great source of Bankruptcy information provided and shared by a knowledgeable and helpful community. Our site provides information about.

If the court refuses to lift the stay, then the foreclosure will be stalled until you receive your bankruptcy discharge. After the discharge-or after the court lifts the stay-the lender can proceed with the foreclosure.

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I was discharged from Chapter 7 bankruptcy in July 2011 where my mortgage was not reaffirmed. On my credit report it shows a $0 balance for that debt. The house is now going into foreclosure. I keep reading conflicting information about whether or not the foreclosure will show on my credit report. I.

After a CH7, a score in the 700s is quite possible 2 years after filing. If you are pro-active right after discharge and follow all other "golden rules" (utilization on.

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Getting a Mortgage After a Bankruptcy and Foreclosure. If you went through a foreclosure and bankruptcy around the same time, which is quite common, there are more steps that may be needed prior to being eligible for a conventional, FHA, or USDA loan. What often occurs is a foreclosure and bankruptcy in a short period of time.

The bankruptcy and foreclosure will be on your credit report, even if the balance of your debt was discharged in bankruptcy. A Chapter 7 bankruptcy remains on your credit report for 10 years, and a foreclosure remains on your credit report for 7 years.

Although a foreclosure after bankruptcy discharge should not impact a debtor’s credit score directly, some creditors will not approve a loan until a certain number of years (usually two or three) have elapsed since the end of the foreclosure.

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What Does Foreclosure Mean? Here is our foreclosure definition: Foreclosure is a legal process where a creditor (i.e., a lender or mortgage holder) can repossess or sell property for the purpose of repaying the debt owed on that property. mortgage holders can foreclose on a property any time after the borrower starts to miss payments on the mortgage, unless otherwise set out in the mortgage or.

Bouncing back from bankruptcy or foreclosure takes time. But that doesn’t mean you have to shelve your homebuying aspirations for some interminable stretch.

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