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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I filed for Chapter 7 and received my discharge. I had two

Resolved Question:

I filed for Chapter 7 and received my discharge. I had two homes at the time, one of which was turned over during the Bankruptcy proceedings (the lender filed a motion to lift the stay which was granted). The other was defaulted after the Bankruptcy proceedings were completed (no reaffirmaiton agreement was signed). Both of these lenders have reported foreclosures to the credit bureaus. I thought the Bankruptcy avoided the report of foreclosures on my credit reports. Can I have the "foreclsoure proceedings started" removed from my credit reports?
Submitted: 6 years ago via Nolo Press.
Category: Bankruptcy Law
Expert:  Terry L. replied 6 years ago.
Bankruptcy only discharges the balance due from you on the mortgages. The properties are still titled in your name until they foreclose, sell or are otherwise transferred officially. Foreclosure transfers the title, so they may still go thru a foreclosure (or a deed in lieu of foreclosure if your lender desires) They cannot collect the mortgage from you, but they need to go thru the foreclosure to transfer title back to them. The foreclosure can be reported as a fact on your credit report,-(court case info) but the bankruptcy will mark the loan as discharged. Thanks for your question, it is a common question. Good luck
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