Thank you for giving me the opportunity to assist you. I encourage you to ask me for clarification, if you are not clear with my Answer.
We went through chapter 7 bankruptcy and it was discharged in August 2009. On our credit report for our mortgage it says zero balance and included in bankruptcy. We are still in our home not paying anything. Once the bank kicks us out is the word foreclosure going to show up on our credit and hurt our credit more or is what is on there now it.
Response: It really depends on the lender. After foreclosure, the lender can update the report to show when the foreclosure took place. However, the balance would still show zero because the debt was included in your bankruptcy discharge.
If the lender does decide to update it does it take more points off of our score?
Response: I do not have answer to this. You would need to contact the credit reporting bureau about this.
Can you still do a deed in lieu of foreclosure if you went through a chapter 7 bankruptcy
Response 1: No, it would be counterproductive because the debt has already been discharged in your bankruptcy.
and are most banks doing this?
Response 2: I have no idea.
This is my final response to your original post.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).