Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
The debt is discharged in your bankruptcy.
But, when the lender moves to foreclose, that will show on your credit too, the factual event that occurs.
Foreclosure is the process to transfer title.
They will not be able to collect on the debt, just get title.
You are not responsible for the debt. Unfortunately, unless you sell the home, a foreclosure will show.
do you have any questions?
tHANK YOU FOR YOUR RESPONSE, I WAS TOLD BY MY ATTORNEY WHEN I ORIGINALLY FILED THAT THEY COULD NOT AFFECT MY CREDIT SINCE I DID NOT REAFFIRM AS LONG AS I JUST TURNED THE HOUSE OVER BEFORE THEY HAD TO ACTUALLY FORECLOSE, APPARENTLY THAT WAS A ERROR AM I CORRECT? I DONT UNDERSTAND HOW THEY CAN REPORT TO MY BUREAU IF I AM NOT PERSONALLY RESPONSIBLE IF I WILLING GIVE THEM THE HOUSE BACK AND SIGN OFF
yes, the debt is discharged, so non-payment will not be reflected. The foreclosure suit is a public record, which can be reported.
if you have more than one loan, you cannot do a deed in lieu of foreclosure unfortunately
OK, thanks you for your help, I have jsut worked hard to get my credit reastablished and now it will be ruined again if I have to let the house go
It won't the bankruptcy trumps the negative impact of the forelcouure
even though the foreclosure would be 2 or so years after the BK?
or would it state foreclosure included in BK?
no, public records just state the case #
the debt was discharged.
foreclosure removes the lien, and transfers title
ok so that was my concern that it would show as a foreclosure after a bankruptcy which being in the credit business I know that looks bad to potential lenders
ok well I think I have my answers just a little confused still sorry, beacuse you just said it would just show the case number
It will be listed as Creditor - Case Number - Case Type - Foreclosure
My attorney told me they could only show it as a foreclosure on my bureau if I reaffirmed and then defaulted, Ok thanks
No wonder he is out of business ha ha thanks for your help
Best of luck, thanks for your question
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please click accept so that I can get credit for answering. Thank you and good luck!
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