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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 22999
Experience:  14 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 24+ yrs
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Our house was included in bankruptcy in 09,

Resolved Question:

Our house was included in bankruptcy in '09, but was foreclosed on only recently (last month). Is that a separate issue on a credit report? We do not see a foreclosure on our credit reports, only the bankruptcy. Thank you.
Submitted: 11 months ago.
Category: Legal
Expert:  Barrister replied 11 months ago.
Hello and welcome! My name is XXXXX XXXXX I will try my level best to help with your situation or get you to someone who can.
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Is that a separate issue on a credit report? We do not see a foreclosure on our credit reports, only the bankruptcy.
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When a debtor files bankruptcy and lists their home mortgage as one of the debts on their creditor list, it has the effect of throwing that into the pool of debts that are discharged as the bankruptcy continues. As soon as the bankruptcy case is closed, all the debts are discharged and the debtor is able to start over with a clean slate.
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The bankruptcy will show up on your credit report for up to 10 years and it removes all liability for you to repay the mortgage. Since you are no longer legally obligated to pay the mortgage, the later foreclosure by the lender wouldn't typically show up as a new entry on your credit report. Credit reports deal with debts that a person owes and since the debt is discharged in the BK, there would not be anything further to report with regard to that debt, whether the creditor foreclosed or not...
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.
Thanks
Barrister
Customer: replied 11 months ago.

OK, Thank you so much. Does this mean that we could potentially purchase a home sooner than we thought? My husband was just laid off (involuntary termination) and had been making $200,000. He hopes to find work near that same salary soon.

Expert:  Barrister replied 11 months ago.
Does this mean that we could potentially purchase a home sooner than we thought?
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Potentially yes... Most lenders won't consider a new mortgage until several years have passed in a BK filing, which is where you are. Further Fannie Mae and Freddy Mac, the two largest secondary mortgage buyers (98% of all mortgages) won't make a new loan until 3 years after a previous default.
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So since you are at or near 4 years now, you are over the hump where lenders won't even consider making a new loan. But if husband was recently laid off, it is unlikely a lender would make a loan until he found new employment...
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.
Thanks
Barrister
Customer: replied 11 months ago.

Oh yes, of course we wouldn't even attempt a new mortgage until he has been employed again for several months.


 


I so appreciate your answers.

Expert:  Barrister replied 11 months ago.
Good, I didn't think you would, but just wanted to mke sure.
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You are very welcome. Glad to help.
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Thanks
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 22999
Experience: 14 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 24+ yrs
Barrister and 13 other Legal Specialists are ready to help you
Customer: replied 11 months ago.

I have hit the Excellent button for your rating several times, and I see the money was taken out of our account, but I keep getting an error message and it doesn't seem to accept my rating. I just want you to know that I gave you an Excellent Cooltitle="Cool"/>

Expert:  Barrister replied 11 months ago.
Thanks so much...there must be a bug in the system...
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I will forward the question to JustAnswer's customer service...

Barrister.

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