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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 19662
Experience:  B.A.; M.B.A.; J.D.
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We went through chapter 7 bankruptcy and it was discharged

Resolved Question:

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.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 7 years ago.

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.

Customer: replied 7 years ago.
If the lender does decide to update it does it take more points off of our score?
Expert:  Phillips Esq. replied 7 years ago.

 

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.

Customer: replied 7 years ago.
Can you still do a deed in lieu of foreclosure if you went through a chapter 7 bankruptcy and are most banks doing this?
Expert:  Phillips Esq. replied 7 years ago.

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.

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