Posted on: 23rd May, 2012 02:42 am
Hi there… I had filed chapter 7 in 2011 and it was discharged in August 2011. I included the mortgage. The problem is the transfer of title has not taken place yet. I called the bank and the sale will be June 13, 2012 and then it will take several weeks for the transfer to take place. How is this going to affect my credit? Can I expect scores to decrease? Thanks for responses.
Hi Marc,
Transfer of property won't have an impact on your credit report. However, the bankruptcy will have a negative affect on your credit report. It will lower your scores by 200 points.
Take care
Transfer of property won't have an impact on your credit report. However, the bankruptcy will have a negative affect on your credit report. It will lower your scores by 200 points.
Take care
Hi Marc!
Welcome to forums!
Yes, it is true that your scores will decease. However, if you take the required steps, then you will find that your scores are increasing. To know some of the steps to increase your credit scores, you can check out the given page: http://www.mortgagefit.com/credit-rating/credit-repair.html .
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Yes, it is true that your scores will decease. However, if you take the required steps, then you will find that your scores are increasing. To know some of the steps to increase your credit scores, you can check out the given page: http://www.mortgagefit.com/credit-rating/credit-repair.html .
Feel free to ask if you've further queries.
Sussane
Your credit report is a "living" credit report until everything included in your chapter 7 is resolved. It usually takes 3-4 months after the discharge before Creditors stop reporting negatives, but in your case it'll be longer. After the foreclosure shows up on all three of the credit bureau's reports, your FICO score will gradually increase if you start rebuilding your credit.
i had a chapter 7 discharge on 11/1/2010 but i maintained by mortgage and have never been late or missed a payment. what is the length of time i should wait before applying for a home equity loan? my home is valued at $245,000.00 and i owe $171,000.
Hi apple,
It might be difficult for you to qualify for a home equity loan on a property which has been included in bankruptcy filing. Nevertheless, as around 2 years have passed, you can contact your present lender and apply for a home equity loan and check out if you can get it.
It might be difficult for you to qualify for a home equity loan on a property which has been included in bankruptcy filing. Nevertheless, as around 2 years have passed, you can contact your present lender and apply for a home equity loan and check out if you can get it.
It affects a lot.
>>What is the length of time I should wait before applying for a home equity loan?
24 months from the discharge date, but start the loan on the 23rd month. You can't have any lates on anything during that 24 months, and must have reestablished your credit.
24 months from the discharge date, but start the loan on the 23rd month. You can't have any lates on anything during that 24 months, and must have reestablished your credit.