Posted on: 28th Apr, 2011 10:09 am
i filed chapter 7 bankruptcy in 2005. i reafirmed my mortgage. i checked my credit report and it shows zero balance included in bankruptcy. i have not been late. my house is worth less than my payoff. i cant sell, now my work is moving me to another state and i will have to buy another house. i am approved to buy and my credit is okay now. but can i just walk away and stop making payments and save up for my new house? will this affect my credit? they havent reported anything since 2005. will it still show bankruptcy?
Hi Kristalnayphe!
Welcome to forums!
You have mentioned that you had reaffirmed the debt. In such a situation, if you walkaway from the property, the lender will foreclose the property and come after you for the balance amount. Moreover, the foreclosure will have a negative affect on your credit report. Both bankruptcy and foreclosure will be reported in your credit report.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You have mentioned that you had reaffirmed the debt. In such a situation, if you walkaway from the property, the lender will foreclose the property and come after you for the balance amount. Moreover, the foreclosure will have a negative affect on your credit report. Both bankruptcy and foreclosure will be reported in your credit report.
Feel free to ask if you've further queries.
Sussane