Posted on: 03rd Jul, 2012 02:40 am
I filed chapter 7 in March 2011 which I got discharged in August 2011. In this bankruptcy, I included my 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 will this affect my credit? Can I expect scores to decrease? Thanks for responses.
Hi Mobby,
I guess the lender will foreclose the property in order to recover his dues. As far as I know, the foreclosure will be reported to the credit bureaus and may have a negative impact on your credit scores.
Thanks,
Jerry
I guess the lender will foreclose the property in order to recover his dues. As far as I know, the foreclosure will be reported to the credit bureaus and may have a negative impact on your credit scores.
Thanks,
Jerry
Hi Mobby,
I agree with what Jerry has said. There are high chances that the lender will foreclose the property and it will have a negative impact on your credit scores. Moreover, you will have to wait for around 3-4 years in order to qualify for the next mortgage.
I agree with what Jerry has said. There are high chances that the lender will foreclose the property and it will have a negative impact on your credit scores. Moreover, you will have to wait for around 3-4 years in order to qualify for the next mortgage.