Posted on: 26th Jul, 2012 02:58 am
I'm about to file Chapter 7 on Friday and going to try and keep the house. Main reason for this is that my mortgage payment is still far below what I could rent a place for. For those of you that are continuing to stay in your homes, have you seen any spikes in your credit scores based on the continuous payment of your mortgage in a timely manner? I hear lots of talk about trying to establish credit after discharge - would this not be just that from the get-go? I'm hoping that continuous on-time payment of the mortgage, coupled with trying to establish credit. Anyone been in a similar situation?
Welcome Curin,
If you want to keep the property after filing chapter 7, it will be better if you could reaffirm your mortgage. This will make you personally liable for the debt. Once you make the payments, the lender will update the same in your credit report and it will help you in improving your credit.
Take care.
If you want to keep the property after filing chapter 7, it will be better if you could reaffirm your mortgage. This will make you personally liable for the debt. Once you make the payments, the lender will update the same in your credit report and it will help you in improving your credit.
Take care.