Posted on: 16th Jul, 2010 12:01 pm
6 or 7 years ago when the job market started to fall I lost my job. with no work available I ended up losing my house and it was suppose to be a volentary repo. After moving to another state and returning back to the work force I find out that the repo ended up being a charge off on my credit report. With that I am having trouble getting getting a loan for another home. Does a chapter 13 or bankruptcy remove the foreclosure from my credit report?
there is really no such thing as a voluntary repossession in the mortgage/housing market. that's a term specific to automobile/mobile home financing. if what you did was a deed in lieu of foreclosure, that's somewhat similar, but it still results in derogatory credit (as does a voluntary repo).
filing bankruptcy would only be like throwing gas on the fire - you'd be compounding the negativity surrounding the foreclosure (i'm sure that's how it's reported) with the bankruptcy.
filing bankruptcy would only be like throwing gas on the fire - you'd be compounding the negativity surrounding the foreclosure (i'm sure that's how it's reported) with the bankruptcy.
Correct..BK is not the answer. Your issue is now that your ready for a home yo umay have to wait. With the Foreclosure on your credit report (Im sure it shows up as such) it will be at least 2-3 years before an FHA loan will work for you. Your best bet is rebuild your credit, dont invest in anything (car, credit cards, department store cards etc) and play the waiting game.
yeah probley right, it just makes me wonder about the thousands of people that are in the same boat, at the ripe old age of 60 waiting a few years is not always easy. I will just buy land and build my own! While I am waiting.