Posted on: 05th Sep, 2011 10:40 pm
Please help me with this… I have bankruptcy mentioned in my credit report. If I sell off my home and pay off the loan balance, will that remove my mortgage a derogatory BK accounts on my credit report? It seems it would have to show paid in full, but would it still be a derogatory listing?
Hi Geremy!
Welcome to forums!
The derogatory item will not be removed from your credit report though you sell off the home or pay off the loan balance. The bankruptcy will remain in your credit report for the next 7-10 years depending upon the chapter of bankruptcy you filed for. Other negative items will remain in your credit report for 7 years.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The derogatory item will not be removed from your credit report though you sell off the home or pay off the loan balance. The bankruptcy will remain in your credit report for the next 7-10 years depending upon the chapter of bankruptcy you filed for. Other negative items will remain in your credit report for 7 years.
Feel free to ask if you've further queries.
Sussane