Posted on: 26th Oct, 2011 07:28 pm
After reading some of the above comments I am a little terrified now. So we filed ch7 BK in2005 and included our house. We have continued making payments to stay but did not reaffirm the loan. We are now wanting to move to another school district but our house has dropped$40000 in value so ther is no way that we can get what we paid for it. So your saying that if we walk away we will at some point get hit with another foreclosure Sammy on our credit? How can that be right? They can't report the positive pay history that we have had but they can report the negative?? I should have moved when we filed the bankruptcy because now I am going to have another 7 years of negative reporting
Hi Ataylor!
Welcome to forums!
As you haven't reaffirmed the loan, the lender won't update the status of that account to the credit bureaus. However, there are less chances that he will report the foreclosure to the credit bureaus. But at times, some of the lenders report the foreclosure to the credit bureaus.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you haven't reaffirmed the loan, the lender won't update the status of that account to the credit bureaus. However, there are less chances that he will report the foreclosure to the credit bureaus. But at times, some of the lenders report the foreclosure to the credit bureaus.
Feel free to ask if you've further queries.
Sussane