Posted on: 23rd Oct, 2013 09:36 am
if i filed bankruptcy chapter 7 2 and a hlf yrs ago and was still mking pymnts on morgage til 5 months ago then hd to move due to wrk can i let bank take back the house.will the forclosure be another hit on my credit.
You stopped paying the mortgage 5 months ago, so, that is another hit on your credit after the BK.
Whether you go through foreclosure or the bank will take the keys back (deed-in-lieu of foreclosure), that is another hit on your credit.
You have to ask the bank if they will accept the deed-in-lieu of foreclosure. If they will, that is propbably your best option because that can occur quickly. Going through foreclosure process may take a while. It depends on what state the property is in.
Whether you go through foreclosure or the bank will take the keys back (deed-in-lieu of foreclosure), that is another hit on your credit.
You have to ask the bank if they will accept the deed-in-lieu of foreclosure. If they will, that is propbably your best option because that can occur quickly. Going through foreclosure process may take a while. It depends on what state the property is in.
Hi marie!
Welcome to the forums!
I agree with what John has said. Late payments and foreclosure will again have a negative impact on your credit after bankruptcy.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
I agree with what John has said. Late payments and foreclosure will again have a negative impact on your credit after bankruptcy.
Feel free to ask if you've further queries.
Sussane
