foreclosure after chapter 7 discharge

How will a foreclosure affect my credit after discharge of chapter 7?

My mortgage was included on a chapter 7 bankruptcy 2.5 years ago. I continued making payments until recently and now have decided to walk away from my home. Will a judgment of foreclosure be added to my credit report even though the debt was discharged?

Very good question. While I would give a call to your foreclosure attorney I think you are in the following situation: having your mortgage included in the chapter 7 means that the bank can’t come after you for the loan and they haven’t had to because you have been paying thus you don’t have a foreclosure on your credit record. Now you will, though it is a mute point, because you are in chapter 7. A suggestion if this concerns you, find a realtor and say you want to do a short sale. You risk and pay nothing. The realtor try to find somebody who will buy the house, somebody will make an offer which the bank either accepts or rejects. If they accept it you are off the hook on the foreclosure. If they don’t they will simply state a price at which they will sell it and the realtor can list it again at that price. I owed 125k on a place that was sold in a short sale for 50k. You still take a hit on your credit, or at least I will but much less because the place didn’t go into foreclosure, the bank accepted an offer for it. Whatever reason you are giving for non-payment you just have to back it up with bank and tax records.

foreclosure after chapter 7 discharge

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