QUESTION
Wife was discharged under Chapter 7 in March 2009. We were told today that a Foreclosure shows on her credit on Dec. 2009. Can we remove BK?
Asked on Sep 06th, 2011 on Bankruptcy - Maryland
More details to this question:
My wife was discharged under Chapter 7 in February/March 2009. So we''ve decided now that we''re stable and can afford it to apply for an FHA mortgage, which we are elligible for.
We were told today that a Foreclosure shows on her credit on Dec. 2009, so we''d have to wait until Dec. 2012. The home discharged with the bankruptcy, and returned to the mortgage company.
Our lawyer gave us the impression that because we handled it the way we did, we wouldn''t have a foreclosure on our credit to deal with. Is there any way to have this removed so we can buy a home?
1 ANSWER
William/J Joanis
Let's start from the beginning. Your wife filed for bankruptcy. That fact happened and will be on her credit report for ten years. There is no "do over" or "oops, she didn't mean it." Second, there was a mortgage note secured by a home. Your wife was discharged from the obligation to pay the mortgage note. The debt, was not discharged. Your wife's obligation was discharged. The note was not paid, and the note was secured by a home. The mortgage was foreclosed. That is another fact. It is not related to her bankruptcy. These are simple facts. Your credit bureau report states facts, and they aren't removed because something else happened. You can supplement or correct the facts that are reported, but in this case the facts are simply a bankruptcy and a foreclosure, and dates on which they occurred.
Answered on Sep 07th, 2011 at 4:25 PM