QUESTION
Will foreclosing on my home mortgage that was already defaulted on seven years in chapter 7 bankruptcy negatively affect my credit?
Asked on Aug 11th, 2017 on Bankruptcy - Ohio
6 ANSWERS
It may not show up on your consumer credit report, but every mortgage lender will be aware that you went into foreclosure.
Answered on Aug 22nd, 2017 at 3:44 PM
Bankruptcy Attorney serving Madison, WI
at
Richard B. Jacobson & Associates, LLC
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Probably.
Answered on Aug 21st, 2017 at 1:31 AM
Bankruptcy Attorney serving Alpena, MI
at
Carl C. Silver Attorney at Law
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Probably will.
Answered on Aug 21st, 2017 at 1:31 AM
Yes, a foreclosure is another big hit on your credit score. You should try to voluntarily surrender the house to the lender or help them to sell it. Some lenders offer cash incentives for working with them. It will be much better for your credit than a foreclosure.
Answered on Aug 21st, 2017 at 1:31 AM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
Yes it will negatively effect the credit. It is a different and additional negative marking.
Answered on Aug 21st, 2017 at 1:31 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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No, the default is already on your credit.
Answered on Aug 21st, 2017 at 1:30 AM