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I was discharged from chapter 7 bankruptcy in July 2011 where my mortgage was not reaffirmed. On my credit report it shows a $0 balance for that debt. The house is now going into foreclosure. I keep reading conflicting information about whether or not the foreclosure will show on my credit report. I.
fha loan timeline to close My mortgage timeline might look something like this: First, I schedule an appointment with a lender to get pre-approved for a loan . This is when the lender reviews my credit, income and debt, in order to determine the maximum amount they’re willing to lend.
Unsecured debts, such as credit cards in bankruptcy are typically discharged. The bankruptcy automatic stay even stops garnishments and foreclosure.. It is also important after receiving your discharge that you review your credit report on .
. (Chapter 4.7.a.) Credit reports used in analyzing VA loans must be either:. upon until much later than the discharge of the bankruptcy.” 5. bankruptcy date. Underwriter's decision should justify why the foreclosure was ignored. 8. Veteran applies for a VA loan less than 24 months after the. Chapter 7.
It takes some work to start building your credit again. chapter 7 bankruptcy stays on your credit report for up to 10 years, plus your credit score takes a big hit once your debts are discharged by the court.But if you were late making payments before filing for bankruptcy, your credit has already been damaged.
I just received my summons for foreclosure today, I am 2 weeks post chapter 7 discharge and did not reaffirm. I was told that the bank can not show foreclosure on my mortgage but it will show up on my credit report as a public record. That Public record will effect my credit (I believe).
can you buy a house with a reverse mortgage How to Get Out of a Reverse Mortgage Loan | AAG – Thus, the HECM for Purchase, which is the reverse mortgage version that allows you to both buy a new home and obtain a reverse mortgage in one transaction, is not eligible for rescission. Once closing documents are signed and funds have been sent, the decision is final. How to Reverse a Reverse Mortgage
i had a chapter 7 bankruptcy which was discharged in may 09. none of the banks who own my properties have completed the foreclosure process on the houses. i am worried that they will delay the foreclosures to keep the home off their balance books.
But none of those payments shows up on your credit report. Why not? The most common reason given is that since the debt was discharged in bankruptcy, they cannot report voluntary payments being made on the loan. Let me explain this issue a bit further before getting to the solution. Secured Debts Are Discharged In Bankruptcy, But Liens Remain