Reply
New Visitor
Posts: 1
Registered: ‎09-29-2012
0

Chapter 7/mortgage not reaffirmed/foreclosure

Hello

I really am trying to improve my FICO and am just starting. What I am concerned about is that 3 years ago I filed Chapter 7 bankruptcy. I did not reaffirm the mortgage loans. (Had two - one arm and one balloon). My home is finally foreclosing - the bank took 3 years to do it (in which I am not living there but paying assessments!). 

I am concerned that even though my bankruptcy was 3 years ago, and the mortgage loans were discharged, that I am now going to take another hit on my credit. 

I hear different responses - does anyone know what is true?

I did check my report and one of the loan servicing companies had on their that I was over 180 days late on my loan and it was noted that it was foreclosing. It did not state discharged in chapter 7. I disputed it w/equifax and said that it should say discharged and they adjusted it but left a note stating it is foreclosing. 

When I filed bankruptcy, the lawyers ensured me that if I did not reaffirm the house (which was underwater and due to divorce and other circumstances I was now a single income, single parent that could not afford everything by myself) that I wouldn't take another hit on my credit when it foreclosed. 

Thanks for any input and clarification - I really do appreciate it. 

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.