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15sycamore
Posts: 3
Registered: ‎04-10-2013
0

Mortgage Included in Chapter 7 now foreclosed

[ Edited ]

Hello all,

 

I am looking for some advice as to what I can expect on my credit score with an upcoming foreclosure.  Three years ago, I filed chapter 7 bk and my mortgage was discharged in the bk.  With that being said, the bank never officially foreclosed on the property and is doing so right now.  Over the past few years I have raised my score back up to 700 and have obtained two car loans and a few credit cards.  Since there will be no late payments factored into this foreclosure and the mortgage was cancelled in my bk, how will the record of a foreclosure affect my fico score? It will just be a public record addition with no additional late pays.. Ideas?

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AndySoCal
Posts: 1,950
Registered: ‎04-07-2009
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Re: Mortgage Included in Chapter 7 now foreclosed

The status of the account on the trade line should not change. The story on this trade lin ended when the BK was discharged, What happens post discharge should not be reported.  The trade may be interpreted as a forelosure by some underwriting engines. The reason is the type of loan it is and its status in a BK that was discharged.

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
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15sycamore
Posts: 3
Registered: ‎04-10-2013
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Re: Mortgage Included in Chapter 7 now foreclosed

Thanks AndySoCal!  So just to confirm, the forclosure is the end result of the tradeline being iib, so it will not directly result in a credit ding?  Any idea what they will report and if they do report this in the PR area, can you confirm that it shouldn't drop my fico score. Thanks :smileyhappy:

Valued Contributor
AndySoCal
Posts: 1,950
Registered: ‎04-07-2009
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Re: Mortgage Included in Chapter 7 now foreclosed

The foreclosure should not report on your credit report. (my opinion)   The foreclosure happened post the BK not prior to.  I presume by PR you mean public records. I do not know of a bureau that reports foreclosures as publics records still. I know they used to.

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
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15sycamore
Posts: 3
Registered: ‎04-10-2013
0

Re: Mortgage Included in Chapter 7 now foreclosed

I hope not, becuase I have worked to hard to get my score back up.  A double-ding would royally suck.  I keep hearing conflicting information about this, so I hope your right AnySoCal!!!!!! Thanks for the help..


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