Ch 7 and Foreclosure and credit report

[vterry1022]

I filed Ch7 and did not retain the house, they have not foreclosed on the property yet. I got a whammy when it showed the bankruptcy, when they finally get around to the foreclosure might take months. My question is I am starting to rebuild my credit, and I am concerned that when the foreclosure takes place, that my credit will take another hit and erasing my hard work.
Is this the case?

[neorecon]

I'm in the same boat and from what I've read the major hit is from the BK, where your mortgage(s) were discharged. You'll get another 'public record' listing stating the foreclosure yet I've found little info on how that will affect your overall credit score since the major potion of it, the debt itself was discharged. My guess is it'll be a nominal affect on the CR but it'll be a big affect trying to apply for a future mortgage at least for a while.

[mom2three09]

Once you have filed and been discharged they can no longer report anything negative, so don't worry about it.

[neorecon]

Right nothing negative about the mortgages, but the foreclosure process similar to the bankruptcy process is a negative record and shows up under 'public records' on your CR.
When you file, a public record of your BK is listed on your CR. When the foreclosure is finished a public record of the FC will also show up on the CR.
From my research, this will have some affect on your CS, but I haven't been able to find out how much.

[Rick9972]

Right nothing negative about the mortgages, but the foreclosure process similar to the bankruptcy process is a negative record and shows up under 'public records' on your CR.
When you file, a public record of your BK is listed on your CR. When the foreclosure is finished a public record of the FC will also show up on the CR.
From my research, this will have some affect on your CS, but I haven't been able to find out how much.

This is not correct. Once your personal responsibility is removed by BK, the fC cannot show on your CR. Really do not have time to explain it, but research here and you will find the information.

[Amy26]

Yes, the bankruptcy trumps foreclosure. My home was included in my bankruptcy and it was just foreclosed on back in April. No additional public record on my credit reports.

[JVan]

??

Hello all. Similar situation here.

After my chap. 7 was discharged, I never signed a "reaffirm agreement", but I did sign a "Loan mod.". My mortgage statements say "voluntary payment", but my credit report shows this account as "open" and it shows each month's payment in the green.

If I stop paying the mortgage, will it show foreclosure or IIB?

Thank you!