Had 341 Meeting and Foreclosre

[EJ2]

Hello All,
I had my 341 meeting yesterday and it was less than 6 minutes. It was basically yes maam, no maam. I do have a question. I have 5 rental properties that Im giving back to the creditors and wanted to know will they show up on my credit report as foreclosures. The homes have not foreclosured, but wanted to know how it works. Im in Georgia and tried to a short sale on all the properties but the bank stated they would still charge me for the deficient and thats why I had to file chapter 7.

[justbroke]

I have 5 rental properties that Im giving back to the creditors and wanted to know will they show up on my credit report as foreclosures. The homes have not foreclosured, but wanted to know how it works.

They will show up as "Included in Bankruptcy" (IIB). I'm willing to bet that they are already listed as such, on your credit report. However, you will go through the "foreclosure" process, unless you or the Bank offers to do a "deed in lieu of foreclosure"... but in my experience, they prefer to just foreclose.

[AngelinaCatHub]

Hello All,
I had my 341 meeting yesterday and it was less than 6 minutes. It was basically yes maam, no maam. I do have a question. I have 5 rental properties that Im giving back to the creditors and wanted to know will they show up on my credit report as foreclosures. The homes have not foreclosured, but wanted to know how it works. Im in Georgia and tried to a short sale on all the properties but the bank stated they would still charge me for the deficient and thats why I had to file chapter 7.

I just do not understand the logic of these 'intelligent' bankers. You are going under, wish to do the best, then they get nothing since (like in CC's) they raise the interest and lower the minimum and force a bk7. That bank would be better getting half of something rather than all of nothing. Who are the brains of dis outfit? We who gain by losing, or they who lose by gaining a foreclosure? 'Hub