I have a vacant second home that I can no longer afford to keep up. It was being leased to purchase but the purchaser backed out which left me with 2 house payments. The house is on the market but we have had no luck selling yet. We have managed to keep the payments current to date but that will not be the case for long so we are considering filing Chapter 7. If we let the house go back in Chapter 7 is it considered a "foreclosure" even if we were still current on the house when filing? How will the mortgage be shown on our credit report and will it have any worse affect on our ability to obtain a mortgage in the future than the Chapter 7 itself?
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This is exactly what happened to us plus medical bills.
The mortgage should be reported as "included in Bankruptcy". The foreclosure will not show at all.Filed 5/27/09
341 7/2/09
341 held
Discharge and closed 9/4/09
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Thanks so much for the reply! We are still several months out from filing and we are so nervous but ready for some relief at the same time.Comment
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