Mortgage was included in my Chapter 7, how big of a hit will my credit take?

[kleinkp]

My mortgage was included in my chapter 7, does this mean my credit will take a hit for a bankruptcy and foreclosure?

I had around 761, 753, 751 at the time of filing from the three credit reporting agencies how big of a hit will the credit take.

Included in BK Mortgage $110,000 upside down with a 1st and 2nd, boat $16,000, Credit Cards $12,000

[AngelinaCat]

Any one of those items is going to make your credit rating 'toast' for some time to come. Once you were late with a mortgage payment, your credit started sliding downhill. With the BK and the foreclosure, its at rock bottom. Once you are successfully discharged, you can start building up again, but I would do so very carefully. Learn to live on a 'cash only' basis.

Good luck to you.

[kleinkp]

We were never late on a mortgage payment or any other payment before filing BK, we only stopped payments after the filing!

I want to know if my credit will take a hit for the BK and foreclosure, I was told that the BK will show but not the foreclosure sense the mortgage was in the BK.

Im bracing for a 100 to 150 pt drop in my credit score and looking for some insight on how much credit will actually drop!

[tobee43]

sorry kleinkp... as Angelina cat points out.....unforunately ones directly effected by filing bk no matter what...we had approx 815 prior to filing and after filing we were 680 and i think i was 665 or so....

however, that bk will effect your ability for credit for some time. you will hear many an opinion on the site....as far as rebuilding your credit. i.e. get a bk friend cc asap...etc.

we did that as well...we at first listened to that theory.....and changed our minds..and now do not use them. the best changes of really improving your credit is after the bk....pay your bills on time and TIME....that is time between your filing date and when you apply for any type of credit.....TIME is FREE and all that is required is patience..