Confused: Ch 7 and Foreclosure

[J Armstr]

Just a little confused...

We gave up one of our homes in a Ch 7 BK. Does that mean we also have a foreclosure too?

Thanks!

[EdytaHome]

Yes, and it takes forever. We moved out in March and just July 19th the house sold at auction at the court house. Now the mortgage company tells me that they will remarket the house and try to sell it, after the sale they will figure out how much I lost on it and send me the 1099. It's a very long process.

[J Armstr]

I keep getting conflicting info regarding this. I did a search on the web and the consensus is that it isn't. We have a call into our lawyer. Our CR does not list it as a foreclosure. Just states that it's included in bankruptcy.

[crackerbear]

We gave our house up in the bankruptcy also. At first it was listed on the credit reports as "included in bankruptcy", after going through all the foreclosure procedures (months), the next time I checked it was listed as "foreclosure". I disputed this with all three credit bureaus, saying it should read "included in bankruptcy" because that came first and should not have changed after that. I don't believe the mortgage company answered the inquiry from the credit bureaus because it wasn't changed back to "included in bankruptcy", it was deleted altogether. So, my dispute came back better than what I wanted. FYI, alot of my cc accounts didn't answer either and were also deleted.

[J Armstr]

Cracker, that was the same story I heard over and over also. Thanks for sharing that!