Mortgage still showing as current after foreclosure.

[ich111]

My wife and I filed for bankruptcy in late 2007 and had decided to reaffirm the mortgage. We ended up falling behind shortly after and the house was foreclosed upon. The bank did a cash for keys in mid November and we were out. The bankruptcy was discharged in Feburary of 2008. We have recently wanted to look into getting another house and checked our credit reports. I found that both of us still have the mortgage showing as "current". It does not show an amount owed but shows a late payment in Jan. of 2008 after the foreclosure. I have a few questions I need some help with...

First, shouldn't the mortgage not show at all or if it does show why not showing as "closed"? (I read that a foreclosure cannot be reported by the bank)

Next, I have the late payment in Jan. of 2008 and a credit inquiry in December 2007 showing on my report. If I dispute those is there a good chance they will be removed?

Any help would be greatly appreciated.
Thank you.

[ItsJustMe]

I have no answers for you, but I hope someone comes along that does! We are thinking of doing exactly what you have done. Our BK should close early 2010 and we are thinking of walking away from our house next spring. We wonder how long we'll need to wait before we can buy another home.

[Flamingo]

My wife and I filed for bankruptcy in late 2007 and had decided to reaffirm the mortgage. We ended up falling behind shortly after and the house was foreclosed upon. The bank did a cash for keys in mid November and we were out. The bankruptcy was discharged in Feburary of 2008. We have recently wanted to look into getting another house and checked our credit reports. I found that both of us still have the mortgage showing as "current". It does not show an amount owed but shows a late payment in Jan. of 2008 after the foreclosure. I have a few questions I need some help with...First, shouldn't the mortgage not show at all or if it does show why not showing as "closed"? (I read that a foreclosure cannot be reported by the bank) Next, I have the late payment in Jan. of 2008 and a credit inquiry in December 2007 showing on my report. If I dispute those is there a good chance they will be removed? Any help would be greatly appreciated. Thank you.

I am a bit confused by the dates you are posting but think this is your timeframe....from what I gather from your posting, you filed in late 2007 reaffirming your mortgage. Shortly after filing, you fell behind with your payments and foreclosure proceedings started. The cash for keys took place in November 2008? And the Bk was discharged in February 2008.

Since you reaffirmed your mortgage, if you kept up your payments after your BK your mortgage would have been reported as current and maybe listed as included in bankruptcy. However, it really should be showing as a foreclosure with what you are indicating due to your reaffirmation. When you dispute this item, that is probably what is going to end up showing up and you will have a Chapter 7 AND a foreclosure showing on your credit reports. Not good. You can dispute things to try to indicate the house was included in your BK but when your creditor reviews the situation, don't be surprised to see foreclosure in your credit reports.