Foreclosure and Bankruptcy on credit report?

[mortmomof2]

We are filing Ch. 7 this month! We are surrending our primary house (2 mtgs completely upside down!) that has been used as a rental the last year. My understanding is that the bankruptcy will be discharged and THEN the mortgage company starts to foreclose?? Will both a bankruptcy and foreclosure be listed on our credit report?

We have tenants contracted through May...and they are being quite difficult, refusing to move out before the lease agreement ends...so we will have rental income after filing that will go to the Trustee...does that make us an asset case?

Thanks! This forum is great!

[ItsJustMe]

I don't know the asset answer, but as far as your credit report from what I have been told so long as you make no attempt to retain the home (ie, make payments after BK) the house should show IIB. If it does not, you can contact them and have it changed to show one incident (BK).

[Flamingo]

It should not show as a foreclosure on your credit reports as indicated above; however, in public records with both the mortgage company and searchable public records and online search engines it will be listed as a foreclosure.