Foreclosure and BK

[HOMEBODY]

After many months of trying to get a modification on a rental..they went ahead and filed foreclosure on me. Last week I filed BK, I know that there is an automatic stay on the foreclosure now..but once I am discharged, will I have a foreclosure and a BK on my record?

I am still trying to get a modification on the property to see if I can save it, but Wells Fargo is very hard to deal with...they would rather sell the property at an $80,000 loss than work out something with me.

[BobMango]

I had no success working with Wells Fargo on my rental property and it was foreclosed about a month before I filed. The mortgage was $130K and they sold it at auction for $84K. I would have been willing to keep it if we could deal with the arrears, and in 14 years of rental history we'd only had 3 renters and never more than 30 days unoccupied.

They wanted to run through my entire financial background prior to discussing any type of modification or catch up process. Like I just wasn't doing the math right or something. Sigh, I told them to pound sand.

And to answer your question, yes, you will have both a foreclosure and bankruptcy. I waited until the property was foreclosed before I filed because I didn't want the hassle and delay associated with the automatic stay.