Notice to Foreclose affect credit rating?

[justasking]

Hello Again,

We currently have a Sheriff's Sale scheduled for August 11th. I now have the forms to postpone that for 5 months if we cannot come to some sort of an accomodation about our loan situation.

My questions are:

Does the bank's Notice of Foreclosure Sale affect my credit rating already or does it actually have to take place first?

Does anyone know how a Chapter 11 filling affect's the credit rating of the shareholder's / owner's? Is it treated the same as a Personal 7 or 13?

I have heard and read comments saying it really depends on the specific financial institution, but if anyone has any personal experience to share, that would be great.

Any thoughts / comments appreciated on either question.

[jlmaca]

Hello Again,

We currently have a Sheriff's Sale scheduled for August 11th. I now have the forms to postpone that for 5 months if we cannot come to some sort of an accomodation about our loan situation.

My questions are:

Does the bank's Notice of Foreclosure Sale affect my credit rating already or does it actually have to take place first?

Does anyone know how a Chapter 11 filling affect's the credit rating of the shareholder's / owner's? Is it treated the same as a Personal 7 or 13?

I have heard and read comments saying it really depends on the specific financial institution, but if anyone has any personal experience to share, that would be great.

Any thoughts / comments appreciated on either question.

I would imagine your bank has reported your foreclosure situation to the rating agencies by now. Yes it does depend on individual credit situations. Some people who file for bk also have judgements which hurt. My rating went from 680 to 590.