Second Home/Investment ppty---Credit posting

[MARKETSACRIFICE]

Hey guys,

I have searched without much luck (i think i am doing it wrong), i am looking for some guidance on the following:

If i file BEFORE actual foreclosure on investment propeties, how are those reflected in the credit bureaus after BK?

My business partner is concerned that they still show up as foreclosures, i say they shouldnt, b/c the BK is filed PRIOR to actual foreclosure. But i do not know.

I/He/We are trying to avoid having foreclosures on the record if at all possible. I know, I know, trying to put perfume on a hog, but humor us.

Thank you in advance!

[BassBoy]

If you include the mortgage(s) in the BK, the credit report should list the loans as Included in BK and not a foreclosure. It is looked at as one event, so to speak. If the foreclosure was first, then the BK, the credit report would list the foreclosure and the BK, so it helps to not be in foreclosure at the time of filing.

[justbroke]

If i file BEFORE actual foreclosure on investment propeties, how are those reflected in the credit bureaus after BK?

Included In Bankruptcy (IIB). Depending on the type of Bankruptcy, it could also be listed as "Wage Earner Plan" (WEP) which is the Chapter 13 "true" designation.

I have some of mine in IIB and some in WEP. I guess they'll all change to IIB after discharge. I'm in a Chapter 13 Plan of Reogrganization.