Walk-Away After Bankruptcy Discharge

Submitted by wboylan on Fri, 08/01/2008 - 12:50
Forums

If My Mortgage and Home Equity Line were discharged in a recent Bankruptcy and now I cannot sell my home but need to move-on will my credit be hurt further in doing so? I have been upto date the entire time on both mortgages and have remained so. Both mortgage billings each month carry the Bankruptcy Disclaimer that :"This is not an Attempt to Collect". Thanks to anyone who knows this answer (We Live in Michigan)

I can't answer your question myself, but somebody reading it that could answer it might need a little more information. Would you mind explaining a little further?

Sat, 08/02/2008 - 06:05 Permalink

If I were you I would click the mortgage link at the top of the page and post your question there. There are many people that work the industry there who would be more equipped to handle your question. goodluck.

Sat, 08/02/2008 - 08:16 Permalink

erb1953----you are one smart cookie---I shoulda <new word there, thought of that.

Sat, 08/02/2008 - 08:26 Permalink

Hi wboylan
As far as I know, this bankruptcy will be listed in your credit report for seven years from the date of filing bankruptcy and it may lower your credit score by 75 to 150 points and sometimes even more.

Sat, 08/02/2008 - 11:45 Permalink

bankruptcy stays on for ten years, regular credit stays on for seven, I went through it about thirteen years ago.

Mon, 08/04/2008 - 02:01 Permalink

I did myself about that long ago to. I think what they are trying to ask would be better answered on the mortgage forum. Good advice ERB.

Mon, 08/04/2008 - 02:37 Permalink

I would not advise bankruptcy no matter how hard the circumstances, you should try to avoid it at all costs. It will stay on your record for ten years.

Now there are some circumstances that bankruptcy can not be avoided, fireyone, I think I read that you had a death in your family and there was no other way, under these circumstances, I could see where that would be the only way out.

Mon, 08/04/2008 - 18:21 Permalink

Yes it was a death and I had no other choice but I still regretted having to do it and have it follow me for soo many years. That is why I think they need to lower how long something like this can stay on your CR.

Tue, 08/05/2008 - 02:26 Permalink