We are signing our bankruptcy petition next week. We have not received the sheriff sale notice on our home yet despite us not paying since last October. Will this count as "foreclosure" on our credit report or just IIB????
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If you surrender in BK, it will technically be IIB. That's how it will be reported on your Credit Reports.
BUT,........... One of the Mortgage Professionals that post here from time to time told me once in a thread,.......... When prospective Lenders down the road look at your Credit and see 150-180 days or more Lates, they'll automatically assume Foreclosure anyway.
Look on Page 9 for responses to me in this thread:
http://www.bankruptcyforum.com/showt...t=10878&page=9Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...
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