Are Bankruptcy and Foreclosure seperate issues?

[ethrjock]

I filed for BK and was discharged back in March 0f 07. I did not reaffirm my home.

Right after the discharge, we got a offer to buy our home. The trustee released his interest in the home and a contract with the buyer was signed. The 1st MTG holder agreed to forbear payments until the home was sold.

Fastforward to today. The buyer backed out , and we just got a letter from the lender stating foreclosure procedings would start Oct 12th.

My question: Will the forclosure show up as a seperate incidient on my credit report? Right now my report says "included in BK" for the first and second mtg creditors.

Thanks for any light you can shed.

[ethrjock]

Maybe one of the mods can tell me. Do I have this question in the right section?
thanks for the help

[Boscoe]

If the home is "included in BK" on your credit reports, that should be it. Any subsequent foreclosure does not affect your credit since the debt is fully discharged and you owe nothing.

[lrprn]

If the home is "included in BK" on your credit reports, that should be it. Any subsequent foreclosure does not affect your credit since the debt is fully discharged and you owe nothing.

Since your bankruptcy isn't closed yet, you may slide by without lenders seeing both your bk plus a foreclosure as a double-negative, regardless of what happens to your credit scores.

Ask your lawyer what to expect. And if you do what the experts all say is best - to wait at least two years after bankruptcy to head back into the housing market to buy - one hit or two won't matter much if you can put 20% down on a home.

[ethrjock]

My bk was discharged in March of 07. I was hoping the 2 year mark would be from March 07 but if it forecloses I suspect that will be a second hit on my credit and the 2 year point will start all over.

Thanks