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Last edited by SJM; 06-29-2008, 07:31 PM. -
If your payments are current when you file Chapter 7 and you surrender the home, then your balance will be discharged in the bankruptcy. Also the mortgage company has to file for the Court to "lift the stay" so they can get the home back for resale. They will have to file a foreclosure to get the home back from you, but it will not show as a foreclosure on your credit report, only as included in bankruptcy.
If you have filed, do not waste anymore money paying house payments.... Save it for a rainy day.............. moving, etc......Minny
"It's amazing the paths that our feet sometimes follow in life".
My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different. -
If you keep making the mortgage payment on time it is likely that you could do what's referred to as a ride through, however that depends. If your doing that or surrendering it in the bankruptcy it will show as IIB on credit reporting agencies. Minny is right though if you are surrendering it, stop paying the mortgage.May 31st, 2007: Petition Filed by my lawyer
July 2nd, 2007: 341 Meeting Held
September 4th, 2007: Discharged and Closed.Comment
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