Home Foreclosed, but not on credit due to Bankruptcy?
I filed for Chap 7 when my mortgage was 60 days past due. I intended to try to keep it but eliminate my other debts , so I listed it in the BK under "Individual Debtor's Statement of Intention" that indicated that I would try to reaffirm this. Well, the ARM adjusted that next month and caused my payment to be $800 larger and I could no longer keep up. The bank would not work with me on the rate, so I had to let it foreclose. The Trustee allowed them to proceed with the foreclosure since we couldn't afford the payments. The sale/foreclosure date was finally scheduled 5 months after I discharged.
When I pulled my credit report, it said -0- balance on the mortgage, and showed it as "Included in Bankruptcy". It also reported the late payments only through the BK file date. It doesn't indicate anywhere that the home was foreclosed on... why is that? Is it considered included in the bankruptcy because it was listed on my debt schedule? And if it was included in my bankruptcy, why were they allowed to foreclose?
Thank you in advance for your feedback! :-)
When I pulled my credit report, it said -0- balance on the mortgage, and showed it as "Included in Bankruptcy". It also reported the late payments only through the BK file date. It doesn't indicate anywhere that the home was foreclosed on... why is that? Is it considered included in the bankruptcy because it was listed on my debt schedule? And if it was included in my bankruptcy, why were they allowed to foreclose?
Thank you in advance for your feedback! :-)
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