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I am filing for chapter 7 bankruptcy and wondering if I also surrender the house in the proceeding will it affect my credit score worse than just including the credit cards. We may be able to sell.?
Steven1983nc
The best answer can only come from a licensed attorney specializing in bankruptcy law. However, as a credit and collections expert, regardless of how you default on the mortgage it is still going to hit your credit with the same amount of damage.
The best option is to try to use the bankruptcy process to get a loan modification or attempt to get the lenders acceptance to forgo any foreclosure actions to attempt to sell or short-sell the property.
Selling the house will not fix any late payment history for the loan, but will take the sting out of just walking away from the house.
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