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Is there any chance of repairing your credit after a foreclosure or bankruptcy?
KeninPhx
Yes. There are two parts to your question that many people don't think of when they talk about credit. The score and the actual items on you report are two separate issues when lenders decide to give you credit. For example, a credit card company may give a card to someone with a 717 credit score who was late on their mortgage 5 years ago, but refuse a card to someone with no mortgage lates but a 670 credit score. A mortgage company might refuse that 717 person a mortgage loan but grant it to the 670 person. So, while the actual item on your report will haunt you a bit for certain loan types for 7 years (foreclosure) or 10 years (bankruptcy) your score may improve drastically as time goes on. The key is to be VERY careful moving forward. Use credit sparingly and carefully, don't carry high balances and pay your bills on time. I've seen people shoot up 80 points over 4 months because they were careful with their credit after a finanical hardship. Credit ratings are all about behaviors over time.
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∙ 14y ago
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Is it better or worse for your credit to let the bank foreclose on a mortgage of a second property while facing bankruptcy?
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
Can filing for bankruptcy remove a foreclosure from your credit report?
No, if property has been foreclosed upon the notation will remain on the credit report for the required amount of time of seven years from date of foreclosure. A bankruptcy remains on the credit report for ten years.
Would filing chapter 7 bankruptcy clear foreclosure from your credit report?
No, in fact it will leave a Bankruptcy record on your credit report for 10 years.
Will foreclosure hit credit report after it was discharged at chapter 7 bankruptcy?
Yes, it will show as included in bankruptcy and also foreclosure. You get a double whammy. Sorry probably not what you wanted to hear.
How does surrendering your house in chapter 7 affect your credit report?
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
Does a timeshare foreclosure hurt your credit after a bankruptcy has been discharged?
Any foreclosure or bankruptcy affects your credit. And for anywhere from 7 -10 years.
Is it better or worse for your credit to let the bank foreclose on a mortgage of a second property while facing bankruptcy?
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
Can filing for bankruptcy remove a foreclosure from your credit report?
No, if property has been foreclosed upon the notation will remain on the credit report for the required amount of time of seven years from date of foreclosure. A bankruptcy remains on the credit report for ten years.
Would filing chapter 7 bankruptcy clear foreclosure from your credit report?
No, in fact it will leave a Bankruptcy record on your credit report for 10 years.
Will foreclosure hit credit report after it was discharged at chapter 7 bankruptcy?
Yes, it will show as included in bankruptcy and also foreclosure. You get a double whammy. Sorry probably not what you wanted to hear.
How does surrendering your house in chapter 7 affect your credit report?
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
Can foreclosure and bankruptcy be taken off your credit report if you didn't have to go through with the foreclosure and bankruptcy?
Once it is reported to the credit reporting agencies, it is very tough to have it removed. However, you can get them to mark it "satisfied" by providing documentation of such along with a letter of explanation. Keep copies of all correspondence with the agencies.
Can you get a loan with bad credit because of bankruptcy?
Yes, you can still get a loan even if you have bad credit from a bankruptcy. Everyone deserves a second chance.
If your house was included in your bankruptcy can they also mark a foreclosure on your credit it you let the house go?
Yes, unless you bargain for a deed in lieu of foreclosure, Basic- if bank forcloses, its on your record.
Does updating collection accounts to a bankruptcy lower your credit score?
The fact of filing bankruptcy is already going to lower your credit score, and the point of bankruptcy, part of it anyway, is to resolve unpayable debt such as collection accounts. It is in your best interest to add the collection accounts to your bankruptcy, but if you consult your BK attorney, he is likely to advise you of this. The bankruptcy is the first next step in repairing your credit and improving your credit score.
Can you file bankruptcy to stop a foreclosure if your name is not on the mortgage?
No, sorry, that wouldn't help a bit, and just damage your credit score.
If you just divorced and already have foreclosures and repossessions on your credit report will filing bankruptcy help your credit score?
No, filing bankruptcy will never help improve your credit score, it stays on your report 10 years whereas a repo or foreclosure normally remain 7 years. So bankruptcy would only make your credit worse.
