Will the foreclosure show up on my credit report? 10 Answers as of January 10, 2013

My mother and I are co owners of a home that we haven’t lived in for years only my sister and children live there. I have to file chapter 7. I know after I’m discharged my name will still remain on the home. The payments are on time, but in the event something happens to , and payments can't be made. The bank would then do a foreclosure. Although, I’m discharge from any debts from the house except HOA fees, taxes... Will the foreclosure show up on my credit report? In other words, five years from now I’ve been discharged from bankruptcy, my credit score is getting better. But, now there are foreclosure proceedings. Will this start the time clock of 7 years again?

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Law Office of Susan G. Taylor
Law Office of Susan G. Taylor | Susan G. Taylor
Since you absolved yourself of personal liability for the home years ago, they might not report a foreclosure on your credit report. I would consult the lender.
Answer Applies to: Texas
Replied: 1/10/2013
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
A foreclosure will show up on your credit report. (And bankruptcy is reported for 10 years, not 7).
Answer Applies to: California
Replied: 1/10/2013
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
The mortgage will show that it was discharged in bankruptcy on your credit, however, until the house is sold and your name is off the title, you will not be able to get a new loan for a new house.
Answer Applies to: New York
Replied: 1/10/2013
Serenity Legal Services
Serenity Legal Services | Arnold H. Wuhrman
In a word, YES.
Answer Applies to: California
Replied: 1/10/2013
Granger Law Firm
Granger Law Firm | Katharine Granger
It is possible that the foreclosure will show up on your credit report even after having filed. The bankruptcy protects you from collection of the debt, but does not guarantee that the foreclosure judgment will not be reported. I would suggest having the co-signer try and refinance in their name only if possible.
Answer Applies to: Ohio
Replied: 1/10/2013
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    A foreclosure is always a negative on your credit report and I agree it would be painful if you spend five years post-bankruptcy rebuilding your credit only to see the score fall back. Why do you think a Chapter 7 will release you from the mortgage debt? Generally it does not. You are released from the personal liability on the loan, but the house is not released from the mortgage. So payments must be made if you want to keep ownership. It may be that your bankruptcy lawyer has not fully explained the ins and outs. Ask him or her to do so.
    Answer Applies to: Wisconsin
    Replied: 1/10/2013
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    Your bankruptcy and any foreclosure are two separate credit events. So yes, if there is a foreclosure five years from now, the foreclosure can be reported on your credit report at that time.
    Answer Applies to: California
    Replied: 1/10/2013
    Moffa & Bonacquisti, P.A.
    Moffa & Bonacquisti, P.A. | John A. Moffa
    It shouldn't since the date of your discharge was after the date of the mortgage regardless of when it is foreclosed. You might want to double check your credit report after the foreclosure.
    Answer Applies to: Florida
    Replied: 1/10/2013
    Law Office of D.L. Drain, P.A.
    Law Office of D.L. Drain, P.A. | Diane L. Drain
    Your credit will reflect all positive and negative events that happen in your life.
    Answer Applies to: Arizona
    Replied: 1/10/2013
    J.M. Cook, P.A. | J.M. Cook
    First, a Chapter 7 bankruptcy will stay on your credit report for 10 years, not 7. Second, no, if you do not reaffirm the debt connected to the deed of trust on the house, the foreclosure should not affect your credit.
    Answer Applies to: North Carolina
    Replied: 1/10/2013
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