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foreclosure/BK 7


hlane
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We filed ch 7 and it was discharged about 8 weeks ago. We included our 1st & 2nd mortgage in this. We are no longer in the house. Since the house still has to go to through foreclosure are we still held responsible for the deficiency balance? xheadscratchx

Thanks so much!

Holly

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The BK should take care of the obligation on the loans.

Also, I presume that you want to get into a home again. Be sure to keep copies of the rent you pay, preferably in the form of a canceled check, and not a money order. Granted, if you are living in an apt complex or a place managed by a property management company, the lender can get a form filled out by the company, but better that you keep the records yourself, as "what happens if they go out of business/office burns down" etc. If you have your own info, then you dont have to depend on others.

Charles

Also, another thing that is very important to do, is to start your credit history again. You may have to get credit cards from Capital One etc to start, but do that now. You can also get a secured loan from a credit union that reports to the bureaus. You will want one trade line,like a car or CU type loan, that starts off at more than 5,000 and has payments that are more than 150 per month.

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