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  1. #1
    Join Date
    Feb 2012
    Posts
    1

    Default Post Chapter 7 Foreclosure - Walk Away

    My question involves bankruptcy in the state of: Georgia

    Here are the facts:

    My wife and I filed C7 in May 2009. It was discharged in September 2009. Included in the petition was our home and a vehicle. The debt on both was discharged, including a HELOC. However, the credit reporting bureau's left the HELOC on our report. To this day, I still do not understand why.

    We remained in the house until June 2011 and faithfully made payments until then. Our attorney said that we could stay as long as we made payments. The downside was we received no recognition due to the discharge. All the while the HELOC was being reported. The house was finally taken back by the bank in December 2011, six months post abandonement. Finally our HELOC shows zero balance, but has "dinged" our credit again !!! I am working to get that fixed.

    We recently moved to North Carolina and are now 2+ years post BK. We are looking into buying a house again. We have been told by 2 mortgage lenders that even though we are 2 years post BK, we are not eligible for lending because the "foreclosure", that will not show up on our credit report, occurred less than 3 months ago. They have said we will have to wait for 3 more years. Can anyone tell me why this is the case ???

    Dazed and Confused in North Carolina

  2. #2
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Post Chapter 7 Foreclosure - Walk Away

    The banks are free to use whatever criteria they want. The foreclosure is when the foreclosure was. If you wanted to walk away with impunity, you should have done so before the bankruptcy.

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