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jfstephens · Joined: 06 Jun 2009 Posts: 2 1.64 Dollars($)

I filed chapter 7 bankruptcy in 8/2008 and discharged in 12/08. My home loans (1st and 2nd) where included in the filing and I DID NOT sign a reaffirmation agreement. Also I have not made any payments on the loans since 11/2008. My questions are as follows:

1. What affect will the filing of the NOD have on my credit?
2. Is it better to let the bank foreclose or do a deed-in-lu of foreclosure
3. Since the debts were discharged in bankruptcy and the banks CANNOT come after me for anything (this included owing any taxes on a short sale), what would be the best option -->
Short Sale, let the bank foreclose, or deed-in-lu?

Any help would be greatly appreciated!

John

savior70 · Posted: Mon Jun 08, 2009 6:45 am Post subject:

Hi

If the lender files a notice of default and starts a foreclosure procedure on your property, your credit can drop by around 230-250 points. Depending on the number of late payments you've had, your scores can drop even further. I think a deed in lieu would be better than a regular foreclosure. A short sale would be even better, as it will affect your credit by 75-100 points.

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Foreclosure/NOD after Chapter 7 Bankruptcy in California