Posted on: 14th Feb, 2010 06:43 pm
we had a chapter 7 bankruptcy discharged in april 2008 and the mortgage on our home was not reaffirmed. we know that the bank can not come after us for the deficiency, but want to know if the foreclosure will affect our credit score. we have been rebuilding our credit for nearly 2 years.
As far as I know, if your property goes through a foreclosure, it would affect your credit score. Your score would get reduced by 250 points and the foreclosure would remain on your credit report for the next 7 years.