Q: CH 7 BK 11/2010. Did not reaffirm my mortgage. BK accounts off CR. Can lender still report foreclosure?
When BK was discharged. We did not stay in the home but let relatives stay in the home for upkeep of the property. I was Active Duty military and under SCRA protection, the bank never foreclosed on the property. Recently, I left Active Duty and the bank has moved forward with foreclosure. NOD expires 1/28/2018. I noticed all of the accounts associated with the BK are off my credit report. Can the lender still report a foreclosure or more specifically, the credit reporting agencies legally record it per FCRA? Any advantage to Short sale or DIL at this point? Tax implications?
A: You should seriously consider a short sale but you have to move FAST. I have done 100's of short sales at no cost to the homeowner so I have a lot of experience in such matters. I am real estate broker and attorney with bankruptcy experience. As for DIL - they can be difficult in California and still have the same negative effects as a foreclosure. Technically your BK should make any debt forgiveness tax issues go away but you have to stay on top of the banks because they screw up all the time. Good luck and let me know if you need any help.
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