Beware if you have taken a Chapter 7 bankruptcy and did not reaffirm your mortgage and/or second mortgage. We have found that may times, lenders fail to report that the mortgage account has been closed. In fact, I have just such a case where the bank has failed to change the reporting of the mortgage even though it did change the reporting of the second mortgage of my client who had taken a Chapter 7 and did not reaffirm the debt on the house.
The lesson here is to check your credit report after taking a Chapter 7 to ensure that those lines on your report are accurate. This is critical to your rebuilding your credit after bankruptcy.
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