(we had answered prior to, nonetheless it would not appear to publish it comes to reporting to the credit bureaus after BK if it does later, forgive any duplication) Why is there an illogical double standard when?
If the BK is last, the mortgage is settled, beside me, the bankrupt individual owing absolutely nothing. This is certainly, i suppose, the reason why, in the event that financial obligation just isn’t reaffirmed, it generally does not find yourself from the credit file. Therefore, if we buy out of the LEIN (perhaps not the mortgage, as the financial obligation will not exist any longer, thus I cannot buy it away without reaffirming it) exactly why is that reported into the credit bureau? How do I settle an currently settled loan? Fling chapter 7 Bankruptcy and from now on trying the get rid of your credit history, the illogical standard that is double in comparison to “clearing a brain industry” odds are your debt or lien had been regarding the credit history ahead of the bankruptcy. Your report has information that is old has to be updated. The duty of cleansing your credit file falls for you. In the event that you settled on liens, to need to dispute and deliver a lien satisfaction letter s into the credit reporting agencies.
I experienced a comparable situation with a client, as well as consulted with ModSpec. Into the final end, things failed to get well for the debtor.
Borrower re affirmed very very first home loan, did absolutely absolutely absolutely nothing because of the 2nd home loan. No reporting that is negative her credit from brand new second lien owner. We finally contacted them and had to really have the second lien “graded,” and created a ton of Mortgage lates: essentially none built in 36 months. The organization keeping the lien would not re classify it as an Installment financial obligation, it stayed home financing. Also we got killed when we had to have the thing rated though they never foreclosed or reported to credit bureaus. Lost her deposit, assessment, assessment costs. I’d a comparable situation with a customer, and online personal loans virginia also consulted with ModSpec. Within the final end, things would not get well for the debtor.
Borrower re affirmed very first home loan, did absolutely nothing because of the 2nd home loan. No reporting that is negative her credit from brand brand new second lien owner. We finally contacted them along with to truly have the second lien “graded,” and created a ton of Mortgage lates: essentially none produced in 3 years. The organization keeping the lien didn’t re classify it being an Installment financial obligation, it stayed a mortgage. Also though they never foreclosed or reported to credit agencies, we got killed once we had to have finished . ranked. Lost her deposit, assessment, assessment charges.
Pfhtex or someone else ou may manage to assist me right here. I’m attempting to sell the house and missed the close date because of a second mortgage lien. We re modified my first home loan last year not the next mortgage, that was $31000. Never heard thing from Homeq the lienholder on this one. We kept having to pay my mortgage that is 1st after re modification. I’m now offering your house and 2 times before shutting the name business came ultimately back and stated there is a lien that is unreleased the next mortgage. Homeq has gone out of business and Ocwen ended up being the lienholder that is original transferred second mortgage to Homeq straight straight back once I purchased the house. I became really close to foreclosure right right back during 2009 and fortunately re modified with Bank of America. We certainly simply hardly spared the homely home from property property foreclosure. Bank of America don’t re alter the next mortgage(Homeq) and I also never heard any such thing from their store once more.
Homeq happens to be away from company and had been servicing the second mortgage last year and there is nevertheless a lien in the second mortgage. Ocwen supposedly purchased them away in 2010. Ocwen does not have any record of buying back the mortgage. I can not shut on attempting to sell the house now me a payoff to get the lien released until I find out which company will give. I am at an end that is dead. Did Homeq compose it off I foreclosed on the 1st mortgage and if so, how do I figure it out when Homeq is out of business before they went out of business thinking? Certainly i am maybe perhaps not the only individual in the united states that it has occurred to. Please advise, I would relish it. I’M WANTING TO CLOSE TO MY HOME SELL FAST.