(we had answered prior to, nonetheless it would not appear to publish if it can later on, forgive any replication) exactly why is here an illogical dual standard in terms of reporting to your credit agencies after BK?
If the BK is last, the mortgage is settled, beside me, the bankrupt individual owing absolutely nothing. That is, i suppose, the reason why, in the event that financial obligation just isn’t reaffirmed, it will not wind up regarding the credit file. Therefore, if we buy out of the LEIN (maybe not the mortgage, as the financial obligation will not exist any longer, so I cannot buy it down without reaffirming it) exactly why is that reported towards the credit bureau? How to settle an currently settled loan? Fling chapter 7 Bankruptcy and from now on trying the get rid of your credit file, the illogical standard that is double in comparison to “clearing a mind industry” odds are your debt or lien had been from the credit file 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 have to dispute and deliver a lien satisfaction letter s to your credit reporting agencies.
I’d a comparable situation with a customer, and also consulted with ModSpec. Into the end, things would not get well for the debtor.
Borrower re affirmed very very first home loan, did nothing utilizing the mortgage that is second. No negative reporting on her credit from brand new second lien owner. We finally contacted them and had to have the second lien “graded,” and created a ton of Mortgage lates: fundamentally none produced in three years. The business keeping the lien would not re classify it as an Installment financial obligation, it stayed home financing. Even though they never foreclosed or reported to credit agencies, we got killed once we needed to have finished . ranked. Lost her deposit, assessment, assessment costs. I experienced a comparable situation with a customer, as well as consulted with ModSpec. When you look at the end, things would not get well for the debtor.
Borrower re affirmed very first mortgage, did nothing with all the mortgage that is second. No negative reporting on her credit from brand new second lien owner. We finally contacted them along with to truly have the 2nd lien “graded,” and created a ton of Mortgage lates: essentially none built in three years. The business holding the lien would not re classify it being 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, examination, assessment costs.
Pfhtex or someone else ou may have the ability to help me to right right here. I am offering the house and missed the close date because of a second mortgage lien. We re modified my very first home loan during 2009 although not the next mortgage, that has been $31000. Never heard thing from Homeq the lienholder on that certain. I kept having to pay my first home loan following the re modification. I am now attempting to sell the home and 2 days before shutting the name business came ultimately back and stated there is a lien that is unreleased the second mortgage. Homeq may be out of company and Ocwen ended up being the initial lienholder who transferred second mortgage to Homeq straight right back whenever I purchased the house. I became extremely near to foreclosure straight straight straight back in ’09 and fortunately re modified with Bank of America. We certainly simply scarcely stored the homely home from property property foreclosure. Bank of America did not re alter the second mortgage(Homeq) and I also never heard any such thing from their store once again.
Homeq happens to be advance personal loans online virginia away from company and ended up being servicing the second mortgage last year and there is nevertheless a lien regarding the second mortgage. Ocwen supposedly purchased them call at 2010. Ocwen doesn’t have record of buying back once again the loan. I cannot 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 well before they sought out of company thinking we foreclosed regarding the first home loan and when so, how can I figure it down when Homeq may be out of company? Undoubtedly i am perhaps maybe not the person that is only the united states that it has occurred to. Please advise, we’d relish it. I’M ATTEMPTING TO CLOSE ON the HOUSE SELL QUICKLY.