(I 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?
Once 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 is certainly not reaffirmed, it doesn’t find yourself from the credit history. Therefore, I cannot buy it out without reaffirming it) why is that reported to the credit bureau if I buy out the LEIN (not the loan, because the debt does not exist any more, so? How do I settle an currently settled loan? Fling chapter 7 Bankruptcy now trying the get rid of your credit file, the illogical dual standard is in comparison to “clearing a brain field” odds are your debt or lien had been from the credit history ahead of the bankruptcy. Your report has information that is old has to be updated. The obligation of cleansing your credit history falls for you. In the event that you settled on liens, to need certainly to dispute and deliver an atisfaction that is lien s to your credit agencies.
I’d a comparable situation with a customer, and also consulted with ModSpec. When you look at the final end, things failed to get well for the debtor.
Borrower re affirmed very very first home loan, did absolutely absolutely nothing aided by the 2nd home loan. No reporting that is negative her credit from brand brand new second lien owner. We finally contacted them and had to truly have the second lien “graded,” and developed a ton of Mortgage lates: fundamentally none produced in 36 months. The business keeping the lien would not re classify it as an Installment financial obligation, it stayed a mortgage. Also though they never foreclosed or reported to credit agencies, we got killed as soon as we needed to have the something rated. Lost her deposit, assessment, assessment charges. I’d a similar situation with a customer, as well as consulted with ModSpec. Into the final end, things would not get well for the debtor.
Borrower re affirmed very first home loan, did absolutely absolutely absolutely nothing because of the mortgage that is second. No reporting that is negative her credit from brand brand brand new second lien owner. We finally contacted them and had to have the second lien “graded,” and created a ton of Mortgage lates: essentially none built in 36 months. The business keeping the lien would not re classify it being an Installment financial http://www.speedyloan.net/personal-loans-va/ 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, appraisal fees.
Pfhtex or someone else You might manage to assist me right right right here. I am attempting to sell the house and missed the close date because of a second mortgage lien. We re modified my mortgage that is first in although not the second mortgage, that was $31000. Never heard a plain thing from Homeq the lienholder on this one. We kept spending my first mortgage following the re modification. I am now attempting to sell your house and 2 times before shutting the name business returned and stated there is an unreleased lien on the next mortgage. Homeq may be out of company and Ocwen ended up being the initial lienholder who transferred second mortgage to Homeq straight straight back once I purchased the house. I became extremely near to foreclosure straight straight back in ’09 and fortunately re modified with Bank of America. We positively simply scarcely stored the household from property foreclosure. Bank of America did not re change the second mortgage(Homeq) and I also never heard such a thing from their store once more.
Homeq has become away from company and ended up being servicing the next mortgage in ’09 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 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 a dead end. Did Homeq compose it well 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? Undoubtedly i am maybe perhaps not the person that is only the united states that it has occurred to. Please advise, I would relish it. I’M ATTEMPTING TO CLOSE BACK AT MY HOME SELL FAST.