(I had replied prior to, nonetheless it would not appear to publish if it will later, forgive any replication) how come here an illogical dual standard in terms of reporting towards the credit agencies after BK?
Once the BK is last, the mortgage is settled, beside me, the bankrupt individual owing absolutely nothing. That is, i suppose, the good reason why, in the event that financial obligation is certainly not reaffirmed, it generally does not find yourself regarding 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 to settle a currently settled loan? Fling chapter 7 Bankruptcy now trying the get rid of your credit file, the illogical standard that is double in comparison to “clearing a brain industry” odds are the debt or lien had been regarding the credit history prior to the bankruptcy. Your report has information that is old has to be updated. The obligation of cleansing your credit file falls you. In the event that you settled on liens, to need to dispute and send a lien satisfaction letter s towards the credit agencies.
I’d a similar situation with a customer, as well as consulted with ModSpec. When you look at the end, things would not get well for the borrower.
Borrower re affirmed very very first home loan, did absolutely nothing because of the mortgage that is second. No reporting that is negative her credit from brand new second lien owner. We finally contacted them along with to really have the second lien “graded,” and came up with a ton of Mortgage lates: essentially none produced in 36 months. The business keeping the lien failed to re classify it being an Installment financial obligation, it stayed a home loan. Also though they never foreclosed or reported to credit reporting agencies, we got killed whenever we needed to have the something ranked. Lost her deposit, examination, assessment charges. I experienced a comparable situation with a customer, and also consulted with ModSpec. Within the final end, things failed to get well for the debtor.
Borrower re affirmed very first mortgage, did absolutely nothing utilizing the mortgage that is second. No negative reporting on her credit from brand new 2nd lien owner. We finally contacted them together with to really have the second lien “graded,” and created a ton of Mortgage https://speedyloan.net/personal-loans-wa lates: fundamentally none produced in three years. 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, examination, assessment costs.
Pfhtex or someone else You might manage to help me to right right right here. I am offering 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 has been $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 am now attempting to sell the home and 2 times before shutting the name company came ultimately back and stated there is a lien that is unreleased the second mortgage. Homeq may be out of company and Ocwen had been the initial lienholder who transferred second mortgage to Homeq straight straight right back once I purchased the house. I became really near to foreclosure right back during 2009 and fortunately re modified with Bank of America. We positively simply hardly spared the homely home from property foreclosure. Bank of America did not re alter the second mortgage(Homeq) and I also never heard such a thing from their website once again.
Homeq has become away from company and ended up being servicing the next mortgage during 2009 and there’s nevertheless a lien from the second mortgage. Ocwen supposedly purchased them call at 2010. Ocwen does not have any record of buying back once again the mortgage. I can not shut on offering the house now until I learn recognise the business can give me personally a payoff to obtain the lien released. I am at an end that is dead. Did Homeq compose it well before they sought out of company reasoning I foreclosed in the first home loan and in case therefore, how do you figure it down whenever Homeq may be out of company? Undoubtedly i am perhaps perhaps not the only person in the united states that it has occurred to. Please advise, I would enjoy it. I’M WANTING TO CLOSE ON the HOUSE SELL FAST.