(I had replied prior to, nonetheless it would not appear to upload 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 nothing that is owing. This is certainly, i suppose, the reason why, in the event that financial obligation just isn’t reaffirmed, it generally does not wind up regarding the credit history. So, if we buy out of the LEIN (perhaps not the mortgage, since the financial obligation will not exist any longer, therefore I cannot buy it down 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 today trying the get rid of your credit file, the illogical dual standard is in comparison to “clearing a brain industry” odds are your debt or lien had been from the credit file prior to the bankruptcy. Your report has information that is old should be updated. The duty of cleaning your credit history falls you. In the event that you settled on liens, to have to dispute and send an atisfaction that is lien s into the credit reporting agencies.
I had a similar situation with a customer, as well as consulted with ModSpec. Into the final end, things failed to get well for the borrower.
Borrower re affirmed very very first mortgage, did absolutely absolutely nothing aided by the 2nd home loan. No reporting that is negative her credit from brand brand new 2nd lien owner. We finally contacted them along with to really have the second lien “graded,” and created a ton of Mortgage lates: fundamentally none produced in 36 months. The business keeping the lien didn’t re classify it being an Installment Debt, it stayed a home loan. 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. I’d a comparable situation with a customer, as well as consulted with ModSpec. When you look at the final end, things failed to get well for the borrower.
Borrower re affirmed very very first home loan, did nothing using the 2nd home loan. No negative reporting on her credit from brand brand new second lien owner. We finally contacted them together with to have the second lien “graded,” and developed a ton of Mortgage lates: fundamentally none manufactured in three years. The organization keeping the lien failed to re classify it as an Installment Debt, 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, inspection, assessment charges.
Pfhtex or other people ou may have the ability to assist me right right here. I am attempting to sell the house and missed the close date because of a second mortgage lien. I re modified my mortgage that is first in although not the next mortgage, that was $31000. Never heard a plain thing from Homeq the lienholder on this 1. We kept spending my mortgage that is 1st after re modification. I am now offering the home and 2 times before shutting personal loans ut the name business came ultimately back and stated there is a lien that is unreleased the next mortgage. Homeq may be out of business and Ocwen had been the lienholder that is original transferred second mortgage to Homeq straight right back once I purchased my house. I happened to be extremely near to foreclosure straight straight right back during 2009 and fortunately re modified with Bank of America. We surely simply hardly spared the home from property property foreclosure. Bank of America did not re alter the next mortgage(Homeq) and I also never heard such a thing from their website once again.
Homeq happens to be away from business and ended up being servicing the second mortgage last year and there is nevertheless a lien in the second mortgage. Ocwen supposedly purchased them out in 2010. Ocwen does not have any record of buying back once again the mortgage. I can not close on offering 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 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 perhaps perhaps not the person that is only the united states that it has occurred to. Please advise, I would relish it. I’M WANTING TO CLOSE ON the HOME SELL FAST.