How come here an illogical dual standard whenever it comes to reporting into the credit reporting agencies after BK?

How come here an illogical dual standard whenever it comes to reporting into the credit reporting agencies after BK?

How to settle an currently settled loan?

(I had replied prior to, nonetheless it failed to appear to publish if it will later on, forgive any replication) exactly why is here an illogical double standard in terms of reporting to your credit reporting agencies after BK? If the BK is last, the mortgage is settled, beside me, the bankrupt individual nothing that is owing. That is, i suppose, the reason why, in the event that financial obligation just isn’t reaffirmed, it doesn’t find yourself regarding the credit file. Therefore http://speedyloan.net/personal-loans-tx/, 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 and today trying the clean up your credit file, the illogical standard that is double in comparison to “clearing a brain industry”. Odds are the lien or debt had been in the credit file prior to the bankruptcy. Your report has information that is old has to be updated. The obligation of cleansing your credit report falls for you. In the event that you settled on liens, to have to dispute and deliver an atisfaction that is lien s towards the credit agencies. I’d a comparable situation with a customer, as well as consulted with ModSpec. Into the end, things failed to get well for the debtor.

Borrower re affirmed very first home loan, did absolutely nothing utilizing 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 have the second lien “graded,” and developed 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 obligation, it stayed home financing. Also though they never foreclosed or reported to credit reporting agencies, we got killed once we had to have the fact rated. Lost her deposit, examination, assessment costs. I experienced a comparable situation with a customer, as well as consulted with ModSpec. Into the end, things failed to get well for the borrower.

Borrower re affirmed very very first home loan, did nothing because of the 2nd home loan. No negative reporting on her credit from brand brand new second lien owner. We finally contacted them together with to really have the second lien “graded,” and developed a ton of Mortgage lates: fundamentally none manufactured in three years.

The business keeping the lien didn’t re classify it as an Installment financial obligation, it stayed a mortgage. 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 other people You might have the ability to help me to right right here. I am offering the house and missed the date that is close of a second mortgage lien. We re modified my mortgage that is first in yet not the next mortgage, that has been $31000. Never heard thing from Homeq the lienholder on this 1. We kept having to pay my mortgage that is 1st after re modification. I am now offering the home and 2 times before shutting the name business came ultimately back and stated there is an unreleased lien on the second mortgage. Homeq is going of company and Ocwen ended up being the original lienholder who transferred second mortgage to Homeq right straight back once I purchased my house. I happened to be really near to foreclosure straight straight back during 2009 and luckily re modified with Bank of America. We undoubtedly simply scarcely conserved the household from property foreclosure. Bank of America did not re alter the second mortgage(Homeq) and I also never heard any such thing from their website once more.

Homeq is currently away from company and was servicing the second mortgage during 2009 and there is nevertheless a lien in the second mortgage. Ocwen supposedly purchased them call at 2010. Ocwen does not have any record of buying back once again the mortgage. I cannot shut on offering the house now until I learn recognise the business can give me personally a payoff getting the lien released. I am at a dead end. 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? Undoubtedly I’m perhaps maybe not the only individual in america that it has occurred to. Please advise, I would relish it. I’M ATTEMPTING TO CLOSE ON the HOME SELL FAST.

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