(we had answered prior to, nonetheless it failed to appear to upload if it will later, forgive any replication) exactly why is here an illogical dual standard in terms of reporting into 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 isn’t reaffirmed, it doesn’t find yourself in the credit file. Therefore, 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 towards the credit bureau? how do i settle a currently settled loan? Fling chapter 7 Bankruptcy and today trying the clean up your credit history, the illogical dual standard is in comparison to “clearing a brain field” odds are your debt or lien had been regarding the credit file ahead of the bankruptcy. Your report has old information and has to be updated. The obligation of cleansing your credit history falls for you. In the event that you settled on liens, to need 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 end, things would not get well for the debtor.

Borrower re affirmed very very first home loan, did absolutely absolutely nothing with all the mortgage that is second. No reporting that is negative her credit from brand new 2nd lien owner. We finally contacted them and had to truly have the second lien “graded,” and created a ton of Mortgage lates: essentially none manufactured in 36 months. The business keeping the lien would not re classify it being an Installment financial obligation, it stayed home financing. Even though they never foreclosed or reported to credit reporting agencies, we got killed whenever we needed to have finished . ranked. Lost her deposit, examination, assessment costs. I experienced a comparable situation with a customer, and also consulted with ModSpec. Into the final end, things failed to get well for the debtor.

Borrower re affirmed very very first home loan, did absolutely nothing with all 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 2nd lien “graded,” and created a ton of Mortgage lates: essentially none produced in 36 months. The business keeping the lien would not re classify it as 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, assessment, assessment costs.

Pfhtex or other people You might have the ability to help me to 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 however the second mortgage, that has been $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’m now attempting to sell the house and 2 times before shutting the name business came ultimately back and stated there is a lien that is unreleased the next mortgage. Homeq may be out of company and Ocwen ended up being the initial lienholder who transferred second mortgage to Homeq straight back whenever I purchased the house. I became really near to foreclosure right straight back in ’09 and luckily re modified with Bank of America. We positively simply hardly conserved the homely home from property property foreclosure. Bank of America did not re alter the next mortgage(Homeq) and I never heard any such thing from their website once more.

Homeq has become away from company and had been servicing the second mortgage during 2009 and there is nevertheless a lien regarding the 2nd mortgage. Ocwen supposedly bought them call at 2010. Ocwen does not have any record of buying back once again the mortgage. I can not shut on attempting to sell my 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 https://speedyloan.net/personal-loans-wa figure it out when Homeq is out of business before they went out of business thinking? Certainly I’m maybe maybe not the only individual in the united states that it has occurred to. Please advise, I would be thankful. I’M WANTING TO CLOSE ON the HOUSE SELL FAST.