(we had answered prior to, nonetheless it failed to 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 assume, the good reason why, in the event that financial obligation is certainly not reaffirmed, it generally does not find yourself from the credit history. Therefore, if we buy out of the LEIN (maybe not the mortgage, due to the fact 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 file, the illogical standard that is double in comparison to “clearing a mind industry” Chances are your debt or lien had been in the credit history prior to the bankruptcy. Your report has information that is old should be updated. The duty of cleansing your credit history falls on you. In the event that you settled on liens, to need to dispute and deliver a lien satisfaction letter s to your credit agencies.
I had a comparable situation with a customer, as well as consulted with ModSpec. When you look at the end, things would not get well for the debtor.
Borrower re affirmed very first home loan, did absolutely absolutely nothing using the mortgage that is second. No negative reporting on her credit from brand brand new 2nd lien owner. We finally contacted them together with to truly have the second lien “graded,” and developed a ton of Mortgage lates: fundamentally none produced in three years. The organization keeping the lien would not re classify it being an Installment financial obligation, it stayed home financing. Continue reading