Exactly why is here an illogical dual standard when it comes down to reporting towards the credit agencies after BK?

How do I settle a currently settled loan?

(we had answered prior to, nonetheless it failed to seem 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? If the BK is last, the mortgage is settled, beside me, the bankrupt individual owing absolutely nothing. That is, i suppose, the reason why, in the event that financial obligation isn’t reaffirmed, it doesn’t wind up in 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, thus I cannot buy it away without reaffirming it) exactly why is that reported to your credit bureau?

How do I settle an 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 head industry”. Odds are the financial obligation or lien had been regarding the credit file prior to the bankruptcy. Your report has information that is old should be updated. The obligation of cleansing your credit history falls 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 experienced a comparable situation with a client, as well as consulted with ModSpec. Within 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 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 built in three years. The organization keeping the lien would not 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 client, and also consulted with ModSpec. When you look at the final end, things failed to get well for the debtor.

Borrower re affirmed very very very first home loan, did absolutely nothing with all the mortgage that is second. No reporting that is negative her credit from brand brand brand new second lien owner. We finally contacted them and had to really have the second lien “graded,” and developed a ton of Mortgage lates: essentially none produced in 36 direct lender personal loans in virginia months.

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, assessment, assessment costs.

Pfhtex or other people You might manage to assist me here. I am offering the house and missed the date that is close of a second mortgage lien. I re modified my very first mortgage in ’09 yet not the second mortgage, that has been $31000. Never heard thing from Homeq the lienholder on this 1. We kept having to pay my first home loan following the re modification. I am now attempting to sell 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 lienholder that is original transferred 2nd mortgage to Homeq right straight right back once I purchased the house. I became extremely near to foreclosure straight back in ’09 and fortunately re modified with Bank of America. We absolutely simply scarcely spared the homely home from property foreclosure. Bank of America did not re change the second mortgage(Homeq) and I never heard such a thing from their store once more.

Homeq happens to be away from company and had been servicing the second mortgage last year and there is nevertheless a lien regarding the second mortgage. Ocwen supposedly purchased them call at 2010. Ocwen does not have any record of buying back once again the loan. I can not shut on offering the house now me a payoff to get the lien released until I find out which company will give. I am at a dead end. 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? Certainly i am perhaps maybe not the only individual in the united states that it has occurred to. Please advise, I would enjoy it. I’M ATTEMPTING TO CLOSE BACK AT MY HOME SELL FAST.