The business keeping the lien failed to re classify it being an Installment Debt, it stayed a home loan.
(we had replied before, but it would not appear to upload if it can later on, forgive any replication) exactly why is here an illogical dual standard in terms of reporting towards the credit agencies after BK?
Once 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, if we buy out of the LEIN (perhaps not the loan, due to the fact financial obligation will not exist any longer, so I cannot buy personal loans va it down without reaffirming it) exactly why is that reported to your credit bureau? how do i settle a 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 mind industry” odds are your debt or lien had been in the credit history prior to the bankruptcy. Your report has old information and should be updated. The duty of cleansing your credit file falls for you. In the event that you settled on liens, to need certainly to dispute and deliver a lien satisfaction letter s towards the credit agencies.
I experienced a comparable situation with a customer, as well as consulted with ModSpec. Within the final end, things would not get well for the borrower.
Borrower re affirmed very first home loan, did absolutely absolutely absolutely nothing using the mortgage that is second. No negative reporting on her credit from brand new second lien owner. We finally contacted them along with to have the second lien “graded,” and created a ton of Mortgage lates: essentially none manufactured in 36 months. The organization keeping the lien failed to re classify it as an Installment financial obligation, it stayed a home loan. Also though they never foreclosed or reported to credit bureaus, we got killed once we had to have the one thing ranked. Lost her deposit, assessment, assessment charges. I’d a comparable situation with a customer, as well as consulted with ModSpec. When you look at the final end, things would not get well for the debtor.
Borrower re affirmed first mortgage, did absolutely nothing utilizing the 2nd home loan. No reporting that is negative her credit from brand brand new second lien holder. We finally contacted them and had to have the second lien “graded,” and developed a ton of Mortgage lates: fundamentally none built in 36 months. The business keeping the lien would not re classify it as an Installment financial obligation, 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 charges.
Pfhtex or other people You might manage to help me to right right here. I am offering the house and missed the close date because of a second mortgage lien. We re modified my very first home loan in ’09 although not the second mortgage, that has been $31000. Never heard thing from Homeq the lienholder on this 1. We kept paying my mortgage that is 1st after re modification. I am now attempting to sell the home and 2 times before shutting the name business returned and said there is a lien that is unreleased the second mortgage. Homeq may be out of company and Ocwen ended up being the initial lienholder who transferred second mortgage to Homeq straight straight back once I purchased the house. I happened to be extremely near to foreclosure straight back during 2009 and fortunately re modified with Bank of America. We positively simply hardly stored the household from foreclosure. Bank of America did not re change the next mortgage(Homeq) and I also never heard any such thing from their website once more.
Homeq has become away from company and had been servicing the next 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 mortgage. I can not shut on offering the house now until I learn recognise the business will provide me personally a payoff to obtain the lien released. 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? Certainly i am maybe not the only person 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.