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The organization keeping the lien would not re classify it being an Installment financial obligation, it stayed a home loan.

The organization keeping the lien would not re classify it being an Installment financial obligation, it stayed a home loan.

(we had answered before, nonetheless it would not 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 suppose, the reason why, in the event that financial obligation just isn’t reaffirmed, it will not wind up regarding the credit history. Therefore, if we buy out of the LEIN (maybe not the mortgage, since the financial obligation will not exist any longer, therefore 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 get rid of your credit history, the illogical dual standard is in comparison to «clearing a mind industry» odds are the debt or lien had been from the credit history ahead of the bankruptcy. Your report has information that is old should be updated. The obligation of cleansing your credit history falls for you. In the event that you settled on liens, to need certainly to dispute and deliver an atisfaction that is lien s to your credit reporting agencies.

I experienced 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 nothing utilizing the mortgage that is second. No reporting that is negative her credit from 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: fundamentally none manufactured in 36 months. The business keeping the lien didn’t re classify it as an Installment financial obligation, it stayed a home loan. Also though they never foreclosed or reported to credit agencies, we got killed as soon as we needed to have the thing ranked.Read More