How to settle an currently settled loan?
(we had answered prior to, nonetheless it would not appear to publish if it will later on, forgive any replication) exactly why is here an illogical dual standard in terms of reporting towards the credit reporting 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 good reason why, in the event that financial obligation just isn’t reaffirmed, it will not wind up from the credit file. Therefore, I cannot buy it out without reaffirming it) why is that reported to the credit bureau if I buy out the LEIN (not the loan, because the debt does not exist any more, so?
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 brain industry”. Odds are the financial obligation or lien had been in the credit history prior to the bankruptcy. Your report has information that is old has to be updated. The duty of cleansing your credit file falls you. In the event that you settled on liens, to need certainly to dispute and deliver a lien satisfaction letter s into the credit reporting agencies. I experienced a comparable situation with a customer, and also consulted with ModSpec. Into the final end, things would not get well for the debtor.
Borrower re affirmed very very first mortgage, did absolutely nothing with all the 2nd home loan. No negative reporting on her credit from brand new second lien owner. We finally contacted them along with to really have the 2nd lien “graded,” and developed a ton of Mortgage lates: essentially none produced in 36 months. The business keeping the lien would not re classify it being an Installment financial obligation, it stayed home financing. [Read more...]