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How come here an illogical dual standard whenever it...

How come here an illogical dual standard whenever it comes down to reporting towards the credit agencies after BK?

How to settle an currently settled loan?

(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 click this over here now mortgage is settled, beside me, the bankrupt individual owing absolutely nothing. This is certainly, i suppose, the reason why, in the event that financial obligation is certainly not reaffirmed, it doesn’t find yourself from the credit history. Therefore, if we buy out of the LEIN (perhaps 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 an already 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 head industry”. Odds are the lien or debt had been from the credit history prior to the bankruptcy. Your report has information that is old has to be updated. The duty of cleansing your credit history 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’d 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 first home loan, did absolutely absolutely nothing using the 2nd home loan. No reporting that is negative her credit from brand new 2nd lien owner. We finally contacted them along with to really have the second lien “graded,” and developed a ton of Mortgage lates: fundamentally none produced in 36 months. The organization keeping the lien would not re classify it being an Installment Debt, it stayed a home loan. Also though they never foreclosed or reported to credit agencies, we got killed once we needed to have the fact ranked. Lost her deposit, examination, assessment costs. I’d a comparable situation with a customer, as well as consulted with ModSpec. Into the final end, things didn’t go well for the debtor.

Borrower re affirmed very first home loan, did absolutely nothing utilizing the 2nd home loan. No reporting that is negative her credit from brand brand new second lien owner. We finally contacted them and had to have the second lien “graded,” and came up with a ton of Mortgage lates: fundamentally none produced in three years.

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, examination, assessment costs.

Pfhtex or other people You might manage to assist me right right here. I am offering the house and missed the date that is close of a second mortgage lien. We re modified my mortgage that is first in yet not the second mortgage, that was $31000. Never heard a plain thing from Homeq the lienholder on that certain. We kept spending my first home loan following the re modification. I am now attempting to sell the home and 2 days before closing the name business returned and stated there is a lien that is unreleased the next mortgage. Homeq is going of business and Ocwen ended up being the initial lienholder who transferred 2nd mortgage to Homeq straight straight back whenever I purchased the house. I happened to be extremely near to foreclosure straight right straight back during 2009 and fortunately re modified with Bank of America. I certainly just hardly spared the home from property property property foreclosure. Bank of America did not re alter the second mortgage(Homeq) and I also never heard such a thing from their website once more.

Homeq has become away from company and ended up being servicing the second mortgage during 2009 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 the mortgage. I can not shut on attempting to sell 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? Undoubtedly i am maybe not the only individual in the united states that this has occurred to. Please advise, I would relish it. I’M WANTING TO CLOSE ON the HOME SELL FAST.