How to settle an already settled loan?
(we had answered prior to, nonetheless it would not appear to upload if it will later, forgive any replication) how come here an illogical dual standard in terms of reporting to your credit agencies after BK? If the BK is last, the mortgage is settled, beside me, the bankrupt person nothing that is owing. That is, i suppose, the reason why, in the event that financial obligation just isn’t reaffirmed, it doesn’t wind up regarding the credit file. Therefore, if I buy out of the LEIN (maybe not the mortgage, as the debt 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 a currently settled loan? Fling chapter 7 Bankruptcy and today trying the get rid of your credit history, the illogical dual standard is compared to “clearing a brain field”. Odds are the financial obligation or lien had been regarding the credit history ahead of the bankruptcy. Your report has old information and has to be updated. The duty 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. When you look at the end, things failed to get well for the debtor.
Borrower re affirmed very very first home loan, did absolutely nothing utilizing the 2nd home loan. No negative reporting on her credit from brand brand new second lien holder. We finally contacted them together with to truly have the second lien “graded,” and developed a ton of Mortgage lates: fundamentally none manufactured in 36 months. The business 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 agencies, we got killed once we needed to have finished . ranked. Lost her deposit, assessment, assessment costs. I’d a comparable situation with a client, and also consulted with ModSpec. Into the final end, things didn’t get well for the debtor.
Borrower re affirmed very first home loan, did absolutely absolutely absolutely nothing aided by the personal loans south dakota mortgage that is second. No negative reporting on her credit from brand brand new second lien owner. We finally contacted them and had to truly have the second lien “graded,” and came up with a ton of Mortgage lates: essentially none manufactured in three years.
The business keeping the lien failed to 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 as soon as we had to have finished . ranked. Lost her deposit, inspection, assessment charges.
Pfhtex or someone else You might manage to help me to right right right here. I am offering the house and missed the date that is close of a second mortgage lien. We re modified my very first home loan during 2009 not the second mortgage, that was $31000. Never heard thing from Homeq the lienholder on any particular one. We kept having to pay my first home loan following the re modification. I am now offering the home and 2 times before shutting the name business came ultimately back and stated there is a lien that is unreleased the next mortgage. Homeq is going of company and Ocwen had been the lienholder that is original transferred second mortgage to Homeq right straight straight back once I purchased the house. I happened to be really near to foreclosure right right back during 2009 and fortunately re modified with Bank of America. We surely just scarcely spared the home from foreclosure. Bank of America did not re modify the second mortgage(Homeq) and I never heard such a thing from their website once more.
Homeq is currently out of company and ended up being servicing the second mortgage last year and there is nevertheless a lien regarding the second mortgage. Ocwen supposedly purchased them down in 2010. Ocwen does not have any record of buying back once again the mortgage. I cannot 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? Undoubtedly I’m maybe not the person that is only america that it has occurred to. Please advise, I would enjoy it. I’M WANTING TO CLOSE TO MY HOME SELL FAST.