How do I settle an currently settled loan?
(we had answered prior to, nonetheless it would not appear to publish if it can later, forgive any replication) how come there 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 individual nothing that is owing. That is, i suppose, the good reason why, in the event that financial obligation just isn’t reaffirmed, it generally does not wind up in the credit file. Therefore, if I buy out of the LEIN (perhaps not the mortgage, as the debt will not exist any more, therefore I cannot buy it out without reaffirming it) exactly why is that reported towards the credit bureau?
How do I settle an currently settled loan? Fling chapter 7 Bankruptcy and from now on trying the get rid of your credit file, the illogical standard that is double in comparison to “clearing a head industry”. Odds are the lien or debt had been regarding 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 for you. In the event that you settled on liens, to need certainly to dispute and deliver a lien satisfaction letter s into the credit agencies. I’d a comparable situation with a customer, as well as consulted with ModSpec. Within the end, things failed to get well for the debtor.
Borrower re affirmed very very first home loan, did absolutely absolutely nothing aided by the mortgage that is second. No negative reporting on her credit from new second lien owner. We finally contacted them along with to have the second lien “graded,” and created a ton of Mortgage lates: fundamentally none manufactured in three years. The organization keeping the lien failed to 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, examination, assessment costs. I’d a comparable situation with a customer, and also consulted with ModSpec. Within the final end, things didn’t get well for the debtor.
Borrower re affirmed very very first home loan, did absolutely absolutely nothing because of the 2nd home loan. No negative reporting on her credit from 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 built in 36 months.
The business keeping the lien would not re classify it as an Installment financial obligation, it remained 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 charges.
Pfhtex or other people You might have the ability to assist me 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 mortgage last year yet 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 your house and 2 days before shutting the name business came ultimately back and stated there is a lien that is unreleased the second mortgage. Homeq may be out of company and Ocwen had been the original lienholder who transferred second mortgage to Homeq straight right back whenever I purchased the house. I became extremely near to foreclosure straight right back during 2009 and fortunately re modified with Bank of America. We undoubtedly simply scarcely conserved the household from property foreclosure. Bank of America did not re change the second mortgage(Homeq) and I never heard any such thing from their website once again.
Homeq happens to be away from company and had been servicing the next mortgage in ’09 and there is nevertheless a lien regarding the 2nd mortgage. Ocwen supposedly purchased them out in 2010. Ocwen doesn’t have 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 before they sought out of company reasoning we foreclosed regarding the 1st home loan if therefore, how do you figure it away whenever Homeq is going of company? Certainly i am perhaps maybe perhaps not the person that is only the united states that it has occurred to. Please advise, I would be thankful. I’M WANTING TO CLOSE TO MY HOME SELL FAST.