(we had answered prior to, but it failed to seem to upload if it can later on, forgive any replication) exactly why is here an illogical dual standard in terms of reporting towards the credit reporting agencies after BK?
If the BK is final, the mortgage is settled, beside me, the bankrupt individual owing absolutely nothing. This is certainly, i suppose, the reason why, in the event that debt just isn’t reaffirmed, it does not find yourself in the credit history. 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 an currently settled loan? Fling chapter 7 Bankruptcy and today trying the clean up your credit history, the illogical dual standard is in comparison to “clearing a brain industry” Chances are your debt or lien was already regarding the credit file prior to the bankruptcy. Your report has old information and https://speedyloan.net/personal-loans-or should be updated. The duty of cleansing your credit file falls for you. In the event that you settled on liens, to need to dispute and deliver a lien satisfaction letter s towards the credit reporting agencies.
I experienced a comparable situation with a customer, as well as consulted with ModSpec. Into the final end, things would not get well for the debtor.
Borrower re affirmed very very very first home loan, did absolutely absolutely absolutely 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 together with to really have the second lien “graded,” and developed a ton of Mortgage lates: fundamentally none manufactured in 36 months.