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If the mortgage on your home was not reaffirmed after bankruptcy can the mortgage holder report on your credit report?
Wiki User
∙ 8y ago
I can only speak from my own experience. It does indeed appear on our credit report and also states that the mortgage company is filing a claim against us--even though we did not reaffirm the loan. Completely wrong and I've disputed it many times with ALL the credit bureaus but they will not remove it. I'm not sure if there's a government organization that can help force the mortgage company to report correctly to credit bureaus or one that can force the credit bureaus to actually DO an investigation when you dipute it. No win situation, I'm afraid
Wiki User
∙ 8y ago
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Can second mortgage lien holder foreclose on your home after bankruptcy is closed?
The short answer is yes they can because once the bankruptcy is discharged you no longer are protected for debtors who wish to collect on a debt.
What happens if mortgage loan holder files for bankruptcy when the title has other people also?
If there are 2 people on the deed of trust and only one on the loan - then the person who has defaulted on the loan will have their credit negatively affected. The one who is only on the deed of trust will lose ownership to the bank or mortgage company, however, their credit will not be affected unless they co-signed or guaranteed the original loan that has defaulted.
If one files bankruptcy and has a co-signer will if affect their credit rating?
If the account the cosigner is on is included in the bankruptcy it will appear on their credit report. In most cases the cosigner will not be relieved of the debt when the primary holder files for bankruptcy. The creditor(s) can then pursue the cosigner for the collection of money owed.
What is Bad Credit Remortgage?
Bad credit remortgages can be used to stop monthly payments of a high interest or inflexible mortgage, which is a sweet deal for any adverse credit holder.
If you are an authorized user on a credit card and the holder files bankruptcy are you responsible for their balance?
No, authorized users are not responsible for debt incurred on such an account.
How does a private mortgage holder enter a favorable report on the mortgagee's credit?
A private mortgage holder normally does not belong to a credit bureau; therefore, can not report credit activity to a credit bureau..
If you are an additional card holder on a parent's credit card account and you file bankruptcy will the bankruptcy appear on their credit?
The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.
Should wife be placed on deed before filing chapter 13 bankruptcy?
You will need to discuss this thoroughly with an experienced bankruptcy lawyer. Mortgages usually do not allow a change in title without the consent of the mortgage holder, and it can trigger acceleration of the mortgage and require immediate poayment of the whole balance due. If the wife has good credit and the mortgage is in trouble, it may affect her ability to borrow after the bankruptcy, so don't do it.
If your mortgage was not reaffirmed and it was discharged in bankruptcy do you have to repay it?
Any debt discharged through BK is cleared and no longer exists. The debt may no longer exist but the lien against the property still exists. While you do not have to pay the loan, the note holder can still take possession of the property.
If an account is closed by a credit grantor why would the card holder continue to make payments after bankruptcy findings are closed?
The card holder is under no legal obligation for the card holder to continue making payments after filing for bankruptcy, unless the case is dismissed without a discharge. There are some who believe that they can improve their credit rating by pay off debts that were discharged in a bankruptcy, but I believe there are better methods to reestablish credit after bankruptcy.
Can second mortgage lien holder foreclose on your home after bankruptcy is closed?
The short answer is yes they can because once the bankruptcy is discharged you no longer are protected for debtors who wish to collect on a debt.
Is an authorized credit card user responsible for credit card debt if the primary card holder declares bankruptcy?
No. The card holder is responsible for all debt on the credit they extended to him. (You may be responsible to the credit card holder for the debt he incurred for you, if that was your agreement).
If you are a joint mortgage holder and the other person on the mortgage files bankruptcy how does that impact the mortgage?
The house won't be affected at all UNLESS... The person filing BK is filing it on the house as well whether it be a 13 (repayment) or a chap 7
What happens if mortgage loan holder files for bankruptcy when the title has other people also?
If there are 2 people on the deed of trust and only one on the loan - then the person who has defaulted on the loan will have their credit negatively affected. The one who is only on the deed of trust will lose ownership to the bank or mortgage company, however, their credit will not be affected unless they co-signed or guaranteed the original loan that has defaulted.
What is Bad Credit Remortgage?
Bad credit remortgages can be used to stop monthly payments of a high interest or inflexible mortgage, which is a sweet deal for any adverse credit holder.
If one files bankruptcy and has a co-signer will if affect their credit rating?
If the account the cosigner is on is included in the bankruptcy it will appear on their credit report. In most cases the cosigner will not be relieved of the debt when the primary holder files for bankruptcy. The creditor(s) can then pursue the cosigner for the collection of money owed.
If you are an authorized user on a credit card and the holder files bankruptcy are you responsible for their balance?
No, authorized users are not responsible for debt incurred on such an account.
