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My mortgage is now listed as closed and derogatory. Why?

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  • My mortgage is now listed as closed and derogatory. Why?

    I took a look at my credit report today to check and see if my discharge is listed (which it is). But I noticed that my mortgage, which was NOT included in my bankruptcy, is now listed as closed AND derogatory. I have made every payment during the bankruptcy and now all of a sudden THIS?!?! Why would this have happened? How do I fix this? Is this something that can be fixed?

  • #2
    You were a Chapter 13, right? The banks usually assume that a Chapter 13 will discharge the mortgage, but it seems as though you had it in your Plan and paid during the Chapter 13. You may need to ask the creditor to enabled reporting again. They may ask for a signed authorization from you and/or your attorney to renable reporting or it could start on its own.

    I allowed my mortgage to be discharge and it was completely removed from my credit reports. I was fine with that. I stayed and paid, but I was in a Chapter 13 converted to a Chapter 7.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • #3
      Yes chapter 13. So is it as easy as calling the bank and asking them to report it again?

      Comment


      • #4
        Yes - that's what I did when my 13 was discharged. I also put in a dispute with Experian, Equifax and Transunion with the reason that my mortgage was up-to-date and should be reported.
        Filed Chapter 13 - 07/20/12
        Discharged 8/2/16

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        • #5
          Just got off the phone with the lame excuse for a bank (M&T) and they told me that I have to have my attorney reaffirm the debt, and they hope it's not too late to have this done since it should've been done while the bankruptcy was still open. Put a call in to my lawyer and waiting to hear back.

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          • #6
            Originally posted by NextPhaseNow View Post
            Just got off the phone with the lame excuse for a bank (M&T) and they told me that I have to have my attorney reaffirm the debt, and they hope it's not too late to have this done since it should've been done while the bankruptcy was still open. Put a call in to my lawyer and waiting to hear back.
            There is no reaffirmation in a Chapter 13.

            Now, down to the brass tacks. You were in a Chapter 13, so the behavior is different than a Chapter 7. This response is related to Chapter 13 filings. If you did not surrender the property in the Chapter 13, then the loan passes through unaffected (it is not discharged). Your bank, M&T may be confused; you should speak only with the bankruptcy department at that bank. It is common for banks not to do any reporting after any chapter of bankruptcy is filed. You may find that the reporting will start back automatically.

            I also looked back at your original post and you write that your mortgage "was 'NOT' included" in the bankruptcy. This is simply a misunderstanding what is and isn't included in a bankruptcy. Every debt, prior to filing, is included in a bankruptcy. In a Chapter 13 you can choose to discharge secured debts by surrendering the property or you can reaffirm secured debt. Your mortgage would have been included "in" the plan, even if it's pay "outside" the plan. The bottom line is that you continued to pay the mortgage inside the Chapter 13 because you wanted to keep (retain) the property.

            The simple fact is that you can't reaffirm debt in a Chapter 13. If you did not surrender the property then the contract (mortgage/promissory note) stands as it did the day before you filed. There is nothing to reaffirm.

            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog


            I am not an attorney. Any advice provided is not legal advice.

            Comment

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