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Mortgage reporting and bk??

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    Mortgage reporting and bk??

    I just pulled DH's Equifax report. On the mortgage, it is showing the account as opened, included in bk, but also shows no payments since we filed in 2004. Is this the accurate way for them to show? We pay our housepayment outside of the bankruptcy if that makes a difference.
    Chapter 13 filed -8/12/04
    Plan approved- 7/11/05
    Date discharged--10-12-2007
    Date closed- 12/6/2007:yes2::yes2:

    #2
    what is DH? I have seen that used alot... I assume it's something husband.
    Sorry for not being up to date on the lingo LOL......
    Thanks,

    Chris

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      #3
      Originally posted by ICEHOUSE
      what is DH? I have seen that used alot... I assume it's something husband.
      Sorry for not being up to date on the lingo LOL......
      Darling Hubby, Dear Husband, Dead Head, Dick H***, etc. You will also see SO- only meaning I know for that one is Significant Other. And DW for Dear Wife, of course. Cant imagine the men needing to describe us in any other way
      Chapter 13 filed -8/12/04
      Plan approved- 7/11/05
      Date discharged--10-12-2007
      Date closed- 12/6/2007:yes2::yes2:

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        #4
        If your mortgage was reaffirmed then they should be reporting your timely payments. That is one of the ways your credit will be rebuilt. And they shouldn't be reporting your mortgage as IIB either, if it was not.

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          #5
          What is iib??? Is this the same for vehicle loans also???

          Comment


            #6
            When your mortgage company knows that a Chapter 7 or Chapter 13 has been filed, about 99% of the time, they either stop reporting correctly, or you will see rolling 120+ days late - regardless of actual payment history.

            I have requested that a credit repair company that I send clients to find out how to fix this issue while in a Chapter 13. I am waiting to here from them.

            Generally speaking, there is not much you can do to fix this until after the discharge.

            Comment


              #7
              Originally posted by AfterBkMortgage
              When your mortgage company knows that a Chapter 7 or Chapter 13 has been filed, about 99% of the time, they either stop reporting correctly, or you will see rolling 120+ days late - regardless of actual payment history.

              I have requested that a credit repair company that I send clients to find out how to fix this issue while in a Chapter 13. I am waiting to here from them.

              Generally speaking, there is not much you can do to fix this until after the discharge.
              ABM, there must be some significant advantages to mortgage companies rolling payments 120+ days late during Ch 13 or 99% wouldn't do it. Other than the obvious (being able to charge late fees) are there other reasons why they do it?
              I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

              06/01/06 - Filed Ch 13
              06/28/06 - 341 Meeting
              07/18/06 - Confirmation Hearing - not confirmed, 3 objections
              10/05/06 - Hearing to resolve 2 trustee objections
              01/24/07 - Judge dismisses mortgage company objection
              09/27/07 - Confirmed at last!
              06/10/11 - Trustee confirms all payments made
              08/10/11 - DISCHARGED !

              10/02/11 - CASE CLOSED
              Countdown: 60 months paid, 0 months to go

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                #8
                Goose, IIB is just an abbreviation for included in bankruptcy.

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                  #9
                  Irprn,

                  Unfortunately, I do not know exactly why it happens. But when I pull credit reports for clients (a lot of them!), and then I get a mortgage history, the two rarely match up.

                  I think the main cause is that once the lender knows a BK has been filed, they just stop reporting. That stopping of reporting to the CRAs either causes late payments each month or a DLA (date of last activity) the month that the BK was filed.

                  Comment


                    #10
                    Originally posted by AfterBkMortgage
                    Irprn,

                    Unfortunately, I do not know exactly why it happens. But when I pull credit reports for clients (a lot of them!), and then I get a mortgage history, the two rarely match up.

                    I think the main cause is that once the lender knows a BK has been filed, they just stop reporting. That stopping of reporting to the CRAs either causes late payments each month or a DLA (date of last activity) the month that the BK was filed.
                    There are 2 seperate and distinct histories??!! Total overall Credit and then another for Mortgages??
                    Filed Ch 7 - 09/06
                    Discharged - 12/2006
                    Officially Declared No Asset - 03/2007
                    Closed - 04/2007

                    I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

                    Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

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                      #11
                      Usually it means, "Dear Hubby."

                      The word "Hubby" makes me gag though. I think "Tubby" every single time I hear it!
                      BUSY running my own credit repair services! Sorry I don't stop in so often any more!

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                        #12
                        I have done numerous web searches and cannot find a good answer on mortgage reporting while in BK. Both of my mortgages are showing "closed" and debt discharged in chapter 13 bankruptcy. There is no payment history since filing for BK. While my credit score would suck now either way it went, not having the positive history of paying my mortgage will not help me and my credit score.
                        Chapter 13 Filed 4/03/06 :blink: 341 Meeting Complete 5/11/06 :yes2:
                        Plan Confirmation 6/16/06 :yahoo:
                        Discharged: 1/5/2010 :yahoo::yahoo::yahoo::yahoo:

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