Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Mortgage disspaeard from credit history

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  • Mortgage disspaeard from credit history

    Good afternoon! I'm curious if anyone has insight as to why my mortgage would vanish from my credit report. I signed up for Credit Karma, and see everything else. Its like it never existed in the first place. is that normal?

  • #2
    If I remember correctly my mortgage disappeared a month or two after my CH13 discharge.
    11/23/'10-filed ch 13. 1/6/'11-341, confirmed. Below median. Plan completed 11/30/2015. DISSCHARGED 4/4/2016.JP


    • #3
      Same here. I was also checking Credit Karma and just noticed my mortgage is listed perfectly in TransUnion but listed as Closed in Equifax. We have never ever been late with our mortgage payments and figure I use it as a good way to improve my credit score. I do see my TransUnion which shows the mortgage with a lower credit score 690 versus 730 for Equifax.
      My question is should I bother to dispute my mortgage showing as Closed with Equifax? If they do change I assume this will probably lower my credit score as the total open balance will drastically increase. Any suggestions?


      • #4
        I think in my case it helped it being gone, less debt to show? I just found it odd since everything else is still showing, be nice if it all vanished!

        I did also see a "closed" debt collection notation. I don't think that should be there, but not sure I care, since my score is now at 699 as it is, and seems to keep going up.


        • #5
          wondering if any one knows what happens if I stop paying the current mortgage? I'm selling the house, and it may take 60-90-120 days. There is equity, what happens to that equity? will each mortgage payment need to be paid back at the closing? reducing the profit?


          • #6
            Your mortgage lender will calculate a payoff amount for the Closing Agent (typically a title agent in may States but may be an attorney in others). That closing amount would include any arrears, so yes you would end up paying. However, those arrears wouldn't include principal reduction, only the interest that accrued on the loan from the time you stopped paying.

            Example, you stop paying and the home closes in 4 months. That's 4 missed payments. If the payments were $1,000/month you would not have an additional 4 x $1000 = $4,000 due at closing. You would have the interest that accrued over the 4 months due at closing. That number is something less than 4 x $1000.
            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.


            • #7
              I was just checking my credit reports and noticed that my 1st mortgage is scheduled to disappear in 1 and half years from now. It was labeled as included in my chap 13 bankruptcy, when in fact it is not. 1st mortgage was being paid outside of the plan. The judge gave permission to sell, modify and refi real estate properties and/or mortgage without further permission from the court and trustee. After discharge, we paid of the first mortgage by refinancing it with a different lender. In my case, the combination of these two events is what will potentially make my 1st mortgage drop off on my credit report.


              • #8
                So this just happened- (it's been a while since I posted, things we're going well all around)

                my house was due to close end of the month. During the course of the inspections it was determined that my septic system failed. (News to me, but three different companies failed it). So basically my house is now unmarketable. So it is going to go into foreclosure, eventually. Seeing as though the loan was discharged how much is this foreclosure going to hurt me in the future?


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