Discharged Yesterday : Questions

[BearChaser303]

1. One of the creditors included in my bankruptcy had a judgment. I have read elsewhere that I can ask the court that the judgment be satisfied due to bankruptcy. Is it necessary that I do this? If I don't do it will it come back to bite me later on?

2. Same creditor, my homeowners association, long before obtaining the judgment had an "assessment lien" on my property. I don't think this was obtained thru the courts, but just a document filed with the county clerk's office. Do I need to do something to get this assessment lien removed?

3. Property is in foreclosure, which should be completed in July. 1st mortgage shows on my credit report as being in foreclosure. Would this be the correct status at this point, or should I dispute it as being included in bankruptcy?

4. I assume the 2nd mortgage (HELOC - which is not in foreclosure) SHOULD show on the credit report as included in bankruptcy?

[rrockinggramma]

Because you are giving up the house you should just be checking your credit reports to see how it is listed. The bank will have to deal with getting the lein cleared when it sells the house, not you. I am sure your association put a lien on your property and if YOU were to try and sell it, it would have to be paid in full to clear the title. But that is not your worry now. So I would be checking credit reports to see how it is listed and then challenge as IIB/zero balance. As to the judgment, I took my paperwork to the court and they removed it from my credit report completely. But not sure if that will happen for you but it should be reporting as IIB on credit report.

[BearChaser303]

Actually the judgment never showed up on my credit report. This is why I was wondering if I need to go to the court to get the satifaction of judgment.

The 1st mortgage, the one in foreclosure, shows the full balance and that it is in foreclosure. The 2nd mortgage shows the full balance and that it is past due. So I guess what you are saying is that I can dispute these both as IIB/zero balance?

[halloweendmb1]

Yes you have to satisfy all judgments otherwise down the road they will pop up. Take your discharge & schedule of debts to the county courthouse. Ask for a Satisfaction of Judgment discharged through BK

I do these all the time for people as a mtg lender and they are super easy but get it taken care of now.

Liens are against proper not people directly so I wouldn't worry about that.

As for the house you might not get any of this cleared until after the bank(s) get the forecosure sold so be prepared for that as well

[halloweendmb1]

Oh yes I forgot so you get a Judge to sign off on the Sat. then you need to record it for $5.00 in WI at the register of deeds office to make the satisfaction a legal docuyment that will never follow you again.

[BearChaser303]

Yes you have to satisfy all judgments otherwise down the road they will pop up. Take your discharge & schedule of debts to the county courthouse. Ask for a Satisfaction of Judgment discharged through BK

I do these all the time for people as a mtg lender and they are super easy but get it taken care of now.

Well I wish I lived where you do, because it is certainly not "super easy" to get this done here. I had to file a motion with the court for it to be satisfied. Now the judge wants to hold a hearing on it. So the hearing is next month. I'm not sure if it is the judge who wants this hearing, or if the plaintiff is trying to fight it...

[HHM]

Generally, whenever a motion is filed, a hearing is set by the clerk.

However, unless the plaintiff files an opposition, you generally do not need to attend the hearing as the judge will simply enter an order in favor of the moving party.

[2muchstress]

i pulled my credit report after chapt 7 discharged in feb. originally i had 4 loans for 2 homes. 2 accts showed zero bal. 1 acct showed with full bal. so i think there's an error to dispute so equifax can do their own search. i think all should show as zero, right?
it just needs update because the fact is, homes are foreclosed. 1st mortg (one with bal showing) should say zero due. not sure how big of a matter it is to show $ on a report when it says 'foreclosure initiated'. i mean it should say 'foreclosed'

hm