Bankruptcy/Mortgage Question

Discussion in 'Credit Talk' started by phantom, Sep 13, 2016.

  1. phantom

    phantom Well-Known Member

    No idea where to put this so please move if necessary...

    We have two homes - one included in chapter 7 in 2010 that we did not reaffirm but continued to make payments on (currently rented) and our primary residence purchased in 2013 with an FHA. We want to refinance that one for a conventional. The bank is giving us a hard time about the first house since it does not show up on our credit reports. They want proof of a year of payments, which I sent in. Now they have this third party Advantis calling me and doing a conference call to verify we are up to date. My question is - does this credit line matter? should they be considering it since it was included in the bankruptcy? I owe a partial for September (try to pay every two weeks) but when we originally took this mortgage that house wasn't even an issue. Since we can walk away from this at any time it seems odd for them to put so much weight on it. Thanks
     
  2. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Thanks for your question Phantom. I doubt the loan officer you're working with fully understands your situation. All he/she probably cares about is that you're making monthly payments of X amount, so they want to verify that you really are making those payments since they don't appear on your credit reports. Loan officers generally aren't the swiftest bunch in my experience. They just like to check boxes off as they work through underwriting guidelines.
     
  3. phantom

    phantom Well-Known Member

    Thanks Joshua...omg, you are so right about that statement. We have paid our account with them on the second home for three years on time - think that would be sufficient. But, they want proof on the first home too. Chase unfortunately has no idea what to provide or how to provide it. Every time I call I get a different rep who can't do anything but read off a screen. Letter? What's that? Ugh
     
  4. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Do you still bank with Chase? And by bank I mean have a checking account or something with them? You might have more luck going into your local Chase branch and asking the branch manager to write a letter to provide to your underwriter for the refi documenting the payments.
     

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