My mortgage is currently in a chapter 13. So the arrears are being paid through the plan. The ch 13 plan was filed by my husband only. The problem is that the mortgage company is reporting what the status was at the time of filing which was 6 months ago. I've disputed, but all 3 have come back twice as verified. The report shows foreclosure started and shows the past due amount. But that is not the current status
well, the bankruptcy doesn't apply to you so i'm wondering if they can still report as foreclosure process started since you aren't protected in the BK. how does it show on your husbands? any legal beagle's out there know?
BG -- do you live in a community property state?I only ask because I'm thinking it could have a bearing on how it's reported. Have you tried approaching the OC directly? Anyone else want to comment on how a BK13 would normally show up on the CR?
It shows up as included in bk 13 on my husband's report. But today I received a updated report from Equifax. After sending them a request for procedures, they changed the status to paid in full, and still show the history. It's not paid in full and the account is still open. Experian, after my first dispute marked it as 0 balance and when I requested procedures, it came back as changed to 180 days past due with a past due amount and a balance. TU has not responded at all and it has been more than 30 days. I know what my next set for TU is but what about the other 2. Any help would be appreciated.
I've recently seen this a lot on Chapter 13's...they are showing an "NOD" - notice of default when in fact you were not 120 days late or in some cases never in default. They are in a "holding" pattern although the payments are being made on time that is the way they are reporting (usually do to arrears). When you can I would refi or pay off the Chapter 13. It's almost like CCS (credit counseling) where they make a min. payment and your credit is SOOOOO much worse than if you'd have filed a BK. FHA will allow you to refi out of a 13 if you have the equity. Best way to deal with it is go directly to the mortgage holder...I'd call first and see what they have to say, then follow up with proof that the payments have been made on time. I doubt they will change it...but it's worth a try. Who is the lender BTW? There are some that are worse than others to deal with.
Re: Re: Mortgage Experts Please Help!!! According to Equifax the last payment was in 2002, if it is in a holding status, then how is it that the bureau is able to verify information. I don't think they can, so they continue to report the most recent status (2002). Shouldn't the burden of proof be on the credit bureau at this point? By the way I would risk losing my 6.5 interest rate to get out of the ch 13, but no one will do a refi for more than 65% LTV, therefore I don't have enough equity to do a loan.
Re: Re: Mortgage Experts Please Help!!! Most lenders (incl FHA) want 24 months payments on the 13. There are some investors that will go higher than 65% to buy it out (FHA is one of them). I take it you have called a local loan broker/agent to see if you qualify. If not, give that a try. You want a broker (not your local bank or Saving & Loan) because they have more options for you. From what I have been told...the account freezes until the 13 is paid. The payments go to a "trust" until you discharge. How long have you been in the BK and how much do you still owe? What state are you in?
Re: Re: Re: Mortgage Experts Please Help!!! My husband filed in Nov 03. I'm in Maryland. We owe approximately 215,000 the houses around us are selling for 260 to 285.
Re: Re: Re: Mortgage Experts Please Help!!! As I said...most lenders want 24 months payments on time....so, you may have to wait it out. Or...deed hubby off the mortgage and refi yourself. What is your score? Do you work? Can you qualify alone? Since you did not BK...you may be able to refi at a higher loan to value.
Re: Re: Re: Re: Mortgage Experts Please Help!!! I was told by several lenders that though I did not file the bk, they hold it against me as far as LTV, as if I did file. I have the income, but my middle score is only 547.
Re: Re: Re: Re: Mortgage Experts Please Help!!! I'll check with some of my investors and let ya know. You may need at least 1 year after the NOD to refi. Lenders DO NOT like to see an NOD. I'll let ya know what I find out.
Re: Re: Mortgage Experts Please Help!!! As you may remember I disputed the mortgage with all 3 bureaus. Equifax responded 1st with verified as correct, then changed it to paid in full, Experian marked in paid in full, when I disputed they put the old information back. Today TU sent me an update saying it was deleted. Can I use this information and send it to the other 2. Will it make a difference?
Re: Re: Mortgage Experts Please Help!!! This is an update to my original thread. I talked to the mortgage company and they informed me that they do not update MY report while the account is in chapter 13. They said they are only obligated to report on the person who filed the bk and who appears first on the account. In this case that person is my husband. With that said, how is it that each time I dispute the current status of the account, Ex and Eq reply with "verified as correct" or "updated". What step should I take now. Could someone please help. I really need to get this account off my report.
This is an update to my original thread. I talked to the mortgage company and they informed me that they do not update MY report while the account is in chapter 13. They said they are only obligated to report on the person who filed the bk and who appears first on the account. In this case that person is my husband. With that said, how is it that each time I dispute the current status of the account, Ex and Eq reply with "verified as correct" or "updated". What step should I take now. Could someone please help. I really need to get this account off my report.
What are your husbands scores? What is your loan to value on the house? What is the balance for your 13? What state are you in? What is employment status for both of you? W2'd or self? If scores and loan to value are good enough I would refi. When you do ask the lender (OC-mortgage company) to send you a print out of your payment history. Who is the mortgage holder BTW? Obviously the CRA's are not reporting it correct. Big surprise! I had 2 different car loans that were showing incorrect and coming back over and over as verified. I called the original creditor in both cases and within 5 days both were corrected. In other words they don't verify a dang thing.
Re: Re: Mortgage Experts Please Help!!! Loan Queen Thanks for responding. I don't know my husband's score, but after reading Lizardking's thread on the lawsuits he has filed, I'm wondering if I can do that. Or does that process not work on mortgage accounts. Do I send a letter to the OC and ask for validation and see what happens? The mortgage company has told me they are not reporting/updating the accounts' current status on my file because while it is in the ch 13 and they are not obligated to. Therefore how is it that the 2 bureaus EX and EQ are "updating" each time I dispute. When I disputed in March they responded foreclosure started as of March, when I disputed in August they said "foreclosure started in August." So it appears they the 2 bureaus are not verifying the information as they are saying ( TU deleted the account). If I refi I am going to lose a good rate. I would prefer to get this removed and try to get a lower rate loan and pay off my husband bk without a refi. But I am open to suggestions.
