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 Posted: Thu May 25, 2006 5:46 pm Subject: Credit Report Question |
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I just got my credit reports from Experian and Equifax. I saw both had my mortgage company on the report and it says Discharged through Bankruptcy - Chapter 7/Never Late. I don't remember putting the mortgage company in the paperwork. The bankruptcy was discharged in may 2001. Does this mean I don't have to make mortgage payments anymore? I have been paying ever since 2001. Should I dispute this? I will look over my paperwork for the bankruptcy. I didn't think you could put mortgages on bankruptcy. Could someone define this for me? Thanks.
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oh2benc2
Joined: 06 Mar 2006
Posts: 291
Location: Virginia Debtcc Points: 3255
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| Posted: Thu May 25, 2006 5:51 pm Subject: |
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Sounds like a goof up....I'd def. check that out..lol
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Jessi
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Joined: 01 Dec 2005
Posts: 3466
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| Posted: Thu May 25, 2006 5:53 pm Subject: |
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Thinks Jessi that's what I thought but how did that get on my credit report that it was discharged!
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oh2benc2
Joined: 06 Mar 2006
Posts: 291
Location: Virginia Debtcc Points: 3255
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| Posted: Thu May 25, 2006 5:56 pm Subject: |
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The same way any other errors get reported on a credit report...I'm sure it's a typo...I bet also that when it's fixed since you've been paying your payments on time every month your credit score should improve?
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Jessi
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Posts: 3466
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| Posted: Thu May 25, 2006 6:06 pm Subject: |
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When a secured debt is filed for bankruptcy, there are two things to review. First, there is a personal obligation to pay the debt keeping the collateral insured with the mortgage company and the other is the security interest. The security interest is the most important factor based on which the company will take the property if it's not paid.
Personal obligation like your mortgage can be discharged in bankruptcy but the security interest cannot. This literally means that even though you have filed for bankruptcy for a secured debt, the creditor retains the rights to take away the property attached with it if it's not paid. If you think that the personal obligation is more painful than the worth of the collateral, bankruptcy helped in your case. For example, I have a car attached with my debt. I consider including that debt in bankruptcy and after some period of time, the attached car gets stolen or wrecked. Insurance will not pay off the amount for the stolen car. The creditor is at a loss.
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john
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Joined: 05 Jan 2006
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| Posted: Fri May 26, 2006 1:51 pm Subject: |
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Get in touch with your mortgage co. and explain what the CRs are reporting. They should fix it for you. I had a car that shouldn't have been in my BK. I called up the creditor and they had it changed. Hope this helps.
_________________
You can do it yourself
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lefty832
Joined: 19 May 2006
Posts: 43
Location: Illinois Debtcc Points: 981
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