Posted on: 10th Dec, 2012 11:13 pm
in 2008 i filed a chapter 7 and it was discharged in april 2009. the first mortgagor reaffirmed their note, the second did not. i kept current on the first, but not the second due to being laid off. last year, i negotiated with the second and the lien is now released. however, with regard to the second lien, my credit report says that it was discharged. i tried to get the 2nd to change the credit report to say paid in full but not as agreed. they told me they could not change anything related to bankruptcy on my cro. how will this affect my ability to refinance? one mortgage company told me that i won't be able to qualify for an fha loan because it shows a 2nd mortgage was discharged, even though the lien was released. has anyone else had this issue?
hi guest!
welcome to forums!
yes, the second mortgage will be reported as discharged in bankruptcy. it won't be reported as paid as agreed. this is because you didn't pay off the debts in full after your bankruptcy. if the property is sold off in the meanwhile, then you will have to wait for around 3-4 years to get a loan.
feel free to ask if you've further queries.
sussane
welcome to forums!
yes, the second mortgage will be reported as discharged in bankruptcy. it won't be reported as paid as agreed. this is because you didn't pay off the debts in full after your bankruptcy. if the property is sold off in the meanwhile, then you will have to wait for around 3-4 years to get a loan.
feel free to ask if you've further queries.
sussane
Hi Guest,
The second mortgage may affect your chances of getting qualified for a refinance. Nevertheless, you can contact your first lender and apply for a refinance as you have reaffirmed the loan. It will be the lender's discretion whether or not he will consider your request.
The second mortgage may affect your chances of getting qualified for a refinance. Nevertheless, you can contact your first lender and apply for a refinance as you have reaffirmed the loan. It will be the lender's discretion whether or not he will consider your request.