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Registered: ‎03-01-2012
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2nd mortgage not reporting as IIB, but.......

So, I am currently awaiting my discharge (Oct 29 approx).

 

I pulled my credit reports to see how things are reporting.  My primary mortgage lists as IIB, however my second mortgage does not.  I have the same lender for both 1st and  2nd.  I am keeping my home and am current on the 1st.  I am not, however, current on the 2nd.

 

As of yesterday, I have reached a crazy cheap settlement with my lender on the 2nd.  My attorney advised me that while it is ridiculously rare that they would ever foreclose on me due to a 2nd being in default and my home being undervlaued, it is however 'possible'.  My lender was willing to settle te 2nd ($17,736 owed) for only $1,250.  That's worth eliminating the "possible" thread of foreclosure.  Mind you, OneWestBank is my lender for those who may have knowledge of their practices.

 

So, the real question is this.  Should I submit a dispute to have the second mortgage show IIB......or......should I not worry about it and just settle the 2nd and have it recorded as settled.  Would one have a better impact on my credit than the other?

Filed BK7: 7/12 (discharge 10/12) 5/12- EQ FICO - 508 / TU FICO - 490
EQ FICO: 677 (02/15)
TU FICO: 651 (02/15)
EX FICO: 671 (02/15)
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