How will Mortgage & Car Report in Ch 13

[Anonymous]

Okay I am filing Chapter 13.  I know I have to list all my creditors, but I don't want my mortgage or car to report IIB and not list my payments that I am making on time.  If I contact them do they have to report my payments showing them being paid on time every month or can they chose to just report as IIB?

[granny031350]

your credit report will reflect "included in wage earner plan" which is a derogatory comment.  Even if you make ontime payments, I doubt they will report.  As chapter 13 has no reaffirmation per say, it is up to the creditor and the reporting bureau how they list it.

I just had my scores tanked because the 3 credit bureau's changed my listing for my student loans from "deferred" to "included in wage earner plan."  The comment made all 4 accounts go to derogatory and I lost 30 points across the board.

GL  but I bet in the long run, the end up not reporting your on time payments.

[pghguy]

Granny what happens once your out of BK though and you continue to pay your mortgage and car.  If you have a 30 year and are only in bk for 3 years how can they not report your for payments?  It seems like you get punished more for filing a 13 than a 7.

Message Edited by pghguy on 08-08-2008 09:33 AM

[granny031350]

My student loans will say "discharged" once I am discharged and never again will any of my payments report.  Which means I could be late and it won't effect my credit.  However as we all know, student loans are not forgiving and have other ways to get me.

As to your mortgage and your car, they will say discharged, once you are discharged.  That means that you could walk away and nothing more could be reported on your credit.  It also means that it will fall off in 7 years from your file date.

[Anonymous]

So then there is nothing that reports on your credit for those 3-5 years?  Since you can't get credit while your in the plan and everything else says IIB.  If your scores fall to the 400's I assume they will be that bad once your discharged is this correct?