Is this how our Mortgage should be listed in Chapt 7??

[Anonymous]

Ok so we reaffirmed our mortgage in our chapt 7 bk and there have been no missed/late payments and it is showing on transunion as derogatory under condition, then payment status ok, in chapt 7, $0 balances. I don't understand why it would show this way? I have disputed it with transunion.

[0REDSOX7]

Lenders are not required to report payment history/balance details to your credit report when you reaffirm a debt.

This would have had to have been negotiated with the creditor prior to signing the reaffirmation agreement.  If it was not agreed to prior, there is not much you can do.

[Anonymous]

So your saying that our good paying history on our Mortgage will stop being reported? I just didn't understand why our Mortgage was listed on cr as In BK if we kept the home and still pay for it without any bad marks. I thought it should still be reported as a good standing accoint on cr.

[ezdriver]

---

@Anonymous wrote:

So your saying that our good paying history on our Mortgage will stop being reported? I just didn't understand why our Mortgage was listed on cr as In BK if we kept the home and still pay for it without any bad marks. I thought it should still be reported as a good standing accoint on cr.

---

Yep, that's exactly right. The exception would be to have the reaffirmation agreement contain verbiage requiring the lender to continue reporting payments. Too late after  discharged.

[Anonymous]

Wow! Now that really sucks, but I am sure they will continue reporting to the credit bureau's, most companies do as a general rule unless its a debt collector that bought the loan. I know my hubby's truck loan was sold to a debt collecting company and they don't report payments made which also sucks but they are very nice to deal with when there is a reason to contact them. Learn somethng new everyday, no wonder I spend hours on this site reading lol 

[bstone]

If his truck loan was sold to a debt collector why are you paying it? Was this a repo? If so, STOP! The entire point of BK is to get away from old debt...

[bstone]

Also, don't be so trusting they will "likely continue to report since others do". First, who else is reporting after discharge? Second, why are you keeping all this debt that continues to report?

[Anonymous]

No his Truck wasn't a Repo, its almost paid for is why we kept it, The original finance company was Santander and when we filed Chapter 13, 3 yrs ago they sold the account so when Chapter 13 was dismissed and changed to chapter 7 we kept paying because its almost payed for so no point losing all the money we paid for it.

We are not keeping debt, Our house is and has been in good standing and we didn't want to give up our home which a lot of people choose to keep there home when they file bankruptcy.

[bstone]

Interesting they sold the account when you filed Ch 13. I never went through Ch 13, I wonder if this is normal for subprime lenders. Crazy.

[TRC_WA]

---

@bstone wrote:
Interesting they sold the account when you filed Ch 13. I never went through Ch 13, I wonder if this is normal for subprime lenders. Crazy.

---

I did file Ch 13 and I can't help but wonder if this practice is even legal.  If a lender is notified of a BR filing they can just sell the debt?

I don't pretend to be an attorney but it definitely seems strange.