I am a long time lurker, read the forums for years...sorry for this post in advance - way too long but needed to give you some background.
My husband and I filed for BK Chapter 7 on 10/12 filed, discharged 1/13 - we had great credit so BOA gave us several cc's at 2.9 and 4.9% which jumped to 24.9% the minimum payments ballooned and we could no longer pay them and BOA would not lower interest rates. So we filed ... BK was all cc debt. We would have been willing to pay our debt at the original terms or if they had been willing to work with us but BOA jacked up our minimum payments on all their cards to more than 5 times what we had been paying and ...the fact that they wouldn't work with us - and that they added over 20% interest compounding it ..well you know... seemed a lot like loansharking etc.
We kept our house. It is listed in our bk court papers not reaffimed but is listed "keeping and continuing to make payments" which was an option in the papers. We have never been late or missed a payment. Its been over four years of paying cash and saving for what we buy. We have not gotten any credit cards at all - I know everyone here gardens and gets them and you need to do that to rebuild your credit. We have just been trying to live in our budget.
NOW listed on both of our credit reports (all three) we have our mortgage- listed as IIB Closed on Equifax with the account number of the mortgage that we received with our bank. We also have another mortgage listed with another account number but same bank local address which shows as OPEN and Pays as agreed on Experian and Equifax but shows as CLOSED on Transunion. So its two different account numbers and looks like we had two mortgages. (We only have one)
Unfortunately I was laid off of my job of over 10 years a few months ago and then my husband died. I will be getting his share of the house.
My original mortgage was to be paid off August 2021, but we have been making extra payments so it will be paid off in November 2020 if I continue to make the same payments. The bankruptcy will be up in ten years 10/22 but in seven years 10/19 (bads will disappear I believe except for the BK listing) so all I will have reporting will be this house (?)
I need this to be listed correctly and then I need to build up my credit since it is just me now.
I will have enough money with life insurance to make my payments on time or possibly pay off the house. (the house is my largest bill) but without a job I hesitate to use my capitol - I need to decide if the payoff will be more advantagous in regards to showing on time payments vs interest saved. Also need to figure out if when paid off how that will show up on my CR.
Questions:
So should I contact the bank? Is this the correct way for them to handle this? Should I dispute on my credit report the closed loan? (since I have made all my payments as agreed) Ask them to change my account number back to my mortgage number and show the payments as pays as agreed?
Wait until I pay off the house? I don't want to have to contact my bk attorney because it has been so long and I really don't want to have to pay him anything. Or contact my trustee? I don't know if its legal for the bank to open a new account without my permission and yet it is reporting pays as agreed....
I would like to have some suggestions if anyone has any experience in something like this. Thanks in advance.
