04-27-2012 12:48 PM
We are dealing with this right now. We chose to keep our home when we filed for Ch. 13 (it was later converted to Ch. 7) because we were up to date on the mortgage, although we did not reaffirm the loan. We stayed current until my husband lost his job. We were told by Wells Fargo that we could apply for loan modification under the HAMPprogram but we had to be behind on or mortgage payments to qualify. It took 11 months for the modification to go through. Fast forward almost 2 years, we just applied for an auto loan and find out our mortgage payments are no longer reported to the credit agencies and Wells Fargo is also showing that our loan is $11,000 behind. Statements show the account as current. The $11,000 was rolled into the modification. But, because the loan was not reaffirmed during the bankruptcy, current payments aren't reported and the $11,000 worth of missed payments won't go away. Wells Fargo recommended we speak with our lawyer about reopening the bankruptcy to reaffirm the loan. We owe $203,000 and our home is probably worth $175,000.
04-30-2012 07:11 AM
As for reporting on your montgage not going to happen, because the loan is between you and bank with the house as collateral. after you file for bk you broke the bond between you and the bank. you can walk away any time without problems or without damage to your credit. the bond is now between the house and the bank only, but once you paid off the loan the property is yours. if you want you house loan to report on your cr then you have to get an another montgage.
04-30-2012 07:56 AM
I don't want another mortgage. The interest rate is too good. Thanks for clarifying. I guess I'll just rely on credit cards and new loans to raise credit.
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