Here is the situation.
I know someone whom is looking to obtain a mortgage within the next 2-4 months. The person filed for bk in 2005 but the bk is not listed on any cra's. I know from personal experience that the 1003 will ask if you filed bk in the past and they always check bk filings on everyone. She will answer yes of course to the bk. Now the question is how will it look that she filed bk in the 2005 but it isnt on any of the cra's?
Also the same person has a irs judgement on TU but it was removed from EX and EQ. How I dont know but it isnt on the ex or eq report. There is a monthly repayment plan for the IRS which has been paid faithfully for the last 2 years that I was told. Now the same question. How will it look when the person go to apply for a mortgage and the IRS is only on TU but not the other two?
Will any of this have a negative effect on the person?
Thanks In Advance
Ok. The person has very reason to list in on the 1003 but was just concerned as to why is not showing on any of the reports considering the 10 removal mark hasnt been exhausted. I believe the person is worried that the lender will look upon the borrower as if the person has something to hide even though that it was listed on the 1003 about he IRS and BK but not on the credit reports.
Im not sure if the IRS is a judgement or a lien. It is listed as a public record on the credit report. Sorry that I misspoke.
Yes the BK was removed before it was suppose to fall off of EQ and EX but is still on TU. The bk was filed in 2005 and it was a chapter 7.
Yes the person assured me it was a 7.
Yes there has been a repayment plan in place for the last 2 years without a single missed payment.