topic Re: Bankruptcy & FICO in Bankruptcy

Bankruptcy & FICO

Anonymous — Mon, 14 Jul 2008 19:32:52 GMT

When I filed bankruptcy a few years ago, as it turns out, my mortgage was not re-affirmed. Because it's not showing up on my credit history now, the mortgage company says I have to reopen the bankruptcy to file the re-affirmation. I'd like to show my good payment history with the mortgage company, but don't want it to lower my score because the bankruptcy was re-opened.

Re: Bankruptcy & FICO

ShanetheMortgageMan — Mon, 14 Jul 2008 20:54:25 GMT

Your new mortgage lender can obtain a Verification of Mortgage request which would be where the current mortgage lender asks your previous mortgage lender to write down the payment history. A sample of the form is at http://www.mcserve.com/VOM.pdf.

What is the story with the BK & your mortgage? Was your mortgage included in the BK? Did you miss any mortgage payments? If so, to what severity (30, 60, 90, 120 days late?) and when?

Re: Bankruptcy & FICO

Anonymous — Fri, 25 Jul 2008 14:10:03 GMT

This is with my existing mortgage company. I haven't switched lenders. The loan was never behind and they never filed any paperwork with the court, so I'm not sure why I would need to complete a reaffirmation statement.

Re: Bankruptcy & FICO

ShanetheMortgageMan — Fri, 25 Jul 2008 15:44:47 GMT

If it wasn't included in the BK and no payments were missed, I agree, I don't see why it would not have been reporting to your credit bureaus the entire time. Have you established verbal communication with them or has this all been through mailed correspondence?

Re: Bankruptcy & FICO

Anonymous — Mon, 28 Jul 2008 18:45:43 GMT

So far, it's all been over the phone. But, they keep wanting me to send them the affirmation notice because they don't have one on file. Should I just write them to force them to do something about it?

Re: Bankruptcy & FICO

ShanetheMortgageMan — Mon, 28 Jul 2008 19:49:32 GMT

I think you should try writing since you've done it all over the phone. Or I'd suggest you call them one last time and ask to speak with a supervisor there and explain no such document exists or will exists, they are trying to squeeze blood from a turnip.

Re: Bankruptcy & FICO

Anonymous — Tue, 29 Jul 2008 05:43:49 GMT

I have this exact same problem. My mortgage is with WaMu. I filed BK, ad no idea I had to re-affirm before the discharge date (although it was listed in the BK application as property I intended to keep). I never missed a payment *ever*, never had a late. Now it's only reporting on EX - which is most likely a mistake since WaMu has told me (verbal and written) that they will not report without a reaffirmation. The problem is (also unknown to me at the time I filed - lawyer, in retrospect, sucked) you can't re-affirm with a closed BK. I have written them a letter asking them to reconsider - it's not really fair that I make on time payments and they don't report it - they are still considering it I guess since I haven't heard back from them.

Does anyone know if it's possible to re-affirm years later?

This is obviously having a negative effect on my EQ and TU scores as my EX score is a significantly higher.

I even tried to backdoor it and filed a dispute, however that didn't work.

Re: Bankruptcy & FICO

ShanetheMortgageMan — Tue, 29 Jul 2008 17:41:01 GMT

juggler314 wrote:
This is obviously having a negative effect on my EQ and TU scores as my EX score is a significantly higher.

Might be a better question to ask on the bankruptcy or general credit section of this website since it is bankruptcy related.

Re: Bankruptcy & FICO

granny031350 — Thu, 31 Jul 2008 23:44:46 GMT

since your bk is now discharged, reaffirmation is moot. You would have to open up your bk and then file the reaffirmation paperwork. Not worth it!

You can obtain a mortgage history from the lender to prove to anyone who needs it that your payments have been ontime.

I would stop worrying over this. And yes the derogatory notation is hurting your credit score. I am in the same boat with my student loans. However, I filed BK and this is one of the consequences.

Message Edited by granny031350 on 07-31-2008 07:44 PM

Re: Bankruptcy & FICO

Anonymous — Wed, 13 Aug 2008 16:45:33 GMT

Juggler - I had the exact same happen. Filed BK, Wamu never sent any reaffirm papers so nothing was signed prior to my BK being discharged. Then a few months later they stopped reporting my mtg and called it a "closed account". Nothing negative (I was never late), but closed nonetheless.

Now, they flat out refuse to report it, because technically (and legally) I don't owe the debt. And neither do you in this case. They definitely will not allow you to "reaffirm later". A Reaffirmation agreement is only good and enforceable when submitted and accepted by the BK court BEFORE you are discharged.

I would LEAVE EX ALONE! The fact this is reporting is a mistake, but a good one for you. The other kind of good news is that if you ever get in trouble financially, you can walk away from the mtg and not owe a dime. They cannot report it as negative item on your credit report either.