topic Re: HELOC reporting after BK7 in Bankruptcy

HELOC reporting after BK7

Anonymous — Tue, 27 Jan 2015 19:50:48 GMT

Does it help or hurt if my mortgage holder isn't reporting my HELOC after filing and being discarged from BK7?

Re: HELOC reporting after BK7

gdale6 — Tue, 27 Jan 2015 20:41:29 GMT

@Anonymous wrote:
Does it help or hurt if my mortgage holder isn't reporting my HELOC after filing and being discarged from BK7?

If you didnt reaffirm it then it was discharged along with your other debts and it wont be reporting. You can stay in the house as long as you keep up the payments, if you walk you cannot be hit with a FC as the debt is already been wiped away. I would not worry about it not reporting and begin your rebuild as soon as all your accounts are reporting correctly as IIB.

Re: HELOC reporting after BK7

DaveInAZ — Tue, 27 Jan 2015 21:38:32 GMT

Yeah, I didn't reaffirm my mortgage and it was discharged. Been making the payments for four years now and they don't show up on my credit report, nobody knows about them except me & the bank. That's OK, I have it on the market for about double my mortgage balance, so I get the last laugh.

Re: HELOC reporting after BK7

Anonymous — Thu, 29 Jan 2015 17:40:21 GMT

Unfortunately, it hurts in your because you are not getting good credit for paying the debt.

But in many cases it is not a good idea to reaffirm a mortgage when the borrower has irregular income. If this was your situation, you may be better off in the long run because you did not reaffirm it.