topic Re: Mortgage Loan not reporting due to former State Receivership. Advice please! in General Credit Topics

Mortgage Loan not reporting due to former State Receivership. Advice please!

SeattleBorn — Mon, 16 Dec 2019 20:19:19 GMT

Sorry for the length of this post but the background is essential to understanding my situation.

I was the victim of identity theft and embezzelment by an eemployee. I was not BK but all my cash was gone. I elected to have my assets my placed in a Recievership to protect them from lawsuits and creditors while the court determined my liability for any debts fraudulently obtained. The court proceedings took 6 years to get resolved. During that time my home mortgage was not paid and despite several attemps by Chase to foreclose the Receivership protected me and any record of the mortgage or attempts to foreclose diasappeared from all 3 CB.I was told that Chase was probably concerned about being held in contempt by the Judge administering my case. One year ago this month I was released from the Receivership and paid Chase all principal interest and minor legal fees but no penalties accrued during the 6 years. Amazing I know! They reinstated the loan like nothing had ever happend and I religiously make my payment on time. My current CS across all 3 CB is 760-790 with no lates and CC usage at 1%-3% max.

I am wondering if I should ask Chase to report the mortgage and if I do if the missed payments will appear and tank my CS? I will add that I am not in need of another mortgage and dont qaulify due to no consistnet W2 but may need some other credit line.

Re: Mortgage Loan not reporting due to former State Receivership. Advice please!

FireMedic1 — Mon, 16 Dec 2019 21:21:44 GMT

@SeattleBorn wrote:
Sorry for the length of this post but the background is essential to understanding my situation.
I was the victim of identity theft and embezzelment by an eemployee. I was not BK but all my cash was gone. I elected to have my assets my placed in a Recievership to protect them from lawsuits and creditors while the court determined my liability for any debts fraudulently obtained. The court proceedings took 6 years to get resolved. During that time my home mortgage was not paid and despite several attemps by Chase to foreclose the Receivership protected me and any record of the mortgage or attempts to foreclose diasappeared from all 3 CB.I was told that Chase was probably concerned about being held in contempt by the Judge administering my case. One year ago this month I was released from the Receivership and paid Chase all principal interest and minor legal fees but no penalties accrued during the 6 years. Amazing I know! They reinstated the loan like nothing had ever happend and I religiously make my payment on time. My current CS across all 3 CB is 760-790 with no lates and CC usage at 1%-3% max.
I am wondering if I should ask Chase to report the mortgage and if I do if the missed payments will appear and tank my CS? I will add that I am not in need of another mortgage and dont qaulify due to no consistnet W2 but may need some other credit line.

If they reinstated the loan like nothing had ever happened. Are you saying they didnt start reporting again? With the above sentence. Dont poke the bear. Congrats its over.

Re: Mortgage Loan not reporting due to former State Receivership. Advice please!

SeattleBorn — Mon, 16 Dec 2019 21:30:32 GMT

indeed they stopped reporting sometime during the 6 years. Unfortunately all my cc were cancelled so my without an 18 year mortgage showing my credit history only shows a little under 3 years. I started my credit rebuilding with a 550 score a secured cc for $2k and have followed the advice of many on this forum. But this mortgage that has $650k balance might be helpful for further credit needs.

Re: Mortgage Loan not reporting due to former State Receivership. Advice please!

Remedios — Mon, 16 Dec 2019 21:53:54 GMT

Go ahead if you really want to poke the bear
You got the best next thing. Dont ruin it now.
Sometimes it's really not possible to have your cake and eat it to.
Any kind of dispute would be an automated process with thorough account audit (by software).
I would not go near this idea but you'll need to decided for yourself if it's worth the risk

Re: Mortgage Loan not reporting due to former State Receivership. Advice please!

SeattleBorn — Mon, 16 Dec 2019 22:13:25 GMT

Sage advice that I will follow. This is why this site is so valuable.

None of my mortgage broker or banking friends can believe how my mortgage and my ownership of my home was retained.

Unfortunately I won't get another mortgage without a W2 as I live on the sale of my real estate assets as needed. Capital gains and and havin g lots of assets don't count anymore with loans as I've learned. Only option is a reverse mortgage with cash out. I have plenty of equity in my home and if I make the interest payments they are deductible so I'm probably ok.

Re: Mortgage Loan not reporting due to former State Receivership. Advice please!

CreditInspired — Mon, 16 Dec 2019 23:18:44 GMT

OMG FireMedic1, You took the words right out of my mouth.

DONT POKE THE BEAR!!!!!!!

OP, thanks for sharing your story. What an amazing outcome.

Re: Mortgage Loan not reporting due to former State Receivership. Advice please!

FireMedic1 — Mon, 16 Dec 2019 23:45:25 GMT

If it was disputed and they updated the whole mess even though it was unfortunate in the first place and not your fault. And some kind of lates and so forth show up because you know how creditors can do that. The great scores and payment history might be gone. I can see 6yrs of 120 day lates being added. Then it would be one big mess. Back to court and so forth all over agin. Enjoy what you have now that many on here would love to have scorewise and home ownwership.

Question is @SeattleBorn . They have to show some kind of balance on your reports with the mortgage. Is it minus the 6 yrs while this was playing out? Hope the employee is enjoying baloney sandwiches in jail.

Re: Mortgage Loan not reporting due to former State Receivership. Advice please!

SeattleBorn — Mon, 16 Dec 2019 23:45:19 GMT

This mortgage does not appear anywhere on my CR's. Monthly statements still show my name c/o of my attorney. When I contacted Chase about how much I owed to come current and reinstate I had to give them permission to talk to me. They still sent paperwork to my attorney but if I persisted they told me over the phone and sent it to me. I have kept my the attorney on there until I know what is in my best interest. I'm guessing there is a flag on my file warning them of the possibility of a lawsuit even though everything is paid up. I know it is strange since I can show all the paperwork showing a mortgage exists including monthly statements and even Chases credit score showing me with a 685.

The end of the identity theft and embezzlement story is that despite the FBI and Secret Service and local prosecutor the former employee got away with it because of inept local police department. Since this had been going on for a couple years the big charges couldn'g be brought due to Statute of Limitations.