I filed for BK 9/10 discharged 12/10. I did not reaffirm my mortgage or my HELOC, both with Chase.
I am current and have continued to make payments (riding through).
My credit report shows that both accounts have a zero balance and were IIB.
Every month Chase "Updates" both my mortgage and HELOC so the date of last activity changes.
FICO is considering this as a "Late Payment" and it is KILLING my credit score.
Even though the the notes at the bottom show a reducing balance, and the line item shows a $0 balance.
I have asked Chase to stop reporting this, but they say what they are reporting is accurate and they will not stop. I have called FICO and asked why they were considering it a "Late Payment" and they said they were going by the date of last activity.
I have been perfect since the BK; everything paid on time and have gotten 2 credit cards and a installment loan.
My credit score is 604 almost 2 years after the BK and FICO says it is because my last late payment was a month ago! How can they count an updating of an IIB line item as a late payment?
Wells Fargo did the same to me after my BK7. I had to call them a few times and threaten a lawsuit. The mortgage cannot report anything unless you re-affirm. Pull out your BK discharge paperwork. Make sure it is IIB. Make a copy of that schedule and send to Chase and all 3 CRAs. As mentioned in other threads, getting a trade line to report IIB is very easy.
Keep up on your payments. Your balance owed should report $0. I was told by my attorney that at any point in the future, we can stop making payments and force them to foreclose. It will take almost 2 years. The negative is that it typically takes 3 years to get a new mortgage after foreclosure.
You may want to buy a new house, tell the mortgage company that you will rent out yor existing house. Then after you close on your new house, you have many options.