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Mortgage Reaffirmation Reporting

srobinet
New Member

Mortgage Reaffirmation Reporting

I filed a Chapter 7 in 2017 and reaffirmed my mortgage. My loan has been sold (3) times since 2016. My credit report says included in bankruptcy and shows a $0 balance on loan, 

I have never been late or missed a payment .

 

A couple of times after the bankruptcy was reported the mortgage reported with a balance and payment info then it disappears .. 

Any suggestions on how I can my payments to report to the credit bureaus?

Message 1 of 6
5 REPLIES 5
jmw1
Frequent Contributor

Re: Mortgage Reaffirmation Reporting


@srobinet wrote:

I filed a Chapter 7 in 2017 and reaffirmed my mortgage. My loan has been sold (3) times since 2016. My credit report says included in bankruptcy and shows a $0 balance on loan, 

I have never been late or missed a payment .

 

A couple of times after the bankruptcy was reported the mortgage reported with a balance and payment info then it disappears .. 

Any suggestions on how I can my payments to report to the credit bureaus?


Reaffirmation of a mortgage is bad. Reaffirmation does not guarantee credit reporting or treatment as a normal good mortgage customer vs. a bad customer that declared bankruptcy. You're still a bad customer that declared BK in their eyes forever because many banks fear the BK stay despite the reaffirmation. Literally, the only thing reaffirmation does is to make you personally liable for the mortgage if you fail to make payments. There's nothing in a reaffirmation that requires credit reporting or for that matter, nothing in a reaffirmation that protects banks from the BK stay by reporting payment history. See, absolutely no guaranteed benefit to you at all for reaffirming and robs you of a true fresh start.

 

The only absolute guaranteed 100% reliable way to get your mortgage to report to credit bureaus is to refinance, and you missed the boat in some ways because rates have gone way up in the last two months. FHA would have let you refinance two years after discharge. When you refinance, you shed all of the bankruptcy baggage with a brand new mortgage and get treated like a normal good customer. And if you refinanced from 2020-2021, you would have gotten a lower rate as well. 

Message 2 of 6
CH-7-Mission-Accomplished
Valued Contributor

Re: Mortgage Reaffirmation Reporting


@srobinet wrote:

I filed a Chapter 7 in 2017 and reaffirmed my mortgage. My loan has been sold (3) times since 2016. My credit report says included in bankruptcy and shows a $0 balance on loan, 

I have never been late or missed a payment .

 

A couple of times after the bankruptcy was reported the mortgage reported with a balance and payment info then it disappears .. 

Any suggestions on how I can my payments to report to the credit bureaus?


All you can do is call or write the new mortgage loan servicer, explain the situation, and ask them if they could please report the payments.   The worst thing that could happen is they say no or don't do it.   You've got nothing to lose.

Message 3 of 6
FireMedic1
Community Leader
Super Contributor

Re: Mortgage Reaffirmation Reporting

Request a payment history from your lender, and use it to dispute the incorrect entries. Lenders are required by law to give you a payment history once per year if you request it. Use the payment history to dispute with the Big 3 the missing payments on the loan. If you reaffirmed with a secured creditor, then they will usually report your payments to the credit bureaus after the bankruptcy. No difference than an auto loan. I reaffirmed my old truck which is gone now. Cap1 started to report after the DC until it was PIF. Creditors try to use the "included" rather than "discharged" to pull this off.





Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 4 of 6
MileHigh96
Regular Contributor

Re: Mortgage Reaffirmation Reporting

Did you have a lawyer do your BK7? If so, I'm very surprised they let you reaffirm your mortgage. My attorney was adamant against me reaffirming mine. She was okay with me reaffirming my truck loan, but she made me sign documentation saying it was against her advice But there was absolutely no way she was going to let me do my mortgage and in hindsight, I'm glad.
BK7 discharged - 06JUL2021
Loans:

Revolving Accounts:

FICO8 Scores on 11/22/2021:

FICO8 Scores on 05/18/2022:
Message 5 of 6
dragontears
Senior Contributor

Re: Mortgage Reaffirmation Reporting


@FireMedic1 wrote:

Request a payment history from your lender, and use it to dispute the incorrect entries. Lenders are required by law to give you a payment history once per year if you request it. Use the payment history to dispute with the Big 3 the missing payments on the loan. If you reaffirmed with a secured creditor, then they will usually report your payments to the credit bureaus after the bankruptcy. No difference than an auto loan. I reaffirmed my old truck which is gone now. Cap1 started to report after the DC until it was PIF. Creditors try to use the "included" rather than "discharged" to pull this off.


Just wanted to point out that NO lender is required to report payment history; the requirements are that what they DO report is accurate. 

Also disputing "ND" or "NR" on your credit reports rarely, if ever, results in the lender adding payment history as ND/NR are not negative indicators and lenders are free to not report. 

Message 6 of 6
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