Mortgage Re-Affrimation

[bobcat216]

I checked my FICO score and found that neither my 1st or 2nd mortgages are reporting to the credit bureau's. Neither of these were paid through a trustee. So they were not "included" in my BK. Do I need to reaffirm these loans and what does that entail?

[leonel9]

Was this a Chapter 7 or Chapter 13 case?

If Chapter 7:
If you did not reaffirm your mortgage or equity loan, the account will most likely be marked "included in bankruptcy" and report with a $0 balance. If you have already received your discharge and your case is closed, it is too late to reaffirm your mortgage.

Aside from that, reaffirming a mortgage for the sole purpose of reporting payments is not a good idea. By reaffirming the loan you will continue to be responsible for the mortgage after discharge. If your circumstances change and you are unable to pay, the late payments and/or foreclosure would be reported to your credit report.

By NOT reaffirming, you could simply walk away from the property without impact to your credit. Granted, if there's any equity involved that would be something to consider.

If Chapter 13:
What is the status of your Chapter 13 case?

[bobcat216]

My Chapter 13 was discharged 9/15/2016. Both of my mortgages are up-to-date and in good standing. I just would like to get "credit" for continuing payments.

Also thanks for the reply!

BC

[sophieanne]

bobcat216 It's not uncommon for Ch13 mortgages not to show on credit rerports after discharge. Mine has also not been reporting. I have been disputing it time and again with the Credit Bureaus and it gets fixed (for a month or two) then off the track again till the next dispute.

[bobcat216]

Hey sophieanne I hope you are doing well. So from your perspective is that the mortgage companies not reporting or the credit bureau's not reporting?

[sophieanne]

bobcat216 Hi again. I'm doing good and hope you are too. It is the Mortgage company not reporting. The credit bureaus only report the info they are given. You could always call your bank/mortgage company to ask why not. In my case, the mortgage was shown as closed but would show the current balance and say the payments are current. Regardless, i still wouldn't
reaffirm. If you need to buy or do something, the neww creditor can always go to your morgage company and get verification of the true status of your account.