Pulled Experian, Mortgage not included Chap 7

[HOMEBODY]

I have been trying to clean up my credit report and it has taken a few months to do with writing back and forth. I got them to clean up a lot of the bank inquiries from trying to get loan modifications and it seems like the 2 banks were checking my credit every month.

I got the Experian credit report and one of my mortgage loans shows that I am paying on time and it does not show that it was included in BK. It is reporting that I am paying and I am wondering if I should leave it like this in order to restablish my credit. It is hurting me to have a mortgage that is owing $730,000? I have 3 other morgages for my rentals that are showing included in BK and zero balances.

Please let me know how this is affecting my credit score.

Thanks for your help.

[HHM]

That is odd.

Do you still have the home with the associated mortgage? I am not sure how having a "current" $730,000 mortgage actually hurts you on your credit report. After all, your income is NOT a factor on your credit report. Income only becomes a factor during a subjective underwriting evaluation; so if you think your debt to income ratio is hurting you, it shouldn't be. But a mortgage debt with current payments, regardless of balance due, should only be a positive on your credit score.

[HOMEBODY]

thanks HHM, I was hoping to get a response from you. I was just asking because everyone said everything should say IIB and should say zero balance. I live in that house and making the payments accordingly. The only thing was the mortgage shows initial loan of $697,000 and now it is $730,000 but thats because it was a negative at one time, but I should get it back to the $697,000 very soon as my interest is only 1.19% and most of the payment goes towards principal. I have been able to reduce my principal by about $20,000 the last year or so.

So I should just leave it as is? I was discharged 9/2010 and have applied for 2 cc's, but was denied.

[HHM]

So, its sounds like you received a modification...what does the comments section of your Credit Report say about this mortgage. Does it say "paid as agreed"?

[HOMEBODY]

It wasnt a regular modification, they offered me the modification as they knew that it was a bad loan. On my credit report it says paid as agreed and current.

I thought that owing that large amount of money would be hurting my credit score.

[SunshineGal]

A mortgage is a major trade line so as long as it's reporting paid as agreed than it will help your score, not hurt it.