House IIB, but bank still hits my credit - will complaining speed foreclosure?

[Tom_Mi]

I posted this a while back in the 'rebuilding credit' area with no responses. Sorry if you're reading this again.

Basically, we're trying to delay our inevitable foreclosure while my wife seeks employment. We've been riding thru on our discharged house, but had to stop pmts on Sep5.

I have a decision I'm not sure how to make, and and wonder what you guys think:

The bank is dinging my credit with lates on the house (and a rental property also discharged back in April). The lates are killing my FICO...so common sense says I should call them to remind them the loans are discharged, right??

But if I do this, do I lose any bargaining power with respect to arguing for a mortgage rework, or requesting --and challenging -- judicial foreclosure?

Feel free to offer wild guesses if that's all you've got. I'll take any advice!


-t

[NoMoreCards]

If the property was included in the BK, and you did not reaffirm I would not contact the bank, but contact the credit reporting agencies.

Once they know these accounts were IIB, they will make the corrections to your credit reports. I wouldn't even waste time with dealing with the bank directly about this.

IMHO

[Tom_Mi]

Thanks, NMC. If I do it thru the agencies, will the agency prevent further lates if the bank keeps sending them?

[NoMoreCards]

It should!! Once a item is IIB, of course the payment will be late, right?

It shouldn't be much different than a CC that was IIB. They can no longer hit your CR stating you are late. If you decide to continue paying on the Mortgage via ride-thru and you did not reaffirm, then all that should show on the CR is IIB.