Posts Tagged ‘ mortgage ’

You might still owe on your mortgage after declaring bankruptcy

Dear Experian, I want to know if I still owe my mortgage company after filing Chapter 13 bankruptcy. When I filed I was in foreclosure, and they said I owed $72,000. I paid that amount in full. Now the company is saying I owe $59,000 more. Does this sound right? I have my discharge papers from the courts. - ARB

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“Short sales” usually deleted 7 years from the mortgage’s first late payment

Dear Experian, How long is a short sale on your credit report? We did a short sale in December 2010, and it is still on our credit report. - SPG

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Missing payments will worsen impact of mortgage short sale

Dear Experian, How will it affect my credit score if I short sell my house without missing any mortgage payments versus missing payments prior to the sale? - BSB

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Mortgage loan not being reported after declaring bankruptcy

Dear Experian, We filed bankruptcy two years ago and want to either refinance our home or possibly buy a new home. When the bank pulled our credit they said that our existing mortgage is not being reported on Equifax, Experian or Transunion. We have all of our monthly statements from our lender verifying that we have been paying on our house for the past 2 years. How do we show this information to you so you can start reporting all of our mortgage history on our credit report? - ETL

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Impact of a short sale when your mortgage is not delinquent

Dear Experian, With the declining value of property, sellers are caught in the position of having to short sale on properties for which the sellers are not delinquent. How does a short sale in which a person has never been delinquent report? - OVE

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Fraud security alerts can slow mortgage approval

Dear Experian, I recently placed a 90-day fraud security alert on my credit history though Experian. Will that affect my ability to be approved for a mortgage? - ITR

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Impact of selling house and renting on credit scores

Dear Experian, We purchased a house four years ago and sold it recently for more than we mortgaged originally. We are now renting. Does this help or hurt our credit? - TKL

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The impact of foreclosure on your credit report

Dear Experian, With all the real estate and mortgage problems today I am sure this question has come up before. But, for some reason I can’t find any information on any of the credit bureaus websites. How do the credit bureaus look at a foreclosure on a person’s credit report? Is it as bad as a bankruptcy? How many years does it take for it to go off the credit report? - LLE

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Loan modification could hurt your credit scores depending on how it is modified

Dear Experian, I am interested in a modification on my mortgage loan. I would like to modify my repayment When I asked the bank if a modification would negatively impact my credit scores, I was told that it may be reported to the three credit reporting companies, but that the impact to my credit scores would be up to you. Would a modification, lower monthly payments or deferred payments lower my credit scores? - RYR

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Dispute results letter is sent automatically

Dear Experian, Can I get a letter about the results of a dispute after the 30 day mark? I am trying to buy a house and they need the letter. - KLZ

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Cancelling 7-year fraud alert to qualify for housing program

Dear Experian, How do I cancel a 7-year fraud alert once I create it? I am in the process of looking for new housing and believe I would have to rather quickly cancel the fraud alert once it is created if I hear that low income housing programs are in the process of checking my credit. I would not want this fraud alert to have a negative effect on my credit status. - SRV

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Multiple auto loan inquiries count as only one

Dear Experian, I was shopping for a car recently and multiple lenders checked my credit. I have checked my credit report and all inquiries are showing up. I thought when shopping for a car the inquiries count as one? - SLA

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Allowing late mortgage payments for short sale

Dear Experian, If I'm planning to do a short sale but have not yet gone behind on monthly payments, is there any advantage to not going behind on payments? In other words, does your credit get damaged exponentially in that scenario? If it doesn't really matter, then wouldn't it be wiser to just stop payments now and save the money? - MTS

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Lack of mortgage loan listed as credit score risk factor

Dear Experian, I was looking at my credit report and it stated, "You do not have a mortgage account in good standing.” What does this mean? I do not own a house. - JKL

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Loan modification denied because borrower can still make payments

Dear Experian, I recently applied for a loan modification on my mortgage, but they did not qualify my application saying that based on the information I provided they felt that I can still pay my mortgage. I never stopped my payment and am still paying but wonder if just applying for the loan modification will hurt my credit? - SLV

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Impact on credit scores of missed payments, mortgage modification

Dear Experian, I'm considering entering into a six month reduced payment plan with my mortgage lender. I understand this will have a negative impact on my credit. Will this have a worse impact than being 30 days late on my mortgage payment? - STS

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Mortgage company not required to report payments

Dear Experian, I am a homeowner for five years now, and am wondering why my mortgage company does not have to report my mortgage to the three credit bureaus. I applied for a car loan and my bank told me that my home was not on any of the bureaus, so I did not need to include my mortgage payments to apply for any loans. Is this true? - SBY

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Deleting a mortgage after divorce

Dear Experian, I have been divorced over one year. My ex-spouse was awarded the house and all bills that she has with that house. I want that off my credit report. What has to be done to correct this problem? - PRE

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Experian does not review loan documents or notify credit repair firms to call consumers

Dear Experian, I received a call from a law firm in Florida. They explained to me that Experian had notified them that you had reviewed my loan documents and that there were some errors in these documents and for a fee they would act on my behalf and inform the mortgage holder that they had 20 days to remedy said errors or missing info in the loan documents. They claimed once the letter was received by the mortgage company I would no longer have to make payments or repay these payments until an agreement had been reached with the lender to reduce my interest rate or even my principal if my house was under water. These missed payments would not affect my credit and the loan would be considered under dispute. They call what they do "Affirmative Mortgage Defense." Is this a scam? Would Experian ever contact a law firm? This sounds way too good to be true! - SHO

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Mortgage holder must make payments even if not living in house

Dear Experian, If my name is on the mortgage but my parents lived in the house and were delinquent on payments is there any way I can show that it wasn't me living in the house and that they were the ones that were making the payments? - JLC

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Mortgage modification should not be confused with mortgage refinancing

Dear Experian, In order to refinance our home we might have to miss two or three payments to qualify for a modification loan. We have an excellent credit rating now. Is there a way we could miss these payments without affecting our credit rating? - KHR

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Cosigning mortgage for daughter can impede access to future credit

Dear Experian, I cosigned on a mortgage loan for my daughter. My credit report shows this as my mortgage, even though I am not making payments. Does this reflect on my credit if I want to take out a loan in the future? And if it does, what can I do about it? - ZIM

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Impact of allowing mortgage to go delinquent to qualify for short sale

Dear Experian, I had excellent credit before we were advised by our lawyer to not pay our mortgage so we could qualify for short sale of our home. One year later, our home is now sold. How can we go about fixing our credit now? All of our other credit history is excellent. - DNM

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Impact of missing one mortgage payment

Dear Experian, I admit I was late on one mortgage payment in 30 years, and my credit dropped 52 points. Is that normal for the credit industry, and am I stuck with that for seven years on my credit? Is a dispute allowed on this or not? - PWR

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Credit report can’t show half a mortgage

Dear Experian, My son in-law and I purchased a house together in only his and my name. Can I contact the credit bureaus and let them know that only 50 percent of that dollar amount is my responsibility? That way I would have a lower credit ratio. - RAE

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