My mortgage was recently reduced because of bankruptcy. I was hoping to make a short sale because it has less negative impact on my credit report and security clearance than a foreclosure. My lender`s lawyer advised me that a short sale would be considered a confirmation of the moratgage debt – that debt is the reason I had to go bankrupt, so I certainly wouldn`t confirm it!!! My questions are: 1) Is it true that a short sale after bankruptcy confirms mortgage debts and 2) the statutes of limitation apply to enforcement procedures for a homeowner? If you have a potential lender who needs proof that you have made payments on time over the course of 5 years or more, you can get a payment history from your mortgage service provider. I had to use a client in the past to respond to a potential lender request to prove payment in a timely manner. You are not the only one with this problem. I guess if you call some of the biggest mortgage companies, you might find one that can work with yo. Even a smaller local, who makes his own loans (“portfolio loans”), might also be able to work with you. I hope it helps. After years of fighting the banks, I was “forced” to the BK to avoid it. In particular, a bank buried its head in the sand and ended up losing nearly $3 million because they were not ready to restructure, and because they thought I had “taken” money, or that someone was going to step in and pay for it.
They were shocked when I pulled the trigger. As for Chase, the problem is that they knew that I filed BK and that I did not confirm. This information, obtained by the BK court, began transferring a restless asset to another service provider or mortgage company. Suppose they sold the note, as they told me they did. Who would buy an underwater mortgage with zero chance of earning money. If in fact, in this case, they lost money, almost 100k. Either Chase lied about the status of my loan or the buyer is part of a larger scheme, working with Chase to keep his books clean. I have no idea, but most banks are wrong. As for “automatic stay.” If it is a common Chase practice for “moving” notes, knowing that they are about to fall behind, then they knowingly create harshness for debtors under this practice. You understand 100% that this will create several lines of trade and do it after 15 years of loyal payments and only during the automatic stay, it is pretty clear, they know what they are doing. You can challenge the positions with the credit bureaus by invoking the discharge. You can also take legal action or threaten to sue the mortgage company for violating the injunction after the termination (you receive with the discharge decision).
My husband and I filed chp 7 bankruptcy in 2003 (Georgia). Our mortgage, as we later found, was not confirmed as we thought. It has not been reported to credit bureaus for a very long time. We have equity in the house and we want to sell. While we are currently in payments, we were in the past late (we knew we weren`t responsible and that we were underwater for many years, so when times got tough, we paid late on the mortgage instead of other bills that would affect our creditworthiness). The current credit rating is excellent with auto loans and revolving loans. Is there a reason why we couldn`t just apply for a mortgage as a new homeowner and couldn`t even mention the current “invisible” mortgage? How did they know you have the mortgage if it is not declared? As soon as we are in the new house, we will sell the current house. We are convinced that our current home will sell quickly, and even with both mortgages, we would be less than 35% DTI. My husband and I co-signed our daughter`s mortgage in 2009 and we are tenants at her home. In 2013, it submitted the