Spring Hill, FL asked in Bankruptcy for Florida

Q: What happens on credit report if you keep making mortgage payments on chapter 7? I no longer see my mortgage at all

Not only don't I see my mortgage being reported on my credit, it's completely wiped out as if it's paid??? I have Wells Fargo and have never been late

Is it better to have a Reaffirmation Agreement? Is it the same to have as not to have one, other then without it never gets reported as paid.

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2 Lawyer Answers
Michael Francis Barrett
Michael Francis Barrett
Answered
  • Bankruptcy Lawyer
  • Buffalo, NY

A: Creditors do not have to report to the credit bureaus. If you didn't reaffirm the mortgage, you aren't personally liable on the debt, and the mortgage company generally would stop reporting. The mortgage company retains its lien and you must continue paying to avoid foreclosure.

Aaron Michael Lloyd
Aaron Michael Lloyd
PREMIUM
Answered
  • Bankruptcy Lawyer
  • Redlands, CA

A: Generally, a mortgage company does not have to report to the credit bureaus. However, just because it is not being reported does not mean you should discontinue your mortgage payments. If you want to keep your home then you should keep making your mortgage payments. Most mortgage companies will allow their borrower to retain their home even after bankruptcy as long as the borrower keeps current with all payments.

I hope this is helpful.

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