Neither Chapter 7 nor Chapter 13 necessarily includes or doesn't include your mortgage. You can file a Chapter 7 and surrender your house and discharge your mortgage or you can reaffirm the mortgage and keep the house (depending on the circumstances). Similarly, you can file a Chapter 13 and surrender your house and discharge your mortgage or you can retain the mortgage payments and keep the house. The reason Chapter 7 is on your report longer is because it is (theoretically) worse because you are discharging 100% of your debts (other than those which are non-dischargeable, like student loans, and other than those you reaffirm), whereas in Chapter 13 you make payments for 3 to 5 years and at least pay a percentage of all of your debts back. So, in order to throw you a bone to pay some of your debts back, public policy dictates that Chapter 13 debtors should be rewarded by having their bankruptcy removed from their credit report 3 years sooner. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Visit RossLawOffice.com for more information about bankruptcy.
No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.
fixed-rate mortgage
A good credit history will remain on your report. The negative credit reported will usually fall off in around 7 years. Judgments will stay on your credit report until they are satisfied.
Your name cannot be taken off a mortgage because the mortgage is owned by the lender. You remain responsible for the mortgage until it is paid off or refinanced without you.
A foreclosure will typically remain on your credit report for seven years.
"A bankruptcy will remain officially on your credit report for 7 years in most states. This big mark makes it more of a challenge to get a mortgage at a reasonable rate, but certainly not impossible."
No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.
fixed-rate mortgage
A good credit history will remain on your report. The negative credit reported will usually fall off in around 7 years. Judgments will stay on your credit report until they are satisfied.
Your name cannot be taken off a mortgage because the mortgage is owned by the lender. You remain responsible for the mortgage until it is paid off or refinanced without you.
A foreclosure will typically remain on your credit report for seven years.
2 years
Possibly. You need to carefully read your mortgage documents to determine if there is a clause that the property must remain owner occupied.Possibly. You need to carefully read your mortgage documents to determine if there is a clause that the property must remain owner occupied.Possibly. You need to carefully read your mortgage documents to determine if there is a clause that the property must remain owner occupied.Possibly. You need to carefully read your mortgage documents to determine if there is a clause that the property must remain owner occupied.
If the mortgages are in your name they will remain in your name until they are paid off or renegotiated. As long as the mortgages are in your name they will impact your personal credit.
You still owe the mortgage. And you must continue to maintain the homeowners insurance. If not, the lender who holds the mortgage has the right to place "forced coverage" on the property at great expense to you. When they add "forced coverage" they simply increase your mortgage payment to adjust for the difference. And of course you must make each payment in full in order to remain current on the loan and avoid damaged credit or foreclosure.
it takes 1 sec
Unpaid debt can remain on your credit report for 7 years. If you have a bankruptcy this can remain on your credit report for 10 years.