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Posted in Bankruptcy
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Question By
PMBAZ

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Have Mortgage removed or not from reports
I declared bankruptcy and had my responsibility for a home mortgage erased as well as signed a quick claim deed. I have spoken with WFHM and they agree, in writing, that I have no financial responsibility for the loan anymore. It is still on all three credit bureaus. My ex-wife is current on the payments. My question is ... Is it better to leave it on my credit report because it is being paid on time or should I have it removed because it is no longer my responsibility and I already have the credit ding due to the bankruptcy? The loan is for a little over $212,000.

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I'd recommend making sure that your reports are accurate versus whether or not the items are of scoring benefit to you.

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Reply by
takeshi74

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I mean, there can be unintended consequences if you leave it on your reports.  What happends when you want to apply for another mortgage?  Or an auto loan?  Your debt ratios and other important matters will be off and you will have problems.

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