Does the non-reporting of my mortgage payments to the credit bureau means that I have zero liability for the loan?

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Does the non-reporting of my mortgage payments to the credit bureau means that I have zero liability for the loan?

My husband filed Chapter 7 in 2006 and he signed the individual debtor’s statement of intention to reaffirm the mortgage, however he didn’t sign any other reaffirmation agreement. We stopped receiving the mortgage statements but continued to make payments. The mortgage is listed under the accounts that are in goodstanding on my credit report but there has been no reporting of payments since 7/08. I filed bankruptcy in 1999 on the same property and we continued to make payments. The original loan was sold several times after my filing to the current lender.

Asked on April 16, 2011 under Bankruptcy Law, Missouri

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

People give the credit bureaus too much credit; their reports, as widely relied upon as they are, essentially have no legal standing or effect. That is, a credit report showing a default can't make you liable for a loan which you have in fact paid in full (or never took out, in case you were misidentified); and similarly, being reported as in good standing or even paid in full would not remove you obligation to pay a loan which still has an outstanding balance. Ignore the credit report for purposes  of legal liablity; if the mortgage was reaffirmed, you are still liable on it, no matterwhat the credit bureau(s) happen to say about the matter.


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