One key thing to know about rebuilding your credit, is that information about your post-bankruptcy payment history makes up 35% of your credit score. Therefore, it is only natural to think that timely mortgage payments going forward will help you raise your scores after bankruptcy. Unfortunately, that is not the case.
Mortgage companies do not report payment histories because, although the mortgage lien remains in place, and the bank will foreclose if you do not make the payments, your personal responsibility to pay the mortgage was discharged in the bankruptcy.
They are fearful that any reporting on payment history implies that you still owe the debt, when you do not. Find out more here!
If you live in southern New Jersey and are considering filing bankruptcy, please feel free to call me at 856-432-4113 or contact me through this site for a free consultation in my Woodbury office to discuss your case.
If you are looking for more information about bankruptcy,then download my free book,Top Questions People Ask About Filing Bankruptcy in New Jersey.