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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I plan to pay-off my Home Equity Loan in full. The loan amount

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I plan to pay-off my Home Equity Loan in full. The loan amount was discharged under Chapter 7 a year ago. I never reaffirmed this loan. However, in order to build my credit score I thought that I should reaffirm the bank loan before I pay it off. Someone told that only when I reaffirm the loan will the pay-off be reported to the three major credit agencies. What say you?
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*

Good Morning Art,

Welcome back.

I am pleased to read that your bankruptcy has been discharged. Reaffirmation can only occur prior to discharge. Therefore you may not reaffirm at this time

I think this is what you wanted to know. Please let me know if I have answered your question or whether you would like further information
Customer: replied 4 years ago.

Typically how do banks report paid-off non-reaffirmed mortgages like this one? Is there any wording/request that I can tie to the pay-off letter, such as, "The lender agrees to report mortgage as Paid in Full or Mortgage Satisfied to the three major credit bureaus?

Typically they do not report anything at all since the credit report should already indicate discharged in bankruptcy. You can request that they report the mortgage is paid in full or satisfied
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