When the loan reaches maturity, all outstanding balances are due. If you find you are unable to afford the outstanding balance, we will work with you to find any available assistance option.
READ MOREFor more information, email us at PartialRelease@MortgageFamily.com. You may also send a request by mail to: PHH Mortgage Attn: Partial Release 2000 Midlantic Drive Suite 410 Mt. Laurel, NJ 08054 Be sure to include the details of your request, as well as your mailing address and phone number. We will send a requirement letter outlining the instructions for the process.
READ MOREPHH Mortgage follows the current guidelines from the Consumer Data Industry Association (CDIA) for all bankruptcy filings. The status of the loan at the time of reporting will be furnished monthly along with the current chapter filed. Typically, a bankruptcy filing can reflect on a credit report for 7 to 10 years.
READ MOREPer CDIA requirements, there will be no credit reporting upon discharge of a chapter 7 bankruptcy if the debt is not reaffirmed. This is because the discharge removes the personal liability for the underlying debt amount. For secured loans discharged through chapter 12 or 13 bankruptcy cases, credit reporting stops if the collateral was surrendered or the lien was avoided.
READ MOREAfter the bankruptcy is discharged, we will resume sending statements. However, we will not send statements if the lien was avoided or the property was surrendered in the bankruptcy.
READ MOREThere is no personal liability for the debt owed; however, a chapter 7 discharge does not eliminate the lien of the mortgage or deed of trust (also known as security instruments). This means that creditors still maintain an interest in the property and can take action to protect that interest.
READ MOREYes. We encourage you to ask for assistance if necessary. While it is possible that the bankruptcy discharge eliminated the personal obligation to repay the debt, the lien of the security instrument remains on the property.
READ MOREYes. All of the above information regarding discharge and the lien status applies to both first and second mortgage accounts.
READ MOREThe IRS Form 1098, Mortgage Interest Statement, is used to report mortgage interest of $600 or more on any one mortgage during the calendar year.
READ MOREWe only report mortgage interest payments that we received during the calendar year. If you paid another company interest related to the mortgage loan during the year, you will receive more than one IRS Form 1098. Also, any amount received from the Homeowner Assistance Fund Program (HAF) that was applied to mortgage interest will be excluded from the Form 1098 interest amount.
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