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06-05-2008, 01:10 PM
| | Member | | Join Date: May 2008 Location: Montana
Posts: 458
| | | Credit report states foreclosure
What is the name of your state? MT
We sold our house back in MN last December...the balance was paid, all was taken care of just fine. I was just looking over our credit report, as we are in the process of applying for a new mortgage. This is what the credit report says in reference to that mortage "Paid Foreclosure 01/08; Closed; Account paid." I contacted the mortgage company, they don't have any record of foreclosure (they shouldn't, for heaven's sake)! Is this indicating that the house was foreclosed on?!?! I'm just really hoping this their standard wording for stating that a mortgage has been satisfied...  Thanks!!! |
06-05-2008, 04:39 PM
| | Senior Member | | Join Date: Feb 2002 Location: Nashville,TN
Posts: 15,706
| | | No, that is NOT correct. If there was no foreclosure proceeding it should not be reporting that way, it should be reporting as PAID IN FULL. Dispute it as incorrect with the credit bureaus.
__________________
"Knowledge is Power - use it as you see fit !
I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice.
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06-05-2008, 07:38 PM
| | Member | | Join Date: May 2008 Location: Montana
Posts: 458
| | | Thanks for the info. I found out by looking at another credit report (I did the free one this past February), and it shows that the mortgage company started a foreclosure proceeding in October of 2003, even though it was resolved. I'm assuming that is why, it sure stinks though! |
06-06-2008, 07:13 PM
| | Senior Member | | Join Date: Feb 2002 Location: Nashville,TN
Posts: 15,706
| | | If the foreclosure was avoided, the issue resolved, then it shouldn't be reporting as a foreclosure. I'd dispute it.
__________________
"Knowledge is Power - use it as you see fit !
I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice.
|
06-11-2008, 04:39 PM
| | Member | | Join Date: May 2008 Location: Montana
Posts: 458
| | Thanks for your replies. We were notified today that we were denied our loan because of this false report. I started a dispute with the credit reporting agency, and I'm considering filing a complaint with the FTC as well. Regardless of if a foreclosure proceeding was started several years ago, it can't be legal for them to report it as foreclosed in January 2008.  |
06-18-2008, 02:48 AM
| | Member | | Join Date: May 2008 Location: Montana
Posts: 458
| | OK, the foreclosure has been taken off our our credit report after a very quick dispute with the credit bureau. Good lesson for us to really be proactive about our credit  | |
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