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04-23-2008, 06:52 PM
| | Junior Member | | Join Date: Apr 2008
Posts: 1
| | | Not Sure!!!!!!!!!
What is the name of your state? I live in Pennsylvania.In 2003 my house was foreclosed.All of my credit reports come back as Credit Grantor reclaimed collateral to settle defaulted mortgage.The reports say Balance $0 , Date updated 04/2003 ,High balance $50,602 , Past Due: $0.Then my report says that the estimated date that the item will be removed is 08/2009.The reason I am asking you is that I want to try to get myself into a house and my credit union is telling me that the civil judgement is on there and they want me to call the lawyer that took care of the foreclosure and see why it is still showing up on my records.If it says zero balance does that mean they satisfied the FHA loan and that I probably do not owe anything?
Thankyou for any answers you may have |
04-23-2008, 06:58 PM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 27,470
| | | Q: The reason I am asking you is that I want to try to get myself into a house and my credit union is telling me that the civil judgement is on there and they want me to call the lawyer that took care of the foreclosure and see why it is still showing up on my records.
A: The lawyer will not know why something is showing up on your credit report.
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04-23-2008, 08:09 PM
| | Senior Member | | Join Date: Feb 2007
Posts: 4,970
| | | He may know if the lender got a civil judgment for the deficiency however. |
04-23-2008, 09:09 PM
| | Junior Member | | Join Date: Apr 2008
Posts: 5
| | Quote:
Originally Posted by jdbsdream  my credit union is telling me that the civil judgement is on there and they want me to call the lawyer that took care of the foreclosure and see why it is still showing up on my records. |
The judgement is a public record, and will remain on your credit report, even if it has been paid off.
If you actually pay a judgement balance, then the creditor will likely report your as 'paid derogatory.'
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04-23-2008, 09:13 PM
| | Junior Member | | Join Date: Apr 2008
Posts: 5
| | Quote:
Originally Posted by seniorjudge A: The lawyer will not know why something is showing up on your credit report. |
Any lawyer will know why something is showing on your credit report. If it is supposed to be there, it's there. If it is incorrect, have it removed. |
04-24-2008, 07:52 AM
| | Member | | Join Date: Feb 2002
Posts: 435
| | | On an FHA foreclosure, there is rarely a deficiency judgment. The only judgment I have seen on FHA loans is when there is fraud. It will, however, continue to show on your credit report for some time. Don't worry about the lender, they got paid 100% through an FHA insurance claim. If you paid back the deficiency, you could get the remarks removed from your credit report. | |
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