Assumable

What is the name of your state? Texas

My husband and I recently found that a house we sold on an assumption in 1992 is showing on our credit report. It seems that the people who assumed the mortgage have become seriously behind on the mortgage. We found the couple
divorced a few years ago and the wife is
stayed at the house. We spoke to the mortgage company which I might add was not the same one when we sold it. They said it was our fault for letting this account become deliquent, because we should have stayed in contact with the new owners and made sure they paid it.
We have applied for loans in the past years and was never declined. Until a couple of weeks ago my husband appied for a Visa hoping to take advantage of the low interest. The Visa declined us and that is when we requested our credit report. We have always had excellent credit and have been told our credit score is about the highest one can have. On the last page of our Deed of Trust, we were asked to include and address as to where we could ever be reached. We put our post office box inwhich we have had for 15 years now. The mortgage company has never tried to contact us to alert to the deliquence of this account. I also found on the same credit report inwhich they have tarnished all the means they could get ahold of us. Including our street address, p o box and 3 phone numbers. We went out and spoke to the wife and offered her a small amount of money, plus money we would have to spend to catch up the loan, hoping she would take it and move on. She advised us that she
would be paying up the loan and hopefully keep it current. I guess my question is, is there anyway we can get this off of our credit report? And what can we do if she falls behind again. We don't want the house back but if this is the only way we are willing to do that. Thank you for any advise you can offer.

[HomeGuru]

[quote]Originally posted by Vicki Reid
[b]What is the name of your state? Texas

**A: I presume you hava a question and assume you did not post it, so please resume posting?
are you attempting to ask about an assumable mortgage or contract perhaps?

sorry, not really sure how this works. I did edit my question.

[HomeGuru]

[quote]Originally posted by Vicki Reid
[b]What is the name of your state? Texas

My husband and I recently found that a house we sold on an assumption in 1992 is showing on our credit report. It seems that the people who assumed the mortgage have become seriously behind on the mortgage. We found the couple
divorced a few years ago and the wife is
stayed at the house. We spoke to the mortgage company which I might add was not the same one when we sold it. They said it was our fault for letting this account become deliquent, because we should have stayed in contact with the new owners and made sure they paid it.
We have applied for loans in the past years and was never declined. Until a couple of weeks ago my husband appied for a Visa hoping to take advantage of the low interest. The Visa declined us and that is when we requested our credit report. We have always had excellent credit and have been told our credit score is about the highest one can have. On the last page of our Deed of Trust, we were asked to include and address as to where we could ever be reached. We put our post office box inwhich we have had for 15 years now. The mortgage company has never tried to contact us to alert to the deliquence of this account. I also found on the same credit report inwhich they have tarnished all the means they could get ahold of us. Including our street address, p o box and 3 phone numbers. We went out and spoke to the wife and offered her a small amount of money, plus money we would have to spend to catch up the loan, hoping she would take it and move on. She advised us that she
would be paying up the loan and hopefully keep it current. I guess my question is, is there anyway we can get this off of our credit report? And what can we do if she falls behind again. We don't want the house back but if this is the only way we are willing to do that. Thank you for any advise you can offer.

**A: when you sold your property, it was not by way of a total assumption whereby the Buyers took over the mortgage note and you were released. You were still on the original note as a guarantor. Thus you were legally liable for the mortgage in the event the Buyer's did not pay.
The bottomline is that unfortunately lender is correct, made no error and the derog on your credit report stands. You should and are allowed to by Federal law explain the extenuating circumstances on your credit report.
You should hire an attorney fast to advise you with respect to your rights to the property.