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Question about reporting, Mod & Assignment to new lender


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Hello: Bad times lead to Mortgage problems. Our Mortgage fell into arrears, and we requested a modification. Instead my Mortgage co. Assigned the Note to one of the 'distressed loan' type of lenders, but we were modified and have recovered. Almost 2 years have elapsed since I landed the decent job and we're still working diligently to recover.

 

On my credit report, my old Mortgage co. (Saxon) shows $0.00 balance; last reported 12/10 as "120+ Days past due." But when they assigned, they were paid (something) by the new lender, and they closed my account... right? My NEW Mortgage company (RCS) is showing active, paid as agreed, and all is well there.

 

My question is this: Can I-- or HOW can I-- get this old mortgage entry to show the real status, which is "assigned" or at least "paid off"? Can I get this removed based on the fact that it's no longer active? Finally, if this is a "Closed" account, then will it read like this forever (I think closed accounts don't leave your report) or will it instead fall off in the 7 year time frame?)

 

Thank you for all your help. -- I know that's a lot of questions, and I know that any or all of my assumptions may be wrong or misspoken.

Edited by DumbUserName
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gone in 7 and, if it was 120+ when it was closed, it will more than likely stay that way on your report. They weren't necessarily paid anything when Saxon assigned it to the new lender. I'd call it a day and move on personally. You may file a dispute to see if they respond.

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Look at it another way, you still have the home and the damage you took creditwise has had nearly 48 months to recover. You would meet most lender requirements for a refinance if you are interested in that (Assumign the other components are ok like value and capacity to pay).

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Agreed... it's more like 2 years since everything's been OK; still a bit underwater, but it's coming back. This story now has a twist though... I just learned that Saxon is no longer operating; it turns out many Mortgages went to RCS. They also went to 4 other banks. See below from the website.

 

...So if they're not operating, then who's manning the counter to answer a dispute letter? is a "non reply within 30 days" a slam dunk in the event of a 'ceased operations' lender?

 

Thanks again, here's the info:

Important Announcement from Saxon

Saxon has ceased the majority of its operations and is no longer servicing loans. In the event that you need assistance regarding an account that was previously serviced by Saxon, please refer to the Notice of Service Transfer letter that was mailed to you. This letter provides you with the name, address and phone number of your new servicer, along with additional information.

If your account was transferred to Ocwen Loan Services, please visit www.ocwen.com
If your account was transferred to Specialized Loan Servicing, please visit www.sls.net
If your account was transferred to PHH Mortgage, please visit, www.phhmortgage.com
If your account was transferred to AMS Servicing, please visit www.ams-servicing.com
If your account was transferred to Residential Credit Solutions, please visit www.residentialcredit.com

Edited by DumbUserName
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  • 1 month later...

OK so I have news on this front.

 

First, please note that coincidentally, my Loan has been assigned again. I'd like to think to a more 'stable' bank, or one that's not just interested in taking homes. Our recover would align with the concept at least... thank God. When I saw this happen, I started the process immediately, thinking if they had to track Saxon to RCS before, NOW they'll need to track Saxon to RCS to the NEW Lender all within 30 days. I thought I had an advantage.

 

I placed disputes with the three CRAs and my score went up 65 points with at least one of them... for those of you who may be in a situation like mine, here's the longer story.... for the rest of you, there's a question or two in there, about the actual relationship between Mint & Equifax, if you don't mind answering, and know... thanks.

 

1) Online dispute placed with TU for this and a couple other matters; Still outstanding at this time;

2) Online dispute (of another matter) placed with Experian; upon review of my CR, I noticed this issue was not actually showing up with Experian, and I was happy to see this fact;

3) Online dispute attempted with Equifax, but I had trouble with their system and was forced to dispute by phone.

a) I indicated to the CRep the situation, and she seemed to see what I saw immediately;

b.) Because I was doing this by phone, basically blind to "this" report, I only disputed this matter on this report.

c) within 2 days, I had an updated Dispute notice from Equifax showing this matter was DELETED from my report.

d) so... apparently, the 'advantage' that I thought I had was largely irrelevant, at least to Equifax.

4) Received my monthly update from Mint.com (Bought by Equifax last year) and my score was up about 65 points from about 620 to 685. (I started around 530 in February.) :D

a) Just FYI, Mint only reports the Equifax score monthly. Every Feb (for me,) I'll get all 3 from them.

 

Ok so here are my questions--

 

Is the Score from Mint considered a FAKO, and/or how has their affiliation with Equifax changed the perception of their product?

Frankly, I like Mint but I don't NEED Mint... if anyone else has better or cheaper ($16.95/mo) options, I'm happy to listen. I imagine others would be too.

 

Thank you all! As soon as I get the results from TU, I'll let you know; otherwise, if I left anything out, let me know, and I'll try to address it.

Edited by DumbUserName
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