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Mrfreshnewstart

mortgage problem

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my mortgage company has finally sold my loan to another company. I haven't made a payment on it since 09 but they have not foreclosed on it yet. since my last payment is almost 6 yrs will the update of a foreclosure and of the transfer new update by the loan company hurt my fico score? or will it not matter since its been so long since the last payment made?

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I'll take a stab.

 

The servicing company matters more than the owner of the mortgage for reporting. So when my mortgage was transferred, the letter said 'xyz mortgage company will continue to provide service on your mortgage'. So nothing changed for me. I would check to see if the letters indicated a change of servicer. If not, I would assume your situation would not change. You may could expect no reporting and no more progress on the foreclosure.

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I pretty much abandoned the home so I haven't gotten any paperwork from either partys . I hope it doesn't affect it to much because I've been getting some deletions on my reports and my score has went up over a 100+ pts and I only have 5 baddies left that all will fall off in less than 2 years so this would be a big dissapointment for me

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Unless you've filed for bankruptcy protection, a foreclosure will become a new event on your credit as a public default record. A damaging event.

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Might want to contact new mortgage company and do a short sale. Better than a foreclosure. Have a real estate agent do comps, and see if you can get them do represent you

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