Questions regarding reporting of Forclosure and HOA fees--Help!!!

[Longilaala]

I have been searching the different topics but have not been able to determine the following:

Are the following reported as Public record on credit report:

1. Short Sale

2. Foreclosure

3. Deed-in-lieu

 

In the case of the foreclosure--is it reported based on the date of the summary judgement, or sale at auction (if auction takes place)

 

If not reported as public record, does it become a notation on the original mortgage credit account and subject to the same FCRA for that account or does it get a brand new account and reports for 7 years?

 

I have a court date for summary judgement on April 7 (it has taken almost exactly 5 years to get to this point). I am wondering if my credit report is going to get a hit on April 8 or if it will not show up until the property is sold at auction if I am not able to negotiate a deed-in-lieu or get a short sale.

Have request for modification in for some time and waiting for the investor's response. Have a potential buyer for short sale but waiting for the investor response.

 

There is an HOA lein which I would try to clear up if if would only be a notation and would fall off with the mortgage account but won't be worth it if reported separately.

 

Almost all my baddies fall of this year. Trying my best to negotiate a deed in lieu and wondering if that notation will fall off with the reporting of the mortgage account or if will have a separate public record.

 

NEED HELP ASAP. PLEASE.

[Longilaala]

Anyone know how I can get others to view this thread? REALLY need some help here.

Anyone had a foreclosure? Deed in lieu? Short Sale?

How did they show up on your credit report? When did it happen?

Trying to decide whether a bankruptcy is going to be necessary. PLEASE help.

[JeffeVerde]

Short-sale and Deed-in-Lieu are not PR's -- but it's possible that the lender will report the loan as closed with a balance due (you might be able to negotiate with lender to not report it this way, but you need to talk to them in advance of sale - once the transaction is done, there's no incentive for them to cooperate with you)

 

Foreclosure proceedings involve several PR's, but I don't *think* anything that shows on a CR (the PR's are about the property title). If you BK and do not exempt the house, the mortgage is treated like any other discharged debt.

 

HOA lien - the lien will need to be satisfied before the property is sold. In the case of a foreclosure or deed-in-lieu, this becomes the bank's headache. In a short-sale, you could negotiate it as a buyer expense, but the new lender will require that it's paid before completing the transaction.

Edited March 6, 2015 by JeffeVerde

[Longilaala]

Short-sale and Deed-in-Lieu are not PR's -- but it's possible that the lender will report the loan as closed with a balance due (you might be able to negotiate with lender to not report it this way, but you need to talk to them in advance of sale - once the transaction is done, there's no incentive for them to cooperate with you)

 

Foreclosure proceedings involve several PR's, but I don't *think* anything that shows on a CR (the PR's are about the property title). If you BK and do not exempt the house, the mortgage is treated like any other discharged debt.

 

HOA lien - the lien will need to be satisfied before the property is sold. In the case of a foreclosure or deed-in-lieu, this becomes the bank's headache. In a short-sale, you could negotiate it as a buyer expense, but the new lender will require that it's paid before completing the transaction.

Thanks so very much for your information. I really appreciate the reply. I really DON'T want to BK. Just on the road back to recovery since business failure in 09. Figure that my score will take a hit with notes added to account but want to be sure that whatever those notes are will go away with the reporting of this account. Scheduled to be deleted in December 15.

[JeffeVerde]

I'm confused - you've mentioned multiple items, and I don't understand how the pieces fit together-

• Business failure in 2009 (with, presumably credit report fallout that's at 7 years sometime in 2016)
• Some derogatory that will be obsolete in December of 2015
• A pending court date for a "summary judgement" for something that's been going on for almost 5 years
• A mortgage that you're upside-down on, that you're trying to short-sale or deed-in-lieu, that apparently has a pending foreclosure

[Longilaala]

 

I'm confused - you've mentioned multiple items, and I don't understand how the pieces fit together-

• Business failure in 2009 (with, presumably credit report fallout that's at 7 years sometime in 2016)
• Some derogatory that will be obsolete in December of 2015
• A pending court date for a "summary judgement" for something that's been going on for almost 5 years
• A mortgage that you're upside-down on, that you're trying to short-sale or deed-in-lieu, that apparently has a pending foreclosure

 

OK. Sorry for the confusion.

1. Credit torched due to business failure in 09.

2. Home being foreclosed. Have a court date of April 7. Definitely upside down. House worth just about 50% of what paid. Trying to get a shortsale or DEED in Lieu. Hoping to end one of them done.

3. Don't want BK because just getting back on good standing. Everything except for house is past SOL.

5. 5 new cc accounts in good standing now. 670 TU score and all the baddies (including the mortgage account for the house being foreclosed) will be off the credit report (7 years old) this year.

[Longilaala]

 

 

I'm confused - you've mentioned multiple items, and I don't understand how the pieces fit together-

• Business failure in 2009 (with, presumably credit report fallout that's at 7 years sometime in 2016)
• Some derogatory that will be obsolete in December of 2015
• A pending court date for a "summary judgement" for something that's been going on for almost 5 years
• A mortgage that you're upside-down on, that you're trying to short-sale or deed-in-lieu, that apparently has a pending foreclosure

 

OK. Sorry for the confusion.

1. Credit torched due to business failure in 09.

2. Home being foreclosed. Have a court date of April 7. Definitely upside down. House worth just about 50% of what paid. Trying to get a shortsale or DEED in Lieu. Hoping to end one of them done.

3. Don't want BK because just getting back on good standing. Everything except for house is past SOL.

5. 5 new cc accounts in good standing now. 670 TU score and all the baddies (including the mortgage account for the house being foreclosed) will be off the credit report (7 years old) this year.

 

OK. Sorry. Business finally closed in 2009 but delinquencies happened in 2008 mainly. 1 or 2 accounts will carry over into 2016.

[JeffeVerde]

What's your current loan to (realistic) value? I don't know that a bank would jump at a short-sale at only 1/2 the loan balance.

 

If it's going to be a foreclosure, you might be able to negotiate a graceful exit at your convenience, in exchange for your cooperation. (a foreclosure runs the risk of you gutting the place before you leave).

[Longilaala]

I'm a little better than 50%. Loan is 360K and value now 237K. Would just like any exit that doesn't cause another crash and burn credit wise. Very grateful to have been able to care for my disabled Mom full time for the past 5 years. Just want to be able to return the keys at this point.

[JeffeVerde]

It's within the mortgage holders ability to simply report the mortgage as "closed", but I have not idea how likely that is. It wouldn't hurt to call them, something along the lines of "I'd like to make this easy on both of us as possible; I know how badly foreclosures can sometimes turn out, and I'm more than willing to simply turn over the keys". Hopefully they'll get the hint, and that will open a dialog alongs the lines of "Do you have any discretion in how this will be reported on my credit reports? No? Can you tell me who would have that authority?"

[Longilaala]

Thank Jeff. I appreciate you taking the time to discuss this with me. I have tried to get the deed in lieu discussion going. I have been told that I had to fill out the 9 page "help for home owners" document. I did that and have provided all the information that they required. I specifically expressed interest in giving them back their home but they told me that I have to go through the "process" which I started 3 months ago and it is now getting to crunch time. I told them I was not interested in keeping the property. Now they have everything they requested and it is up to the "investor" to make the decision. The house is in great condition and I will leave it that way regardless of how it turns out but would love to be able to walk away without any further damage.

Plan on being a lot more assertive this week and will keep your points in mind.

Thanks again for your help.

[Kuuner]

I have been searching the different topics but have not been able to determine the following:

Are the following reported as Public record on credit report:

1. Short Sale - Not a "Public Record" but will show on credit, usually as "Settled for less than full amount due" or some variance of that.

2. Foreclosure - Yes, public record

3. Deed-in-lieu - Not a "Public Record" but will show on credit, usually as "Settled for less than full amount due" or some variance of that.

 

In the case of the foreclosure--is it reported based on the date of the summary judgement, or sale at auction (if auction takes place) - Usually sale at auction date.

 

If not reported as public record, does it become a notation on the original mortgage credit account and subject to the same FCRA for that account or does it get a brand new account and reports for 7 years? Huh? the subject loan has a status code and usually a special comment code provided by the creditor and the creditor is subject to FCRA.

 

I have a court date for summary judgement on April 7 (it has taken almost exactly 5 years to get to this point). I am wondering if my credit report is going to get a hit on April 8 or if it will not show up until the property is sold at auction if I am not able to negotiate a deed-in-lieu or get a short sale. More than likely, yes.

Have request for modification in for some time and waiting for the investor's response. Have a potential buyer for short sale but waiting for the investor response.

 

There is an HOA lein which I would try to clear up if if would only be a notation and would fall off with the mortgage account but won't be worth it if reported separately. The lien is public record. It's going to be a public record notation on your title, not the credit report. Now, if they sue and get a judgment, that's on your credit.

 

Almost all my baddies fall of this year. Trying my best to negotiate a deed in lieu and wondering if that notation will fall off with the reporting of the mortgage account or if will have a separate public record.

 

NEED HELP ASAP. PLEASE.

[Longilaala]

 

I have been searching the different topics but have not been able to determine the following:

Are the following reported as Public record on credit report:

1. Short Sale - Not a "Public Record" but will show on credit, usually as "Settled for less than full amount due" or some variance of that.

2. Foreclosure - Yes, public record

3. Deed-in-lieu - Not a "Public Record" but will show on credit, usually as "Settled for less than full amount due" or some variance of that.

 

In the case of the foreclosure--is it reported based on the date of the summary judgement, or sale at auction (if auction takes place) - Usually sale at auction date.

 

If not reported as public record, does it become a notation on the original mortgage credit account and subject to the same FCRA for that account or does it get a brand new account and reports for 7 years? Huh? the subject loan has a status code and usually a special comment code provided by the creditor and the creditor is subject to FCRA.

 

I have a court date for summary judgement on April 7 (it has taken almost exactly 5 years to get to this point). I am wondering if my credit report is going to get a hit on April 8 or if it will not show up until the property is sold at auction if I am not able to negotiate a deed-in-lieu or get a short sale. More than likely, yes.

Have request for modification in for some time and waiting for the investor's response. Have a potential buyer for short sale but waiting for the investor response.

 

There is an HOA lein which I would try to clear up if if would only be a notation and would fall off with the mortgage account but won't be worth it if reported separately. The lien is public record. It's going to be a public record notation on your title, not the credit report. Now, if they sue and get a judgment, that's on your credit.

 

Almost all my baddies fall of this year. Trying my best to negotiate a deed in lieu and wondering if that notation will fall off with the reporting of the mortgage account or if will have a separate public record.

 

NEED HELP ASAP. PLEASE.

 

Thank you. Just noticed your response. Thought the thread was done.

[mrjuggalo9er]

 

 

 

 

I have been searching the different topics but have not been able to determine the following:

Are the following reported as Public record on credit report:

1. Short Sale - Not a "Public Record" but will show on credit, usually as "Settled for less than full amount due" or some variance of that.

2. Foreclosure - Yes, public record

3. Deed-in-lieu - Not a "Public Record" but will show on credit, usually as "Settled for less than full amount due" or some variance of that.

 

In the case of the foreclosure--is it reported based on the date of the summary judgement, or sale at auction (if auction takes place) - Usually sale at auction date.

 

If not reported as public record, does it become a notation on the original mortgage credit account and subject to the same FCRA for that account or does it get a brand new account and reports for 7 years? Huh? the subject loan has a status code and usually a special comment code provided by the creditor and the creditor is subject to FCRA.

 

I have a court date for summary judgement on April 7 (it has taken almost exactly 5 years to get to this point). I am wondering if my credit report is going to get a hit on April 8 or if it will not show up until the property is sold at auction if I am not able to negotiate a deed-in-lieu or get a short sale. More than likely, yes.

Have request for modification in for some time and waiting for the investor's response. Have a potential buyer for short sale but waiting for the investor response.

 

There is an HOA lein which I would try to clear up if if would only be a notation and would fall off with the mortgage account but won't be worth it if reported separately. The lien is public record. It's going to be a public record notation on your title, not the credit report. Now, if they sue and get a judgment, that's on your credit.

 

Almost all my baddies fall of this year. Trying my best to negotiate a deed in lieu and wondering if that notation will fall off with the reporting of the mortgage account or if will have a separate public record.

 

NEED HELP ASAP. PLEASE.

Thank you. Just noticed your response. Thought the thread was done.

Humor me ands freeze lexis nexus now