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Timeshare reporting as "Paid Foreclosure"

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1 reply to this topic

#1 smplylst

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Posted 24 January 2012 - 07:00 PM

My husband and I foolishly bought into a Bluegreen Timeshare. We paid faithfully for 8 years and with only 1300 to go (pathetic huh?) we lost it because of an extended layoff. It was showing as a foreclosure on our credit report last year and I was able to dispute some of the information and get it to say reflect a $0 balance, but that was it. It never said forclosure. Fast forward to this week and within the last 3 months it's status has changed to "Paid Foreclosure" We were applying for a mortgage, everything looks great and then.... "paid forclosure" Even the broker didn't know what it meant. He said he asked a couple of lenders and even if it was paid, it would still be considered a foreclosure. What does Paid Foreclosure mean? The balance is Zero, and 2 out of three bureaus are saying it's paid on time to this day....It was foreclosed in May 2010. It doesn't show on the third report at all. Now what? so excited...we were going to put a bid on a house this week.

#2 smplylst

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Posted 31 January 2012 - 07:25 PM

Apparently paid or not, it's a foreclosure. So, no go on any financing. credit scores are in the 650-675 range (not great i know) and we have a $25K downpayment for a $125K home. But that $1300 is going to hold us back for at least another year and half. What are my chances (and yes you can laugh) that a goodwill letter could get the whole thing deleted?

Is it worth a shot or just give up and wait it out. (not really wanting to give up and wait) I don't want to send a letter and then find out I am waking a sleeping beast.

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