My husband and I were one week from closing on a house when we got a denial call from the mortgage company. When they check his credit to prequalify they found that My husband has or had 0 credit. When they went back to check our credit before closing, they found a 2600.00 collection debt on my credit. upon some investigating it appears to be my husbands debt. It appears that they placed it on my credit report, instead of his is that legal?

he sublease [without having him sign any papers] his apartment to a friend who moved out oweing rent. I had nothing to do with that. wh and how can they go after me?

Curry (more…)

We built our dream home in 2007, and up until the day before closing thought we were in heaven.  We found out the day before we closed that the good faith estimate on what our motgage was WAY off!  Like $1000 off. Not wanting to walk away from our dream and the money we put in to it, we signed. 

We put it up for sale right away, hoping that we could break even, and nothing. We kept up on the motgage for awhile, to the detrimate of our other obligations, but we could only keep it up for so long. We tried renegotiating our loan, but again…dead end.

We foreclosed on our home in Feb 08 (according to lender 2/12/08 was when forecloser was completed, and county record show transfer of title on loan happening at auction, 2/13/08).  We had a first and second mortgage.  We were defeated and tired. 

We moved and have started to rebound from the process.  We did a little reseach a few months prior to the foreclosure and found out that the home sold for more than we owed on the 1st and that the 2nd had “charged off” on our credit.  We called to find out how to help our credit due to the charge off and were told that we could settle for more money than we had available to us, or basically do nothing.  They (the mortgage lender) said that they would never persue the debt, but that it would stay on our credit. 

We just found out that we qualify for a VA Loan and that there wait after foreclosure is shorter than a conventional or FHA (2 years vs 3 years).  Excited and ready to move on, we started to check proir to the “timeline’, just to make sure we would be able to purchase another home.  So…found out that the “2 year” wait starts the day the foreclosure hits your credit, same with the the 2nd mortgage charge off. It is only 3 month shy of the “2 year” mark for us. But during my checking process I found out that up to 8 months after the foreclosure was reported my mortgage company continued to report me as late??? Can they do that?

They said that the sale wasn’t finalized until 10/08. But again, according to county records the title transfered from us to the buyer on 2/13/08.  Also, the second is continuing every month to report a charge off on my credit up to now!!  How can they do this? 

I understand that it is considered a debt that is still outstanding and that they have deemed it uncollectable, but how can they continue to “re-new” that debt? Is this legal? If I am trying to rebuild me and my families life after foreclosure, how am I to do that if the lender can continue to report me like it just happened?

I did contact the leaner,who by the way is the same for both mortgages and where originated at the same time, said that the 1st credit reporting months later was because of the sale not being complete until 8 months later.  And the 2nd, because we still “owe” the debt they can continue to report it.

I am so tired, please let me know what to do?  Fight…give up??

Defeated,
Gary and Jeni (more…)

Brian,

Thankyou you have been a great help. I have sent letters to the bureaus about inaccurate information. They keep verifying what wording can I use to make they delete my inaccuracies? Please advise thankyou!!

Diane (more…)

Your website has been very helpful, thank you!
I was unable to find this question in your site.

Whether the mortgage company can still report to the credit agencies the lack of payments during the short sale process?

I just received their short sale packet, but I am unable to pay. Can I dispute it if they put something on my credit report? I will be doing the QWR letter, but what about after they respond to it?

Thank you Paul!
God bless you!
Michelle (more…)

CAN YOU DO A SHORT SALE WITH OUT DAMAGING YOUR CREDIT?  I AM NOT LATE ON MY MORTGAGE AND MY MORTGAGE COMPANY SAYS I CAN DO A SHORT SALE AND IT WILL NOT BE REPORTED NEGATIVELY ON MY CREDIT IS THIS TRUE?

TERESA (more…)

Hello Paul.

I have a question about the impact bankrupcy has on credit scores. I had filed chapter 7 in 2007 with a discharge in 2008. I went today for an auto loan and was told that my credit looked good, no debt, and timely loan payments. He said that he would guess by looking at my credit report I would have high 600 score but instead I have a 558.

I know that it hasnt been that long since I filed but I have paid off 2 loans since then and have one now, with timely payments being made, which is secured. I have known numerous people who have filed bankrupcy and within months they were getting car loans and even buying a house.

When do your scores go up? Why does it seem that mine is so low while others must be higher, given the same circumstances. I just dont understand. Will anyone help me rebuild my credit or will I just have to wait it out?

Thanks.
Marisa (more…)

Hello Paul,

My name is Nick and I am contacting you on behalf of one of our client’s, callcreditcheck.com (http://www.callcreditcheck.com/).

I came to your site through Google (who doesn’t, right?) and was immediately impressed with what you’ve built, both in terms of the quality and quantity of the sites content. Your site also appeared under very specific keyword terms on Google. This immediately highlighted to me that the content of your site bears direct relevance to services offered by my client. The purpose of this e-mail is therefore to request a link from within one of your articles on this blog domain (http://brokencredit.com/) that points to the Call Credit Check homepage (http://www.callcreditcheck.com/). I hope you agree that a link from this page would be beneficial to your users, and also relevant to the content displayed already on this page.

Alternatively, would you consider letting me write some relevant and unique article content for inclusion on your blog (that contains the mentioned link)?

What are your thoughts on this? Could you please respond to my request either way once you have reached a verdict?

Your support would be greatly appreciated.

Kind regards,
Nick

My atty is negotiating with my bank’s atty regarding an investment condo I own that is in litigation. The lender’s atty said they will entertain either a DIL or short sale but that the DIL carries no 1099C.  I believe bank’s attorney is incorrect.

My accountant tells me not to worry about the 1099C as it is business but I need to know if I took the DIL and they mark it as above, will my credit be tarnished. There are no late payments as Im up to date (performing loan). I  am under the impression that a DIL, no matter how it is reported is still a foreclosure as such and the credit companies have specific codes that will be inserted in my report no matter what how the DIL is reported. Am I right?

The lenders atty said they would probably put Disputed but Resolved.

On the other hand, a short sale will give me a 1099C that can be dealt with & probably a hit on my credit report for shorter time period.

Please take into consideration that I’m UP TO DATE ON EVERYTHING.

Steve (more…)

What would you most like to accomplish AFTER rasing your credit score?

1. Just settle debt
2. The financial well being we used to have, and minimize the amount of debt we incur from here on out.
3. buy a home
4. refinance mortgage
5. Purchase a home
6. Purchase a home, we have medical bills with liens from long ago. over $6K worth. They are preventing me from getting a Habitat for Humanity Home.
7. purchase business
8. Purchase a home
9. Would like to start looking for a new car and eventually a house as well as being able to apply for lines of credit to have just in case a problem arises where I need emergency funds…ex: car repairs
10. get a home
11. Get a promotion
12. purchase home
13. mortgage my lease to purchase home with increased score.
14. Get a credit card to pay off the ATV loan that my exhusband defaulted on.  Then sell the ATV and pay towards the loan.
15. purchase new vehicle and home
16. Help others
17. Purchase a home
18. self esteem
19. in forclosure, need to save my home if possible. Am now sueing in state and federal court for fraud, etc.
20. buy a home
21. large purchases
22. Buying a home, having credit cards.
23. purchase a car and get some credit cards
24. purchase a home and a car
25. BUY HOME
26. I would want to accomplish buying a new house.
27. New home purchase…will have to short sale home (included in BK) soon, one year after discharge.
28. raise my credit score so that we can qualify for our new mortgage
29. Apply for a mortgage
30. Buy a house

And how about you?  What would you most like to accomplish after rasing your credit sccore?

Register for our FREE CREDIT REPAIR SEMINAR and…

Obtain a FREE CONSULTATION with Brian Aber of HTDI Financial (optional at your request).

Hey Brian, 

Once a negative item has been deleted from your report how long does it take for your score to go up?  If a bureau has not replied within 45 days a reinvestigation via mail is it true that those items have to be deleted by law. I hired a credit repair company and she said to just pull a new report in which they have not made any changes. Responding via mail means nothing the USPS can be slow. 

What are your thoughts? Please advise?  I always thought they had to be deleted because of no response isn’t that true?

Thank-you Kindly!

Diane (more…)