Posted on: 11th Nov, 2008 01:21 pm
we had a 1st & 2nd mortgage with same lender and had to do a deed in lieu of foreclosure. signed all paper work on may 15th this year. pulled a credit report yesterday and it keeps showing late mortgage payments every month (even after we signed) to date. shouldn't this have stopped showing late for monthly payments after we signed the house over in may? if so, any suggestions on how to get this corrected on the credit reports. thanks.
Hi mike_siebert!
Welcome to forums!
You have signed off the property in the name of the lender but I guess, the lender has not sold the property yet. Thus, the lender's payments are still due. May be that's the reason why the late payments are still showing on your credit report. Once the property is sold and the lender recovers his debts, then you should request him to inform the credit bureau to remove it from your credit report. You can also negotiate with the credit bureaus.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You have signed off the property in the name of the lender but I guess, the lender has not sold the property yet. Thus, the lender's payments are still due. May be that's the reason why the late payments are still showing on your credit report. Once the property is sold and the lender recovers his debts, then you should request him to inform the credit bureau to remove it from your credit report. You can also negotiate with the credit bureaus.
Feel free to ask if you have further queries.
Sussane
Hi Mike,
Welcome to our forums.
I think the late payments will be reported to the credit bureaus till the lender is able to sell off the property in an auction. I'm not sure though. What I suggest is that you ask the lender as to when they'll stop reporting the late payments as because you've already given away the property.
In case the lender is ready to co-operate with you, just request him to stop reporting the late pays as because the deed-in-lieu papers are already signed.
Good luck
Welcome to our forums.
I think the late payments will be reported to the credit bureaus till the lender is able to sell off the property in an auction. I'm not sure though. What I suggest is that you ask the lender as to when they'll stop reporting the late payments as because you've already given away the property.
In case the lender is ready to co-operate with you, just request him to stop reporting the late pays as because the deed-in-lieu papers are already signed.
Good luck