Posted on: 23rd Apr, 2013 06:15 pm
i completed a short sale 3 years ago and agreed to a promissory note to cover some of the balance. i fell behind on the promissory note several times and so there are numerous 120 day late notices reporting. the company has offered a doable settlement but stated that the account will be reported as "settled for less than balance". trouble is...this servicing/collection agency, realtime resolutions, is reporting this unsecured promissory note as a mortgage on my credit report. the account appears to be a foreclosed mortgage so i have both my short sale record with the bank reporting as well as this promissory note account which on the surface also appears to be a mortgage.
concerned that although i would qualify for a mortgage given it has been 3 1/2 years post short sale would be denied because it appears i have an existing mortgage that is in foreclosure. is it even appropriate to report an unsecured promissory note as a separate mortgage? this is not a home equity or second mortgage situation. a pure short sale.
thoughts..advice on next steps. credit bureau is no help.
concerned that although i would qualify for a mortgage given it has been 3 1/2 years post short sale would be denied because it appears i have an existing mortgage that is in foreclosure. is it even appropriate to report an unsecured promissory note as a separate mortgage? this is not a home equity or second mortgage situation. a pure short sale.
thoughts..advice on next steps. credit bureau is no help.
Hi tdkb,
You should ask the collection agency to report the account correctly in your credit report. Once they update the correct status, things will be fine for you.
Thanks
You should ask the collection agency to report the account correctly in your credit report. Once they update the correct status, things will be fine for you.
Thanks