bad mortgage status

hi wilma!

welcome to forums!

you will have to pay off the dues if you want to get rid of the mortgage. as you don't have equity in your property, you won't be able to get a refinance even.

however, if you're not interested in keeping the property any further, then you can apply for a deed in lieu of foreclosure in order to get rid of the property. but again, in order to qualify for a deed in lieu of foreclosure, you should be delinquent on your mortgage payments.

feel free to ask if you've further queries.

sussane

Oh, so sad to heard about it Wilma. Having lapses or delayed payments for your mortgage can really affect your credit score. Are you really having a hard time for making it up on an on time basis? It might be good that you should talk to your mortgage officer and ask for immediate solution before the situation get worst.

I do not owe any dues on my mortgage, my mortgage is up to date since 12/08, yet the mortgage company still reports my status as bad. My question is can they do this and for how long? It says my mortgage is not scheduled to go to a positive status until 2015. I can not take advantage of the current interest rates because my credit score is not high enough.

Hi Wilam,

If you're paying off the dues on time, then the lender cannot report it as late. You should contact your lender and ask him to rectify the errors and update the correct status.

Thanks