Posted on: 22nd Jan, 2010 03:23 am
My super jumbo mortgage with Wachovia was turned over to Wells Fargo about 5 months ago and I am on the forbearance program. My credit has dropped from 750 to 628 and they are reporting me as deliquet, nothing else. Well, this had a spiral effect and my credit card companies (that have perfect history) have been closing on me and lowered my limits to the balances that I owe. I called everyone one of them and explained and they didn't care. I told them I will continue to pay my min. payment and more if I can the coming months, but with this reporting, it's just getting worse. And when I pulled my creidt last week, I saw 2 neg. reportings. One from Wachovia and the second from Wells Fargo. Now that it's been taken over by Wells Fargo is this leagal. It shows 2 negitives for the same mortgage. Please help. I also can not get past the gatekeeper at WF and they don't seem to care at this point. I wish I could meet with an officer face to face to work with them and ask WHY they reported us this way.
Hi wendyr,
The forbearance will affect your credit negatively because you're not paying the monthly mortgage payments as per the loan agreement. It will show up on your credit report and will lower your credit scores. However, if the same account has been reported twice by both the lenders, you should try and dispute that with the credit bureaus. If the loan has been turned over to Wells Fargo, they are now the mortgage note holder and they have the right to report the forbearance to the credit bureaus. If you think the forbearance should not be reported twice, you should send the credit bureaus a dispute letter and ask them to remove the one of the negative items from your credit report.
The forbearance will affect your credit negatively because you're not paying the monthly mortgage payments as per the loan agreement. It will show up on your credit report and will lower your credit scores. However, if the same account has been reported twice by both the lenders, you should try and dispute that with the credit bureaus. If the loan has been turned over to Wells Fargo, they are now the mortgage note holder and they have the right to report the forbearance to the credit bureaus. If you think the forbearance should not be reported twice, you should send the credit bureaus a dispute letter and ask them to remove the one of the negative items from your credit report.