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Frequent Contributor
Posts: 388
Registered: ‎06-23-2013
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Bank of America / Countrywide Short Sale

First I apologize for the cross post, but I didn't get a response on the Rebuilding board.  Mods, please remove if not appropriate.

 

I had first and second mortgages that were originally held by Countrywide.  Countrywide eventually sold their portfolio to Bank of America.  My job forced me to move, so I had to sell in 2009 during a terrible real estate market.  As a result, it was a short sale and I had a small note that I held and quickly paid off.

 

The 2 TL's show:

Status: Paid in settlement

Creditor's Statement: Account paid in full for less than full balance

 

BoA was part of the national mortgage settlement, and I received a (rather small) settlement check from them.  I am trying to determine what leverage the settlement might have on them removing the derogatory information.  I have DV'd and they came back verified.

 

Starting Score: EX 561, EQ 512, TU 522 Sept '12
Current Score: EX 698, EQ 714, TU 714

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Regular Contributor
Posts: 104
Registered: ‎12-20-2010
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Re: Bank of America / Countrywide Short Sale

I had a similar situation, the settlement has no impact on your ability to remove the TL and its not even worth disputing (tried it got no where). You really will have to wait it out on this one. I just had both the first and second mortgage drop off my credit report and I had tried to get them removed earlier but to no avail. I thought about getting a lawyer and fighting to have it removed as an illegal foreclosure, but by accepting the settlement check I gave up the ability to do that and quite frankly it would have been expensive and by the time it was completed the item would have fallen off my credit report anyway. Unfortunately you are just going to have to wait it out. 


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Frequent Contributor
Posts: 388
Registered: ‎06-23-2013
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Re: Bank of America / Countrywide Short Sale

Thanks.  Last week I spoke with a very helpful person in their Foreclosure Assistance department.  It might have been dumb luck.  I kept calling and was transferred 4 times during this one call.  The person I spoke with claims she is an internal tier 2 resource and typically doesn't have customers transferred to her.  I explained that my 2 loans are still showing as 120 late, even though they were settled back in 2009.  She said she would contact a manager in the Customer Service Department and would be my point of contact going forward.  I'm stuck with these until 2016, so I am motivated to pull out all the stops.

Starting Score: EX 561, EQ 512, TU 522 Sept '12
Current Score: EX 698, EQ 714, TU 714

NFCU cashRewards Signature Visa $27K | NFCU LOC $15K | Lowes $15K | NFCU Flagship Signature Visa $10K | NASA Platinum Cash Rewards Visa $10K | Care Credit $10K | Citi HHonors Signature Visa $8K | Overstock $7.2K | Barclay's USAir WMC $6.5K | AMEX Delta Skymiles $5.5K | Cap1 Quicksilver MC $5K | J Crew $4.5K | Cap1 Quicksilver MC $3K
Super Contributor
Posts: 6,697
Registered: ‎07-03-2007
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Re: Bank of America / Countrywide Short Sale

if the payment history is correct, then the settlement will have zero impact

 

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Frequent Contributor
Posts: 388
Registered: ‎06-23-2013
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Re: Bank of America / Countrywide Short Sale


DallasLoanGuy wrote:

if the payment history is correct, then the settlement will have zero impact

 


I was under the impression a settled account (for less than the full amount) is treated the same as a foreclosure.  Is that not correct?

Starting Score: EX 561, EQ 512, TU 522 Sept '12
Current Score: EX 698, EQ 714, TU 714

NFCU cashRewards Signature Visa $27K | NFCU LOC $15K | Lowes $15K | NFCU Flagship Signature Visa $10K | NASA Platinum Cash Rewards Visa $10K | Care Credit $10K | Citi HHonors Signature Visa $8K | Overstock $7.2K | Barclay's USAir WMC $6.5K | AMEX Delta Skymiles $5.5K | Cap1 Quicksilver MC $5K | J Crew $4.5K | Cap1 Quicksilver MC $3K
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