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Foreclosure started, but was it really?

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tketch
Valued Member

Foreclosure started, but was it really?

PNC threatened foreclosure last year after a long string of lates associated with Wells Fargo Mortgage.  (not HARP eligible).  That loan with WF is a 10-1 arm, with float against  LIBOR beginning last month.    

 

I can’t get  a refi due to  ‘foreclosure started’ indicator on my credit report.  Credit is restored to reasonable level (mid score 721 at XPN) and otherwise acceptable to various potential  lenders

 

Lawyers did contact me and complaints and summons were traded in Dec 2012, Jan 2013 , but there were no actual proceedings other than to dismiss after my payment.   

 

I came into some money and requested reinstatement figures  in January 2013.

 

PNC would not accept payment until reinstatement figures were done.     They got those figures to me in late February, a month after my request, but still wouldn’t allow me to pay because the figures were old by then.  On March 11 they got me the correct figures  and payment arrived in their account on March 13, 2013.  They put that money in a suspense account and credited me with it on March 20.  

 

Credit reports show foreclosure only during the time that I was waiting for PNC reinstatement  figures to make a payment.  

 

History looks like this:   Hist: 04-14 111111111111186666665543 

 

The ‘8’ is the problem, occurring in March, 2013

 

 I challenged  through PNC.  They deny based on letter dated October, 2012 showing  that they were sending it to the attorneys.  However,  seems like I would have that notorious ‘8’ much earlier if that was the criteria.  And miscellaneous summons sent round in December and  January  don’t show up with foreclosure status during those months.    

 

Does anybody know what the real criteria is for ‘foreclosure started’?  Do I have a case here or should I just go away?

 

BTW: Net present value of the differential between the loan I could have and worst case scenario of the current loan is approximately $100k over 10 years.

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