Shortsale

[Anonymous]

After trying to stay a float since my husband was layed off and our savings had been used up.   My husband and I decided to start the short sale process due to not being able to make our $7,000.00 a month payment.  Our credit had been emaculant until in June of 08.  Option One Mortgage let us do a Shortsale and our home sold for half of what we owed on it in Nov. 2008.  It was crazy.  Lessons were definatley learned.  I have since then been pulling my credit report and notice that Option One does not have our loan showing up as closed and that there is a outstanding balance due.  Does anyone know what I need to do to get Option One to update the info on their side.

 And show the account being settled. We were delequint by 6 months and I know that the deliquency will stay on there but it should show to be settled.

[ShanetheMortgageMan]

I'd think contacting Option One, which is now American Home Mortgage Servicing Inc, to get the reported information accurately changed.  https://ahmsi3.com/servicing/home.asp (I found this info by going to Option One's old website, www.oomc.com, and it forwarded me to that link).

[granny031350]

also be aware that the deficiency balance is still your responsibility and Option One (or the new mortgage company) could definitely list the house as settled for less and then come after you for the balance owed.  So be aware that closing out the loan might stir up the pot.

[Lel]

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granny031350 wrote:
also be aware that the deficiency balance is still your responsibility and Option One (or the new mortgage company) could definitely list the house as settled for less and then come after you for the balance owed.  So be aware that closing out the loan might stir up the pot.

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Actually, if the lender agreed to the short sale then they accepted the lower payoff as settlement of the mortgage note.  They can't go after the OP for any deficiency.

In certain states that have nonrecourse laws, even if the home went to foreclosure then the lender may not be able seek repayment of the deficiency.  This is complicated and sometimes depends on the way the foreclosure is pursued.