I am hoping someone might be able to assist me. I have been lurking for a while and trying to utilize the advice I have found on this forum. Two and a half years ago I had to short sell my house in one state after I moved to another state for a job relocation. My mortgage is reporting as I anticipated, showing I owe a balance of $0 and it shows settled for less than owed. The EL I had on the home for renovations we did, is showing as a charge off, with a balance of 40k still. The agreement (that I have in writing from the CU) says they will release the loan and report the balance as $0, at closing, after I paid them close to $10,000 in cash. (Pay for removal- the verbage of the document says clearly that I will be realized of my obligation. )
I have for months, called, sent email GW letters and I have sent certified letters to the people I was involved with in regards gaining approval for the closing of the home, paying the money owed etc. I have heard nothing in response to my efforts and nothing has been changed on my credit report.
What, if anything, can I do now. I really want to get this corrected, so I can begin to work on attaining a loan (if possible) to buy a new home in my new state.
This is the only (granted it is major) negative on my credit report. I have no other debt collections etc.
Thank you so much for your assistance. I am at my wits end!
Perhaps, I should list what I believe my next step should be and you can tell me your thoughts.
Do I now send my dispute to the Credit Unions? With my proof of payment, HUD documents and the Satisfaction of Mortgage letter? I was hoping for a GW adjustment from the credit union. Or do I keep pursuing the credit union GW adjustment option? I realize that still showing I settled less than owed on my credit reports isn't ideal. But, I do want the outstanding 40,000 to be taken off.
Thanks again for your help!
Hello and welcome to the forums. So from what I'm understanding, you paid the $10,000 as a settlement? Does it now show $40,000 owed or does it show it as charged off?
$40,000 as past due (balance) and yes, it shows pay status as "charge off"
Where as my mortgage shows, a zero balance and settled for less than full balance.
I was under the impression the credit union would report the same way. I was very careful when crafting my short sale that I wanted to be realized of liability of the debt so I essentially had them draw up the Satisfaction of Mortgage stating that I would be released of my obligation under our agreement for the payout at the closing of the home.
If you have documentation that the loan is satisfied, perhaps a dispute is in order with the CRAs.
So, wanted to reply and see if anyone had more help for me.
I did as Shogun said and disputed everything through the CRA's. Two came back saying they corrected the reporting and Experian said it couldn't correct it.
Do I try again with Experian, or where do I go from here?
Thank you so much for your time!
You have an agreement in writing from the OC that this would be settled/paid and $0 owed. I would start with the OC, or rather I would probably have my attorney write to the OC that they have failed to follow their agreement.