How do I get the derogatory "Settled - less than full balance" removed? Lender no longer in biz.

[Anonymous]

I short sold my home in 2012, the investor paid the bank a negotiated amount and the deal was done. However, on equifax and I think experian the account shows paid but with a remark "settled - less than full balance. It's seriously hurting my otherwise PERFECT credit. Equifax has me at 726 Experian about the same where Transunion that does not report that account has me at 816. That said, how can I get this removed from my reports? I tried calling the listed number for the bank (OCWEN/HOMEWARD RESIDENTIAL, TX) but the number just rings and it's a cell phone. I'm pretty sure the bank is out of business. How would I go about getting this derogatory remark removed if the bank is no longer operating?

Thank you for any help!

[nolamike]

you may have to hold your breath until 2019

read this

https://www.credit.com/loans/mortgage-questions/get-short-sale-to-not-affect-credit-score/

this link might give you some hope

http://aaacreditguide.com/foreclosures/

good luck, let us know what you do and how it works out

Mike

[Anonymous]

Thanks, Mike! That second link you provided might be what I was looking for. It says if I file a dispute [with the credit bureau] and the company cannot be reached via the info on the credit report the credit bureau may have to legally remove the dergatory entry because they cannot confirm it is correct with that company. I know at least the phone number is bad and willing to bet the address is no good either after 5 years. However, I know Ocwen and Homward residential still exist. Whether the credit bureau digs deep or simply goes with the address on file I don't know? Maybe someone here knows? If they simply go by address on file I might just have a good chance of getting that removed! Wouldn't that be awesome! I'm going to be submitting disputes tomorrow. Any opinions on how I should word the dispute by people seriously in the know on this subject?

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@nolamike wrote:

you may have to hold your breath until 2019

read this

https://www.credit.com/loans/mortgage-questions/get-short-sale-to-not-affect-credit-score/

this link might give you some hope

http://aaacreditguide.com/foreclosures/

good luck, let us know what you do and how it works out

Mike

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[Anonymous]

Ocwen got a lot of loans purchased from Chase. See if you can call them and if they acquired the debt and paid it off as part of a package deal. get it in writing or with the supervisor that it's not going to backfire and Chase is going to report a foreclosure too that would be funny in a terrible way.

[RobertEG]

Is it not a fact that you paid less than the full amount of the debt?

[Anonymous]

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@Anonymous wrote:
Ocwen got a lot of loans purchased from Chase. See if you can call them and if they acquired the debt and paid it off as part of a package deal. get it in writing or with the supervisor that it's not going to backfire and Chase is going to report a foreclosure too that would be funny in a terrible way.

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Not sure what you're talking about. The home was short sold and the loan was paid off at a discount rate, done deal. No forclosure. The problem is, as I stated, the lender left a remark - Settled...... That's hurting me. I'm trying to get that removed.

[Anonymous]

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@RobertEG wrote:

Is it not a fact that you paid less than the full amount of the debt?

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Yes that's a fact.

[Anonymous]

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@nolamike wrote:

you may have to hold your breath until 2019

read this

https://www.credit.com/loans/mortgage-questions/get-short-sale-to-not-affect-credit-score/

this link might give you some hope

http://aaacreditguide.com/foreclosures/

good luck, let us know what you do and how it works out

Mike

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Thanks Mike! I replied to you last night but for whatever reason it didnt post. Anyway, the second link you provided may have really helped! It says if I dispute an entry thru a credit bureau, the bureau has to check with the company on file thru their contact info listed on my report as to the valididty of the claim and if thay cannot get that verification they by law have to remove the entry, which would be my derogotory short sale settlement remark. I know the phone number on the lender info is no good and am willing to bet the 5 year old address is bad as well. These companies manuver around so much especially small ones. It's Ocwen and/or Homward Residential. I'm not sure if the bureau diggs for good contact info if the info on th report is bad or just goes on the info listed. If it's the latter i stand a good chance of getting this removed thru a dispute because the bureau will not be able to make contact with the lender for varification!

[gdale6]

Your only hope is to write the reporting creditor a GW letter and ask that it be removed. Settled for less than full balance typically is still a postive account it was for me years ago when I did what you did.

[Anonymous]

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@gdale6 wrote:

Your only hope is to write the reporting creditor a GW letter and ask that it be removed. Settled for less than full balance typically is still a postive account it was for me years ago when I did what you did.

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Gdale6, thanks but please read this and let me know what you think - 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Experts-I-need-advice-on-how-to-write-a-prope...