Nearing the 7 year mark...few questions

[Anonymous]

There are enough foreclosure threads here, so I'll try to keep this short and simple. 

In 2007 at the wise old age of 24 I purchased a single family home with a 100% stated income stated asset loan. This included two mortgages.

As you can imagine that didn't work out. I walked away in 2009. 

Looking at my credit report shows an indication that as of November 2015 the larger loan foreclosure mark on my credit is due to expire. 

However, I still have this second smaller mortgage to deal with, and since 2009 it has been traded around between various consolidation agencies. Just a week ago I received a a letter from a new agency asking me to pay up. There's a note saying unless I dispute their letter within 30 days I'm legally binded to the debt, or something to that effect. 

A few questions:

1. Do I need to write the CRA a request to remove the mark when the time comes? Should I have a lawyer do this?

2. I believe the second smaller mortgage will also come up for expiration. Is there any way this second mortgage can stay on my credit for more than 7 years?

3. Will I still owe the full amount of the second mortgage? In other words do I need to pay this?

4. Should I respond to the most recent letter the collection agency sent? 

Any help is appreciated. It's been a long time since I even thought about any of this stuff, and with a wife + baby now I need to sweep up the pieces so we can move forward responsibly.

[Anonymous]

1. It'll be automatic, although you can ask for an Early Exclusion (EE).
2. With a few exceptions (some student loans, judgements, and possibly tax leins) items can't stay on a report past 7.5 years.
3. You will still owe the money, however if it is past your state SOL you can't be sued for it.
4. If the debt is past SOL and close to the exclusion date it's basically a judgment call

[RobertEG]

Credit report exclusion is simply a requriment imposed on teh CRAs that they must cease the showing of derogatory information in credit reports they issue after a certain date.  The exclusion date applies to the type of derogatory information.  What are the derogs reported under each account?  Monthly delinquencies, a charge-off, foreclosure, etc.

Credit report exclusion places the derogatory information under a blanket, preventing others from becoming aware of the information by way of a simple pull of your credit report.  It does not discharge the debt or otherwise remove your continued obligation to pay the debt.

Can you provide a screen shot of the reporting?

[Anonymous]

I will upload any relevant scanned pages from my credit report as soon as possible. 

Does the SOL go by the state where I bought the house? Because currently I live in California, which is not where I purchased the home.

Thanks for the prompt replies. There's a lot to learn here, and with so many acronyms, and other nuances in the legality behind foreclosures it's very confusing. I feel buried with worry, anger, doubt...

[RobertEG]

"FDCPA 811  Legal actions by debt collectors

Any debt collector who brings any legal action on a debt against a consumer shall

(1) in the case of an action to enforce an interest in real property securing the consumer's obligation,

brng such action only in a judicial district or similar legal entity in which such real property is located, or

(2) in the cae of an action not described in paragraph (1), bring such action only in the judicial district or similar entity

(A) in which such consumer signed the contract sued upon, or

(B) in which such consumer resides at the commencement of the action."

...and of course the statute of limitations that will apply in any proceeding with be that of the state of the court where trial is being conducted.

[Anonymous]

RobertEG can you recommend anything in regard to this letter I just received from Nationwide Credit saying I still owe $94k? They are an affiliate of Ocwen, who is servicing this mortgage. You can see a scan of the image here http://postimg.org/image/yl98pbkn5/ 

Specifically I was wondering about item #3 which says "Unless you within 30 days after receipt of this notice, dispute the validity of the debt...will be assured to be valid by NCI"

Is that something I should do? And if so, how should I proceed?

[RobertEG]

That is standard language straight out of the statute (FDCPA 809) that is mandated for any dunning notice.  If you dont send a DVrequest, it is not legal proof of the debt.

If you send a debt validation request within 30 days, it will impose a cease collection bar on the debt collector, which will remain in effect until they choose to send any validation.  They are under no requirment to ever send validation, and can choose to cease further collection activities unless and until they decide to send validation.

If the debt is valid, you have no real need to send a DV request.