Valued Contributor
IOBA
Posts: 2,697
Registered: ‎08-13-2009
Re: False repossession on credit report

Hopefully someone else will step in and guide you.

 

What is the legal definition of "repossessed" in bank terms?   If the bank did not meet those terms, then they would be fraudently reporting.

 

I hear the banks logic - if you are 90 days late, technically in the banks mind, you are in foreclosure.   They usually report foreclosure after the 90 days.  Although some banks, will not use the word foreclosure on your credit report until they are later in the process of foreclosure OR have actually foreclosed.  Each  bank is different.

 

Did the bank start foreclosure proceedings prior to you getting a ratified sales contract?  Banks usually (again, not always) start "foreclosure" proceedures (that first letter saying you are x amount of days late, pay up or else) when you reach the 90 consequent days "late".