topic Foreclosure reads on Credit Report Balance and Profit and Loss in Mortgage Loans

Foreclosure reads on Credit Report Balance and Profit and Loss

Anonymous — Wed, 11 Apr 2012 13:15:25 GMT

Hello,

My home was foreclosure on August 2007 due to a major illness. I am in the process of trying to purchase another home. My credit report states 3 mortgages from HSBC with different account numbers...

1. Opened 06/05

Reported 04/12

Last Active 06/08

High Balance $575,000

Past Due $103,241

Payment Foreclosure

Balance $103,241

2. Opened 09/05

Reported 08/10

Last Active 05/07

High Balance $78,800

Past Due and Balance $78,354

Payment Profit and Loss

3. Opened 09/05

Reported 08/10

Last Active 05/07

High Balance $50,000

Past Due and Balance $47,108

Payment Profit and Loss

My mortgage company that I applied with said it was weird. I would need to get them to say $0 balance in order to move forward. Is that possible? and if so how? The property was sold March 26, 2008 for $$469,000.

Thank You in advance!!!!!!!

Re: Foreclosure reads on Credit Report Balance and Profit and Loss

llecs — Wed, 11 Apr 2012 13:44:48 GMT

Are #2 and #3 second mortgage(s)?

I'd argue that #1 is reporting incorrectly with the balance if the house was sold post-foreclosure. It should be at $0. If you had a second or third mortgage, then I believe the balances should be showing if unpaid.

Re: Foreclosure reads on Credit Report Balance and Profit and Loss

Anonymous — Wed, 11 Apr 2012 14:02:33 GMT

Thanks! I belive the 2nd is Second but no third

Re: Foreclosure reads on Credit Report Balance and Profit and Loss

llecs — Wed, 11 Apr 2012 14:18:40 GMT

I don't know why #2 and #3 would post twice like that on the same report. You might want to check in the Mortgage Loans board for more info on what needs to be paid or not paid, and how something should be reporting in the eyes of a lender. If you'd like me to whisk this away to Mortgage Loans, then give the word. There's a chance the second has to be paid, but I'll reserve comments for others.

Re: Foreclosure reads on Credit Report Balance and Profit and Loss

Anonymous — Wed, 11 Apr 2012 14:23:18 GMT

Thanks again Whisk this away?

Re: Foreclosure reads on Credit Report Balance and Profit and Loss

llecs — Wed, 11 Apr 2012 14:26:10 GMT

Moved to Mortgage Loans. Bumping for others.

Re: Foreclosure reads on Credit Report Balance and Profit and Loss

Anonymous — Wed, 11 Apr 2012 14:45:26 GMT

ok yes thanks