What is the name of your state? New Jersey
I originally posted this question on the Real Estate/Foreclosure board but no one has been able to answer. Maybe someone here has an idea of what I can do. I apologize for the length, but I had to list the question in this order.
Last year I suffered a temporary financial set- back, and some of my obligations, including my mortgage payments suffered. I ended up not being able to pay this particular loan for over 60 days, but was able to make a payment before 90 days late. I had a lot of contact with the mortgage lender and explained my situation and they claimed that they were willing to work with me.
However, with as much contact that I had with this mortgage lender on my own, there had been several calls made by them to me advising that if I did not catch up and pay the loan, they would foreclose. I had explained to the lender that I had this home up for sale and had an accepted offer which was going through the motions, and this kept them more or less at bay.
All of this occurred between Oct 2004 and December 2004. In January 2005, I closed on the home and paid off this mortgage including all late payments.
In February, I did my periodic check on my credit reports, and low and behold this lender ended up listing this loan as a foreclosure on all three agencys, but under the comments, all three reported differently. On Experian it listed as foreclosure, on Transunion they list as foreclosure redeemed and on Experain they went as far as to list it as Credit grantor reclaimed collateral to settle defaulted mortgage (which, as I stated I sold the home on my own). This home was never foreclosed! I was told that in the state of New Jersey, foreclosure begins after 120 days late. I wasn't even 90 days.
Needless to say, I disputed the listing and it came back that the bank was unwilling to change the status. I then proceeded to contact the Lender myself and was told by them that they could list this loan any way they wanted. How could this be? Doesn't the consumer have any rights? I realize I was late with the payments and did the best that I could at the time, but once again, this home was never officially foreclosed.
My questions are:
How can I correct this serious blemish on my credit? My scores are 620, 650, and 690 with this listed, so they should probably be in the 700's with this off and I would like to begin searching for another home but I don't want to get raped with the mortgage rates because of this.
And #2: Are these banks regulated in any way? How could they list whatever they want? Isn't there some federal agency governing them?
I thank you for taking the time to read and post your reply.
I originally posted this question on the Real Estate/Foreclosure board but no one has been able to answer. Maybe someone here has an idea of what I can do. I apologize for the length, but I had to list the question in this order.
Last year I suffered a temporary financial set- back, and some of my obligations, including my mortgage payments suffered. I ended up not being able to pay this particular loan for over 60 days, but was able to make a payment before 90 days late. I had a lot of contact with the mortgage lender and explained my situation and they claimed that they were willing to work with me.
However, with as much contact that I had with this mortgage lender on my own, there had been several calls made by them to me advising that if I did not catch up and pay the loan, they would foreclose. I had explained to the lender that I had this home up for sale and had an accepted offer which was going through the motions, and this kept them more or less at bay.
All of this occurred between Oct 2004 and December 2004. In January 2005, I closed on the home and paid off this mortgage including all late payments.
In February, I did my periodic check on my credit reports, and low and behold this lender ended up listing this loan as a foreclosure on all three agencys, but under the comments, all three reported differently. On Experian it listed as foreclosure, on Transunion they list as foreclosure redeemed and on Experain they went as far as to list it as Credit grantor reclaimed collateral to settle defaulted mortgage (which, as I stated I sold the home on my own). This home was never foreclosed! I was told that in the state of New Jersey, foreclosure begins after 120 days late. I wasn't even 90 days.
Needless to say, I disputed the listing and it came back that the bank was unwilling to change the status. I then proceeded to contact the Lender myself and was told by them that they could list this loan any way they wanted. How could this be? Doesn't the consumer have any rights? I realize I was late with the payments and did the best that I could at the time, but once again, this home was never officially foreclosed.
My questions are:
How can I correct this serious blemish on my credit? My scores are 620, 650, and 690 with this listed, so they should probably be in the 700's with this off and I would like to begin searching for another home but I don't want to get raped with the mortgage rates because of this.
And #2: Are these banks regulated in any way? How could they list whatever they want? Isn't there some federal agency governing them?
I thank you for taking the time to read and post your reply.