Forclosure that never closes? HELP

[asleeponabeach]

Hi,

I had two rental proporties forclosed on in 2004. One of them shows closed for 2004. The Second one does also. BUT!! they are reporting it as 90 days late Every three months right up until April of 2008!! I am trying to buy a home but can't get a mortgage because they are Still reporting this as late even though there is a closed date for 2004 and that was the year the Property was actually resold. Can they do this for the rest of my life so I can never again get a mortgage? What Can I do to have them stop this and is it legal??

Dan

[lrprn]

You didn't mention bankruptcy, just foreclosure. My guess is that you were 90 days late when the bank foreclosed. This makes the information on the credit report correct.

You can try disputing the 90 day lates after the foreclosure, but it won't surprise me if the lender states it's accurate.

Foreclosures drop off your credit report in 7 years. If you have a generous downpayment on a home, often lenders will overlook a recent foreclosure. However, if you are in an area with downward spiraling home values, you will be better off waiting to do anything until the housing market bottoms out. Otherwise you are going to end up in a house that could be significantly overpriced as the market continues to crash - not a good thing.

[asleeponabeach]

Hi,

Actually My Credit Score is Almost 700, I have been turned down only because Saxon Mortgage company has for the last four years added a 90 days late to my credit report every three months. you should see the long list under this forclosure. if they continue this for three more years that one item will take up an entire page of my credit report. Can I get an attorney to help me at least stop them from continually adding these 90 Days late to a forclosure which has been closed and resold 4 years ago?

[krielly]

Did you owe them a balance after the foreclosure sale?

Have you disputed this with the Credit reporting agency?

[FreshLikeADaisy]

Asleep, you should be able to successfully dispute this with the credit bureaus, UNLESS this is something regarding a deficiency judgement that you still owe (or they think you do). From what you are saying, Saxon is reporting a closed account as open and active (in default), and past activity as current. If you don't owe them anything, you should be able to get it off your credit report. But go through the credit bureaus; the company isn't going to do anything for you. Good luck!!!

[asleeponabeach]

Forclosure that never ends

Thanks for all the Replys!! Unfortunitely I do owe them on the balance of the mortgage. But I also owed Money on the other one as well and they are not reporting it as 90 days late constantly.
I bought Both Properties from the same guy and I think he has his own people doing the Apraisels because the Home was purchaced for $47,5000 and the forclosure sale was $4,600 I got Ripped off very badly.