Year old HELOC on Foreclosure still reporting late
Date: Mon, 06/07/2010 - 14:35
Property is in AZ, and loan was a 2nd Purchase Money HELOC. Loan qualifies as no recourse per AZ law and should be satisfied with return/sale of property. Property was sold at auction in 7/09.
They have reported me late each month and continue to report me late. I disputed my credit report with "no such debt for that amount at this time" and they came back and said it was valid.
Did your home sell for less at the sheriff's sale than the loan
Did your home sell for less at the sheriff's sale than the loan amount? If so a lender can and will collect the difference (called the deficiency). That may be what they're asking you for.
In my state AZ the lender has no recourse for the deficiency for
In my state AZ the lender has no recourse for the deficiency for a single family house on 2.5 acres or less where the loan was purchase money.
Does the lender know that? You won't believe how many times I'v
Does the lender know that? You won't believe how many times I've seen mortgage lenders (or any other kind of lender) violate state law.
I may have a solution to have that account removed permanently.
I may have a solution to have that account removed permanently.
If you wish, you may contact me through the forum for more information.
I don't want to post a website link as it may be against forum rules.