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Good Evening!
I lost my house due to foreclosure back in 2007 when the economic decline in the USA disolved my job in construction. I have a few questions reguarding this issue. First off, I had an 80/20 morgage. The house was foreclosed on in 2007 and my credit report still shows, "foreclosure proceedings initiated" for the larger payment and nothing noted but missed payments to date for the smaller. Is it normal that my credit report does not list the larger morgage as already being foreclosed on and no mention of foreclosure on the smaller one? It is a 30 year morgage so will the constant non payment dings every month haunt me for the rest of my life? What are my options as far as resolving or repairing these credit issues?
Credit repair advice after foreclosure
Welcome to the forums!!!
You can contact with your lender and ask him regarding this matter. You can ask him if he has really sold-off your property. If yes, then you can request him to update your account status as “Property foreclosedâ€. For the second mortgage, you can ask him why it has written missed payment. You should ask the lender whether or not you need to pay the deficient balance. You may even negotiate with the lender for forgiving the deficient balance.