Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
kt32694

0 Contributions
0 People Helped
HOW DO I NOTE SOMETHING ON CREDIT REPORTS
I have an upside down mortgage (I owe 103,000 but appraisal only shows it worth 59,000) I listed the house for sale but homeowners was cancelled as it needs a new roof so they cancelled my insurance.I have moved out & not paid mortgage payment in over a year but bank has not yet forclosed other than that my credit is good & payments made on time but credit cards keep lowering my credit limit even though I pay on time & over the amount they want. Why does forclosure take so long?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
3051 Contributions
2786 People Helped

It depends on the state you live in, but if your state has a judicial foreclosure process (i.e. using judge and going to court) it can take up to 8 months.  If your house has little or no value, then your lender may not want to go to the expense of foreclosure and they may have decided to walk away from it as well and just let the city and/or county take it back through a tax sale.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.