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rorystanwood

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How to modify or remove an entry on my credit report?
I lost my home and the house sold taking care of the principla but not the 2nd Mortgage, It was charged off to profit an loss and the account considered closed, but in trying to rebuild My credit the is a balance that still shows up ($70,000) It's been 6 yrs) is hindering me for other options. Is it possible to just have the balance removed? Leaving the statement.

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this is called a deficiency balance and is a legitimate debt owed by you (unless the lender agreed to a short sale agreement etc). it will stay on your credit for 7 years. but you might want to check the statue of limitations in your state to determine how long they can collect from you. also make sure they did not file a judgement against you. judgements can last indefinitely. 

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