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
ConcreteDruid

0 Contributions
0 People Helped
Second mortgage from foreclosure still reporting on credit!
I purchased a home in 2006, using a first and second mortgage (80/20). I hit a hard time financially and after wiping out my savings and 401k in an attempt to pay the mortgage, I ended up moving out and letting the bank have it. The official Lis Pendens (foreclosure) was filed in 2009.

Since then, my credit report shows the first mortgage marked as foreclosed, but the second mortgage has continued to report delinquent each month. Since the second mortgage was used as purchase money, shouldn't it have been written off as foreclosed at the same time as the first?

What can I do to fix this? It's killing my credit. It's been 6 years since I left that place and have since gotten back on my feet financially, but I feel stuck! I really need a bigger car for my new family. I've been paying $170/biweekly for an '03 Chevy Blazer, which will be paid off in 2015, but the interest I've paid on this thing makes me sick!

Please help!

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
2791 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

They can report a balance on the second mortgage if they did not get enough money from the sale of the property to cover the second mortgage.  This account will fall off your report around 2016.  You can write to the bureaus and ask for verification, if you are lucky it may come off.  You need to improve your overall credit health so you won't have to pay outrageous interest fees.  Visit www.credit.about.com and start reading on how to do that.  Best of luck!

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.