Legal Blog of Attorney Svetlana Kaplun: 10/18/15

Sunday, October 18, 2015

I Paid Off My Mortgage in Full, Why Does Foreclosure Show Up on My Credit Report?

Question: Foreclosure proceeding were started on my house back in 2010. During these foreclosure proceedings, I was able to secure the funding to pay off the mortgage in full. This of course stopped the foreclosure proceedings. Can the mortgage company still put the foreclosure on my credit report? I am asking because I noticed it on my credit report recently.

Response: For the months that you did not pay and that you were in foreclosure, the lender reported you as delinquent. Once you become current or the loan is paid off, they have to notify the credit bureau of the updated situation. If they still report you as delinquent, you have to notify the three major credit bureaus of the error so can fix it.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.

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I Purchased a Foreclosed Home Full of Problems, What Can I Do Now?

Question: I recently purchased a foreclosure in New York. The inspection did not note any major issues. Now the home is having issues that I can't afford to deal with, mainly concerning rodents in the attic and the ducts. Altogether I can’t afford to pay for my mortgage and the repairs. What's worse is, I can't cool my home on really hot summer days and I am suspicious that the contaminated ducts are making myself and my child sick. What can I do?

Response: Since you are now the owner of the previously foreclosed property, you can now only sell it to get rid of the property. You can’t reverse the foreclosure sale. You bought the property as is. That’s the disadvantage of buying foreclosures. You don’t truly know what you are getting yourself into.