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Maverick
Maverick, Lawyer
Category: Real Estate Law
Satisfied Customers: 3431
Experience:  Over 13 years experience in civil law.
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On my credit report it says foreclosure redeemed. I had a problem

Resolved Question:

On my credit report it says foreclosure redeemed. I had a problem with a bank about not honoring my credit protection on my line of credit that I had been paying on for 3 1/2 years. I went to Court with them and they were unable to produce the contract. I have not been billed by the bank for 1 year or even heard from them. What does that mean. someone told me they may have been bailed out by Freddie Mac or Fannie may. The lean is still on the apt.
Submitted: 3 years ago.
Category: Real Estate Law
Expert:  Maverick replied 3 years ago.

Welcome to Just Answer! My name isXXXXX very much enjoy what I do and I hope that you will benefit from this information.

 

A plain "foreclosure" on a credit report can be devastating to a score and greatly reduce ones chances of getting a future mortgage.

 

However, if you pay back what is owed to the company before final foreclosure then the mortgage is considered redeemed, or kept open. This is when the term listed on the credit report is "foreclosure redeemed," which has less of an impact on the credit score.

 

 

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Customer: replied 3 years ago.
Why is it that they have not sent me a bill for a year or produced the papers that my lawyer asked for. They are just silent. Do you think they could have been bailed out?
Expert:  Maverick replied 3 years ago.

What appears to have happened is a temporary stalemate. Since they were not able to produce the original paperwork, they lack standing to sue. Under this situation the court could have dismissed the case without prejudice (meaning that they could refile at a later date if the find the original paperwork). If the court has not dismissed the case, then your lawyer should move to dismiss for lack of prosecution.

 

 

Customer: replied 3 years ago.
The credit protection was only for 6 months so if he dismisses it then would I still have to make the payments again or what would happen .
Expert:  Maverick replied 3 years ago.
It is unclear as to what would happen. Currently they are unable to enforce the note. The outcome would depend on whether they could ever find the note. Whether you should or should ot make payments depends on how likely you think it is that they would ever find the original note.
Customer: replied 3 years ago.
If they never find the original note does that let me off the hook. My lawyer thinks they may have been bailed out what do you think
Expert:  Maverick replied 3 years ago.

Without more facts I am not able to speculate as to whether they have been bailed out. If they never find the note, then that means that they cannot enforce it. If they cannot enforce it, then in essence you are off the hook.

Maverick, Lawyer
Category: Real Estate Law
Satisfied Customers: 3431
Experience: Over 13 years experience in civil law.
Maverick and 6 other Real Estate Law Specialists are ready to help you

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