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Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 36576
Experience:  16 years real estate, Realtor. Landlord 26 years
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Defaulted on a home loan in 2010 and it is now showing up on

Customer Question

Defaulted on a home loan in 2010 and it is now showing up on my credit report. I believe that they have sold the house a couple of years ago but they have it on my credit report for the whole amount. How do I get this amount reduced so it reflex's the difference between the money I owed and the money that the new owner paid for the home.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.


If there is a discrepancy on your credit report regarding how much is owed and they aren't showing just the deficiency that resulted from the amount of the foreclosure sale price being deducted from the amount owed, then your recourse here is to contact each of the 3 credit agencies (Transunion, Equifax, and Experian) and filing a formal dispute with them.


They will then have to contact the creditor and request validation of the debt by the creditor submitting proof of what you owe on the debt. If they don't do so within 30 days, then under the Fair Credit Reporting Act, they have to remove it from your report.





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