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In 2012, I defaulted on my mortgage and the home was

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foreclosed later that year. I...
In 2012, I defaulted on my mortgage and the home was foreclosed later that year. I also had an interest only Home Equity Line Of Credit loan in the amount of $26K+ which I also stopped payment on that same year. I live in California and though the creditor for the HELOC has not contacted me via telephone, mail, or collections, to collect the debt, I still see the balance owed on two of the three credit reporting bureaus. I don't want to Welch if I still owe, but when I foreclosed I was under the understanding that it would cover the HELOC as well. However, if the two credit reporting agencies are saying I do still owe, I'd like to resolve this so it no longer shows as outstanding debt on my credit report.
Submitted: 2 years ago.Category: Real Estate Law
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11/29/2015
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 29,556
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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Good afternoon. If you pulled your credit, you can always dispute/challenge the reporting agencies who are showing the HELOC and allow them to show proof of the amount owed and support the negative mark. If they can support it, you can then contact the owner/holder of the debt and propose a settlement with them. Seeing how the case is 3 years old and if nobody has contacted you, you may be able to use that to your advantage and see if they will take a lump sum payment, to satisfy the debt owed. If they agree, you can also demand they report the same to the 3 agencies, that the debt has been paid in full. This way, going forward, the credit will not continue to take a hit each month, if this is still causing negative marks to be posted.

Please let me know if you have any follow up questions or need any clarification on something which I stated above. Also, remember to rate my service at the top of this page, before exiting the site, so I can receive credit for my help. I hope you found it to be Excellent! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two lower ratings to the left, please stop and reply to me. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.

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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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