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WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
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Experience:  Experienced real estate lawyer and real estate broker.
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Wells Fargo Mortgage falsely reported a foreclosure to the

Customer Question

Wells Fargo Mortgage falsely reported a foreclosure to the credit bureaus. I sold my home; Wells was paid in full.
Before a final divorce decree forced me to sell my home and catering facility, I applied for a loan modification.I wrote a hardship letter to the Wells loan modification agent explaining that I was in the midst of a divorce, was recently hit by a car (as pedestrian),health issues, etc. I explained that I had owned a catering company for 22 years, and had my facility within my home. Selling would not only forfeit my home, but my livelihood. Wells assured me that during the loan modification process, I need not pay the mortgage; that once approved, the late payments would be added to the loan balance and this total amount would be refinanced. They said I would have lower payments.I had a large amount of equity in the home (valued at $850,000, with a $350,000 mortgage). However, the loan modification was denied, and Wells immediately began sending notices:late notices, warning letters of intent to file a Notice of Default, foreclosure warnings. Fortunately, I sold the home. My sellers' closing statement shows Wells paid in full, Wells' Final Escrow Account Statement has a zero balance, and the MLS Listing shows that my property sold. What other document would be more definitive in expediting the removal of the false foreclosure on my credit report? This black mark on my consumer report is not only jeopardizing my hire, it has prevented me from renting a home.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 1 year ago.

As a next step, I would recommend that you initiate a credit dispute with each of the three major credit reporting bureaus.

The credit bureaus will conduct an investigation and if they determine that the information on your report is erroneous, they are under legal obligation to remove it. These are your rights provided by the federal Fair Credit Reporting Act.

You might get better results with the credit bureaus conducting the investigation, because they have a little more muscle to exert. You will have the opportunity to provide the credit bureau with your side of the story and all applicable evidence and documentation, and they will take this into consideration.

The links to open the credit bureau disputes are as follows:

Experian:

https://www.experian.com/consumer/cac/InvalidateSession.do?code=DISPUTE&channel=8342

TransUnion:

http://www.transunion.com/personal-credit/credit-disputes/credit-disputes.page

Equifax:

https://www.ai.equifax.com/CreditInvestigation/

Good luck to you. Please rate the answer 4 or 5 and close out the question now. Thanks.