How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask MIAMILAW1127 Your Own Question
MIAMILAW1127, Lawyer
Category: Real Estate Law
Satisfied Customers: 755
Experience:  Founding Partner at Moises Law, P.A.
Type Your Real Estate Law Question Here...
MIAMILAW1127 is online now
A new question is answered every 9 seconds

I went through a foreclosure in 2013 (I live in Michigan).

Customer Question

Hello. I went through a foreclosure in 2013 (I live in Michigan). The balance on the mortgage was about $150k and was sold in a short sale by Bank of America for $80k the following year. I am looking to get back into the housing market but on my credit report it it shows I still have $150k worth of real estate debt and the account is closed. Should this be there? Can I write the credit agencies to tell them to update the current status of the loan?
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  MIAMILAW1127 replied 9 months ago.

Hello. Thank you for contacting me. I am a consultant here and I am looking forward to assisting you with your question. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Please be patient as I will be typing my responses to you from scratch. Also, I can only answer/address the questions you ask specifically based on the information your provide. Please try to provide as much information as possible so I can best assist you.

Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

The short answer is yes. The foreclosure will stay on your credit for a period of 5 years. It is showing as the account is closed because it was addressed through the foreclosure process and the loan is no longer active.

I hope this helps. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Thank you.

Expert:  MIAMILAW1127 replied 9 months ago.

Please don't forget to rate my response if you are satisfied.

Customer: replied 9 months ago.
Thank you for the response. So if/when I receive a new mortgage my total mortgage debt will be the current mortgage balance and the old foreclosed balance?
Expert:  MIAMILAW1127 replied 9 months ago.

That is correct.

Related Real Estate Law Questions