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I owned a duplex in Phila in which my mother lived on 1st fl…

I owned a duplex...

I owned a duplex in Phila in which my mother lived on 1st fl and I lived on 2nd fl. When my mother became ill in 2007 she had to move. I could not sell house due to the housing market situation, so in 2008 began renting. Wanted to wait out the market but tenants destroyed house. When they stole all the copper, I could no longer maintain tenants or mortgage payments. The house was sold as Short Sale in 2013. Both 1st mortgage (Wells Fargo) and 2nd mortgage (TruMark Credit Union)agreed to pay-off terms. TruMark sent me a 1099 for the debt forgiveness and I ended paying allot of tax for 2013. Earlier this year when I applied for credit I learned that TruMark is still carrying the mortgage as an outstanding debt, past due from 2013. How should I handle this.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

PA

Lawyer's Assistant: Has any paperwork been filed?

I have not filed any paperwork except the Short Sale and tax return.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I am hoping to buy new house later this year so need to get this situation resolved in best manner.

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Answered in 29 minutes by:
1/13/2018
Lori
Lori, Lawyer
Category: Real Estate Law
Satisfied Customers: 1,211
Experience: Real Estate Attorney with over 25 years experience
Verified

Hello. Let me see if I can assist you. If Trumark did not seek a deficiency judgment after the approved short sale and forgave the debt (as evidenced by the 1099) I recommend that you write a demand letter to Trumark to correct the reporting to the credit agencies. IF the statute of limitations has run on the debt, the debt is no longer collectible and it should be removed from your credit. The issuance of the 1099 does not invalidate the remaining debt and preclude them from reporting it to the credit agencies. The statute of limitations on a promissory note is 4 years in PA so the time has run for them to collect on the outstanding balance.

Hope that helps.

Please remember to accept my response and post a positive rating.

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Customer reply replied 3 months ago
Thank you. This is information is very helpful and I will write a demand letter to TruMark since the timeline to collect has been exceeded.

You are welcome. Please remember to post a 5-star rating!

Lori
Lori, Lawyer
Category: Real Estate Law
Satisfied Customers: 1,211
Experience: Real Estate Attorney with over 25 years experience
Verified
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Category: Real Estate Law
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