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Mortgage Mixup |
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Our (my wife and I) problem is that we moved one year and six months ago into a new house to be closer to our respective jobs. This was just into the markets softening. We put our "old" house (2 years old) up for sale.
We just received our first offer about three weeks ago for $190K -- we owe $188K. After spending this amount of time using up savings/and then using cash advances to pay two mortgages, we don't have the cash to close. We have thought about getting a loan but just last month, we got a notice from our credit monitoring service saying there was a negative notation on our credit files.
It turns out our mortgage company made a one time payment increase of $22 and mailed the notice to the old house where it was returned to them and we paid our usual amount. The mortgage company considered the "short" payment a delinquent payment and put the mortgage payment into a "miscellaneous" account until we called and made the $22 payment (they waived the late fee) and told them that huge amount we just paid them was really for the mortgage. The result of this is that my wife and my credit scores have plummeted from 720ish to 635ish. I am told the only way this can be reversed is to dispute this through the credit bureau. Do you have any tips on fighting this? (P.S. -- we have four mortgages with this company and they send us mortgage statements all the time.)
My second question is that we are investigating a short sell arrangement in order to cover the costs of closing the sale. We need 12K and we are very close to the limit in being able to stay current on all our bills. Do you have any advice on this? |
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A short sale is great if you can arrange it.
If your mortgage company won't solve your credit mixup, try writing to the agency that monitors mortgage lenders in your state. They may intervene.
Let me know what happens; I'm interested. |
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Edith
Originally published on May 14, 2008 |
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