Help! About BOA- incorrect credit reporting after short sale?

We miraculously managed to complete a ss through BOA at the end of Feb. of this year.
Now they are reporting on our credit reports that we have a delinquency of 30k *the difference of what the house sold for to what we owed BOA*. After numerous frustrating calls to BOA, to date, they will not give me an answer as to why they are reporting this on our credit and they have NEVER asked us to pay back the 30k and as a matter of fact, we offered to pay the difference so they would not report that on our credit report. I spoke to one gentlemen who indicated that it looked like it would be "charged off".

Is there anything we can do to get this removed or fixed? We get one huge runaround from BOA. Any thought, comments that might help us in straightening this mess out? We are currently trying to get another loan and underwriter needs a letter from BOA stating that we are released from this from Liability from this issue but BOA refuses to do ANYTHING one way or another saying that the short sale has closed and its basically not their problem anymore!

HELP!

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Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on October 28, 2011 at 7:59am
Permalink Reply by Jeff Payne on October 28, 2011 at 8:40am

S Smith, how long ago was this short sale?  Curious how you are getting a new loan, would love to know what type of loan and what type of loan product you are getting.  How far did your credit score drop after the short sale?

Also, have you checked with your county records to see if a satisfaction of mortgage was recorded?  Did your approval letter state that they would waive any deficiency?

Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on October 28, 2011 at 10:30am

First, did your agreement include a waiver of deficiency?

What type of FHA, conventional?

Who was the investor HUD, Fannie Mae, GNMA or who?

 

The best way to attack the credit report issue is to write the creditor (BofA) and or the Credit Reporting Agency (TranUnion etc) and state under the Fair Debt Collection Practices Act you dispute the amount of indebtedness and ask them to furnish proof of the indebtedness. Legally they have 30 days to respond. If they do not then by law the item has to be removed from your credit report. Please be aware that any offer to pay the amount, verbal or otherwise extends the statue of limitations for collection. So do not offer to pay the debt at this point.

 

 

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