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Can a foreclosure be removed from credit if bank goes out of business?
Wiki User
∙ 13y ago
While the record of the foreclosure is valid and should remain regardless of the fate of the bank, technically it may be possible to remove it from your credit. Like any other item on your credit report you must dispute it. If you can supply reasonable evidence that the debt item is not yours, the credit agencies (Trans Union, Experian & Equifax) have 30 days to verify that the debt item is yours and reporting correctly. If the bank is no longer operating this may not be possible. However, if the bank was purchased by another entity or its records are otherwise managed by an exisiting company, verification may be possible.
Wiki User
∙ 13y ago
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Can a foreclosure be removed from your credit report?
Foreclosures can be removed from your credit report like any other negative item. You must dispute it to the credit bureaus. The credit bureaus will have 30 days to verify the foreclosure or it must be removed from your credit report. With the higher amount of foreclosures lately you have a better chance of it being removed. UPDATE: Actually, you can force Equifax, Experian and TransUnion to remove a Foreclosure from your credit report and you can do it legally using a federal law that is in place. Credit Bureaus MUST have "verifiable proof" of the "foreclosure account" in their files if they are going to report the negative item on your report. The dirty little secret the credit bureaus don't want you to know is that they do not have any "verifiable proof" in their files for any of the negative items on your credit report. The bank that held your mortgage may have this information on file but the credit bureaus don't. If you request the credit bureau to provide you with the "verifiable proof" that they have in their files they will remove the negative from your file.
Are you responsible to pay the mortgage after foreclosure?
No. The bank owns the house after foreclosure. But your credit report will take years to fix. Good luck.
If you were in foreclosure but sold the property before the bank took over and should your credit report state foreclosure on it if the loan was paid off in escrow?
If You Paid The Bank All Moneys Owed, And At Present Are Credit Wise Clear With The Bank. Take Your Report To A Loan Officer Then File A Report With The Credit Reporting Company, This Should Clear This From Your Credit Records.
You had foreclosure proceedings started but you sold the home and paid off the bank in full Can the foreclosure proceeding started be remove from your credit report?
If foreclosure proceedings were initiated, and that is all that is claimed on the credit report, then the bank cannot change the report. If the credit report shows that the foreclosure took place, however, the bank would have to correct that. Similarly, a credit card company won't take back any delinquent payments reporting just because the card was paid off. They are legally obligated to report accurately.
Which bank offers a corporate business credit card?
The bank that offer a coporate business credit card is TD Bank but that is not the only bank that offers this kind of business credit card. Many other banks also do.
Can a foreclosure be removed from your credit report?
Foreclosures can be removed from your credit report like any other negative item. You must dispute it to the credit bureaus. The credit bureaus will have 30 days to verify the foreclosure or it must be removed from your credit report. With the higher amount of foreclosures lately you have a better chance of it being removed. UPDATE: Actually, you can force Equifax, Experian and TransUnion to remove a Foreclosure from your credit report and you can do it legally using a federal law that is in place. Credit Bureaus MUST have "verifiable proof" of the "foreclosure account" in their files if they are going to report the negative item on your report. The dirty little secret the credit bureaus don't want you to know is that they do not have any "verifiable proof" in their files for any of the negative items on your credit report. The bank that held your mortgage may have this information on file but the credit bureaus don't. If you request the credit bureau to provide you with the "verifiable proof" that they have in their files they will remove the negative from your file.
Are you responsible to pay the mortgage after foreclosure?
No. The bank owns the house after foreclosure. But your credit report will take years to fix. Good luck.
Why would a store have to close suddenly?
a store would close by foreclosure by the bank or ur just gay and have no life or no business a store would close by foreclosure by the bank or ur just gay and have no life or no business
If you were in foreclosure but sold the property before the bank took over and should your credit report state foreclosure on it if the loan was paid off in escrow?
If You Paid The Bank All Moneys Owed, And At Present Are Credit Wise Clear With The Bank. Take Your Report To A Loan Officer Then File A Report With The Credit Reporting Company, This Should Clear This From Your Credit Records.
You had foreclosure proceedings started but you sold the home and paid off the bank in full Can the foreclosure proceeding started be remove from your credit report?
If foreclosure proceedings were initiated, and that is all that is claimed on the credit report, then the bank cannot change the report. If the credit report shows that the foreclosure took place, however, the bank would have to correct that. Similarly, a credit card company won't take back any delinquent payments reporting just because the card was paid off. They are legally obligated to report accurately.
Which bank offers a corporate business credit card?
The bank that offer a coporate business credit card is TD Bank but that is not the only bank that offers this kind of business credit card. Many other banks also do.
If I have a foreclosure on my credit will it affect me in trying to buy real estate?
If you are paying cash, NO. If you are financing it with a bank loan, usually it will. Depends on how long ago the foreclosure occured and the individual policies of the bank you are trying to get a loan from.
How do I get a business line of credit?
You can get a business line of credit from a bank. You can also check with the Small Business Administration.
Could a pending foreclosure cause a bank loan to be declined?
Yes, if one got the loan after foreclosure proceedings began. When banks make credit decisions, they want to consider as much up-to-date information as possible. If a foreclosure is coming up but is not on the credit report, the bank may grant the loan. Once the foreclosure shows up on the report, the bank will conduct due diligence and see if they would have granted the loan knowing about the foreclosure. Most banks would not and will call the loan, making you responsible for paying immediately.
What does resale mean in real estate?
In real estate, there is what they call pre-foreclosure selling of properties - wherein the owner, who is nearing foreclosure - could resell the property to a prospective buyer in cooperation of their lender / bank. This is to save the credit of the owner and avoid foreclosure that may damage their credit record.
When your home goes through foreclosure do you still have to pay the loan off from the bank?
no...the note goes back with the bank...your credit is ruined for five years
If your house was included in your bankruptcy can they also mark a foreclosure on your credit it you let the house go?
Yes, unless you bargain for a deed in lieu of foreclosure, Basic- if bank forcloses, its on your record.
