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To get it off the report, you'd need to get the foreclosing lender to retract the information and it is highly unlikely the lender will voluntarily do that. If you would not have purchased the property except for a fraudulent or inaccurate appraisal, you may have grounds to rescind the purchase transaction, or sue to recover money or get other relief from the court depending on your state laws. You really do need to get advice from a real estate attorney in your local area. An attorney could review the facts to determine likely defendants of legal action, such as the lender, appraiser, real estate brokers and agents. Timing is also relevant whenever considering legal action, so talk to an attorney immediately. If too much time has gone by since the problem occurred, you might not be permitted to sue. If the purchase was rescinded, then sending a copy of the court order rescinding the transaction to the credit bureaus should be sufficient to get the foreclosure information deleted from the report. If not, a separate court order could compel them to remove it. My answer assumes that the appraisal amount is SIGNIFICANTLY inflated. If the appraisal figure was only slightly high, a court might conclude differently. If the appraisal was fabricated but the valuation was reasonable, the court might not invalidate the purchase. In other words, had a legitimate appraisal been done and the valuation amount would have come in at about the same number, the court may conclude that you would have proceeded with the transaction anyway. Well, good luck.

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โˆ™ 2007-08-10 16:15:03
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Q: Can foreclosure be eliminated from your credit if you find out that you were paying on a loan that had a bogus appraisal?
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Related questions

How do you reestablish your credit after a foreclosure?

Normally it takes 7 years for a foreclosure to expunge from your credit report. However it that meantime, paying bills early, paying more then minimum on credit card bills. Just managing your money in general. Slowly over time it will improve.


What if you are a co signer on a house that is in foreclosure?

The lender can go after you for any deficiencies and the foreclosure will be reported on your credit record. As a co-signer you are equally responsible for paying the mortgage.


What happens if you are a cosigner on a house that is being foreclosed on?

The foreclosure will affect your credit record. You are fully responsible for paying the loan.


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.


If your renting a home in foreclosure when do you stop paying rent?

Not until there is a foreclosure sale.


What happens does when your name is not on the deed but it is on the mortgage and the one on the deed dies?

For some reason only known to you, you promised to pay for property you do not own. Since the primary borrower, the owner, has died you will be responsible for paying off the mortgage or your own credit will be affected and the default and foreclosure will be reported to your personal credit record.For some reason only known to you, you promised to pay for property you do not own. Since the primary borrower, the owner, has died you will be responsible for paying off the mortgage or your own credit will be affected and the default and foreclosure will be reported to your personal credit record.For some reason only known to you, you promised to pay for property you do not own. Since the primary borrower, the owner, has died you will be responsible for paying off the mortgage or your own credit will be affected and the default and foreclosure will be reported to your personal credit record.For some reason only known to you, you promised to pay for property you do not own. Since the primary borrower, the owner, has died you will be responsible for paying off the mortgage or your own credit will be affected and the default and foreclosure will be reported to your personal credit record.


Do you have to pay for a home if you are on the deed?

If your name was added to property after the property was mortgaged then you are not legally responsible for paying the mortgage and a foreclosure of the mortgage will not affect your credit. However, if the mortgage isn't paid the lender will take possession of the property by a foreclosure process.


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 is foreclosure during the great depression?

foreclosure is when a business is shut down because they are not selling their products or they are doing paying the bills.


In a foreclosure can a lender sue you for heloc?

If homeowners owe money on their HELOC (Home Equity Line of Credit), and are not paying the loan back, they can be sued for foreclosure. The HELOC is secured by the real estate, and the mortgage company has a lien on the home. When the borrowers signed for the line of credit, they agreed that the bank could foreclose on their house if they fell behind on the payments.


Can you file a bankruptcy to keep from paying definciency on a foreclosure?

Yes.


What happens if the partner on the mortgage loan moves out nd stops paying?

The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.


What to do if your name is the thrid name on a time share deed that was foreclosed on?

All three owners are equally responsible for paying the mortgage and the foreclosure will affect all owners equally. You can avoid foreclosure by paying the mortgage.


how can i get help paying my credit cards and hospital bills?

help paying credit cards


How do you prevent your home from going in to foreclosure?

By paying your mortgage payments on time.


Can you stop the property from going to foreclosure 2 days before it will be foreclosed on?

Yes, by paying the back payments. Also, filing bankruptcy prior to the foreclosure will normally put a hold on the foreclosure proceedings.


How can you rebuild credit while in the foreclosure process?

If you are not paying your mortgage, your credit is taking a hit each month, so this would be like bailing out a boat while punching holes in the bottom. The best thing to do is wait for the damage to cease, then work on re-building.


Will keeping your house and car after bankruptcy help improve your credit score?

yes and no. If you don't' keep them; they will show up on your credit report as foreclosure and repo. However, if you keep them and keep paying; they won't keep updating your credit report with positive info- because, the debt was discharged. It's a double edge sword.


How can paying down your credit cards lower your credit score?

Paying down your credit cards won't lower your scores-- but paying off and closing the credit cards will lower the scores. You want to show that your cards are not maxed out and you have plenty of room between the credit limit and the balance .


Can paying off credit cards increase your credit score?

Yes off course. Paying off any debts will increase your credit score.


What is an Example of good credit?

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Does paying your car loan on time raise my credit score?

Paying a debt on time improves your credit score if you had previously not been paying on time (or not at all!)


What is an example of exhibiting good credit?

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What will happen if an unmarried couple separates and one person stops paying the mortgage?

The other must pay the mortgage or the property will be taken by foreclosure and both credit records will suffer. If one will be paying the mortgage they should sue the other for their interest in the property or buy their interest out. You should consult with an attorney.


Does paying car insurance monthly build your credit?

Paying your insurance premiums do no report to any credit reporting bureaus.