Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Saturday, June 02, 2012
Buyer At 2nd Mortgagee-Forced F'closure Sale Unwittingly 'Inherits' Bad Payment History On Existing 1st Loan; Needs Media To Fix Resulting Credit Woes
From the San Jose (California) Mercury News Action Line:
Question:
I have worked on this to no avail for almost a year, and it is absolutely driving me mad. In January of 2011, I acquired a property on the steps of the courthouse by foreclosure.
The lender, Luther Burbank Savings, said in order to assume the loan I had to apply for it and qualify to assume. This I did, paying more than $3,000 in charges for the assumption. I had been making timely payments on this loan for almost a year.
Then the nightmare started. As soon as I assumed the loan with the same loan number as the previous owners, their bad credit appeared on my credit report. The credit reporting companies show me owning the property from 2003 when I only acquired it in 2011.
Since then, my life has been a nightmare, trying to repair this. Luther Burbank, to give them their due, has tried to have the previous bad credit erased from my credit report -- to no avail. The credit reporting companies don't respond to letters or to any other form of communication.
Luther Burbank has contacted the credit reporting companies and there is now a note in my file that says this loan number is paid as agreed, but they will not remove the years of derogatory information connected with the loan number.
You can never talk to a live person, their websites don't take complaints, and they don't reply to letters. Where can I go from here? (Kate Talbot)
Answer:
I contacted the three major reporting agencies for you, Kate. Experian spokesman Gerry Tschopp reported back: "We reviewed Ms. Talbot's credit history and found that the foreclosure information had been deleted as requested by Luther Burbank Savings. There was no indication of foreclosure in her credit report, and the account shows current with no negative payment history."
TransUnion spokesman Clifton M. O'Neal reported that your record has been corrected.
Equifax spokesman Timothy Klein said that he is looking into this for you.
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
Land Contract/Contract For Deed/Rent-To-Own Rackets
The New York Times: The Housing Trap (In the wake of the housing crisis, low-income families have turned to seller financing to buy homes but these deals can be a money trap)
Beware The Fine Print: Consumers Forced To Sign Away Their Rights To Use Court System
The NY Times: Arbitration Everywhere, Stacking the Deck of Justice(Part 1 in series examining how clauses buried in tens of millions of contracts have deprived Americans of one of their most fundamental constitutional rights: their day in court)
Foreclosure Mills' Abysmal Record In Complying With New NYS Foreclosure Requirements
Justice Deceived: How Large Foreclosure Firms Subvert State Regulations Protecting Homeowners
MFY Legal Services Report On Questionable Practices By Process Servers In Debt Collection Cases
Justice Disserved: A Preliminary Analysis of the Exceptionally
Low Appearance Rate by Defendants in Lawsuits Filed in the Civil Court of the City of New York
Mortgage Mess Redux: Robo-Signers Return (A Reuters investigation finds that many banks are still employing the controversial foreclosure practices that sparked a major outcry last year)
CNN Video: As Foreclosures Mount, Florida Court Turns To 'Rocket Docket'
The Wall Street Journal: A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases (2 Questions, 15 Seconds, 45 Days to Get Out; 'What's to Talk About?' Says a Judge)
"Produce The Note" Strategy When Dealing With Missing Promissory Notes In Foreclosure Actions
ABC Video: Fighting Against Foreclosure (Some homeowners have found a new tactic to keep the banks at bay)
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