Don,..

Posted by Jim V on February 27, 2005 at 21:45:36:

In Reply to: Re: Foreclosure by unknown company posted by Don on February 27, 2005 at 19:03:20:

It's all well and good that you know Ray personally. But, his input didn't have much to do with the posted problem. Bankruptcy can discharge the responsibility for the debt, but it does not eliminate the reporting of the debt. So, although repayment might not be necessary, credit dings can certainly be expected.

I'll admit that I really didn't read this thread in depth, and I don't know Nick(CO) personally, but I think Nick's advice was pretty much appropriate. Feel free to correct me if I've mis-interpreted.

: : Our Colorado home was included in our Chapter 7, which was discharged last March. The mortgage shows on our credit report as discharged. But, we also have a past due/$XXXXX.XX dollars owed, foreclosure entry on our credit report from a company we had never heard of. When we contacted that company, they said they bought the loan from the original company in July and foreclosed on us in September. Since they bought the loan after the discharge, can they still report the foreclosure to the credit reporting agencies? What, if any, protections do we have under the Bankruptcy Code or Fair Credit?

: I know the Ray West personally and the advice for his state is exactly correct. He went personally through those steps and it would pay you to look closely to the advice and disregard the remarks of Nick of Co.

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: It's all well and good that you know Ray personally.  But, his input didn't have much to do with the posted problem.  Bankruptcy can discharge the responsibility for the debt, but it does not eliminate the reporting of the debt.  So, although repayment might not be necessary, credit dings can certainly be expected.

: I'll admit that I really didn't read this thread in depth, and I don't know Nick(CO) personally, but I think Nick's advice was pretty much appropriate.  Feel free to correct me if I've mis-interpreted.

: : : Our Colorado home was included in our Chapter 7, which was discharged last March. The mortgage shows on our credit report as discharged. But, we also have a past due/$XXXXX.XX dollars owed, foreclosure entry on our credit report from a company we had never heard of. When we contacted that company, they said they bought the loan from the original company in July and foreclosed on us in September. Since they bought the loan after the discharge, can they still report the foreclosure to the credit reporting agencies? What, if any, protections do we have under the Bankruptcy Code or Fair Credit?

: :    I know the Ray West personally and the advice for his state is exactly correct.  He went personally through those steps and it would pay you to look closely to the advice and disregard the remarks of Nick of Co.


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