Foreclosure in Orlando>Question Details

Alpesh Patel, Home Seller in Orlando, FL

If i get a waiver for the deficiency judgement to be sought after me, what can i tell the bank to report it as on to the credit bureau?

Asked by Alpesh Patel, Orlando, FL Sat Feb 13, 2010

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Al, is that you again? You've really got to quit asking these kind of questions with you own real name on them. As noted, you don't get to tell the bank anything. They'll do the talking.
0 votes Thank Flag Link Sun Feb 14, 2010
Hi Alpesh,

You cannot tell the bank how to report the deficiency judgment to the credit bureaus. Furthermore, the bank may not even report it to all the credit bureaus. Under the Fair Credit Reporting Act which is the Federal Law that protects consumer credit, you have no leverage and no hope of influencing the bank at all.

Once the lender reports the deficiency judgment on your credit reports, the only thing that you can do is dispute that or explain why it's there.

More bothersome to me is that the intention of the bank to get that deficiency judgment against you is to go and try to garnish wages, liquidate your bank account, go after your other assets. Are you aware that the deficiency judgment sitting on your credit report is the least of your worries?

Good luck!
0 votes Thank Flag Link Sun Feb 14, 2010
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