Asked by amanda, Sacramento, CA • Wed Aug 15, 2012
We lost our jobs in Feb 2010, and were unable to make our mortgage payments. The home was sold in May of 2011, and the bank shows (on our credit reports) that the loan is charged-off, but no mention of a foreclosure. Neither have we received any correspondence from the bank, such as a 1099 or intent to foreclose. This was a first mortgage on our primary residence. Does anyone know if this is normal reporting procedure?
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