Had a shortsale last june 2010. Today i got 3 credit reports. All credit reports show that i owe Chase 58000. Is that for real? i owe Chase zero

Asked by Thomas Klinski, Miami Shores, FL Tue Mar 29, 2011

dollars and Chase was suppose to report to the IRS which they have not, amd to all other companies
of my short sale. They gave me a " forgive any deficiency balance" letter at the closing.
My credit score has gone down to 200 because Chase failed to report anything.
This is insane. I can't even get a 1099C because they failed to report.
Any advice???

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Irina Karan, Agent, Aventura, FL
Mon Dec 23, 2013
Hello Thomas,

I agree with other agents here that you could start from disputing your credit report with all 3 agencies - explaining that it is a mistake to report this a derogatory. Chase will have 30 days to respond (which they may not) - after which this info will be removed.

You could also try to use the branch to help you.

However, you might need to dig deeper and see if there was an underlying investor (with Chase being a servicer). If that investor didn't sign off on the deal properly or they didn't keep good tracking on your file - there could be potential issues.

In that case, it is best to hire an attorney familiar wit debt handling - like credit card, IRS, short sale deficiencies handling...Some are not as expensive as others - younger hungry ones, for example.

You could also call Chase and investigate it (writing down all contacts' log) - which could help
find the weak link in the short sale transaction.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes
Linda Ivell, Agent, Mount Dora, FL
Tue Mar 29, 2011
Short sales are always a mess! Seems like one Department in the Bank has no idea of what the other department is doing. Before you even begin to start dealing with the bank, immediately write all credit bureaus, explain the situation, and show closing documents from the short sale that show the home has been sold. They should immediately remove that report on your file. Good luck!
Web Reference:  http://www.LindaIvell.com
0 votes
Antonio Vega…, Agent, Saint Cloud, FL
Tue Mar 29, 2011
Your "forgive any deficiency balance" letter is the answer to your issue. I agree with Susan, visit your local Chase branch first, keep notes of everyone you speak with, and copies of anything Chase promises to sent to the credit bureaus. It will not hurt to sent the forgive deficiency balance letter to them 3 also, always with delivery receipt.

Tony Vega
Charles Rutenberg Realty
0 votes
Susan Draper, Agent, Olympia, WA
Tue Mar 29, 2011
I am so sorry you have to fight this battle to fix the errors on your credit report. You will need to gather you documents from the short sale. Specifically, the short sale approval terms letter, typically about 3 pages long though it varies. Then go visit Chase (local branch managers can be great and you can sit there until you are satisfied that they have implemented the necessary actions to notify each credit reporting agency). Then follow-up, follow-up, follow-up.
0 votes
Carlos Herna…, Agent, Miami Beach, FL
Tue Mar 29, 2011
Call Chase ASAP explain your situation they will help you. Also have them to report to the 3 companies expedian , transunion , Equifax the short sale settlement .
0 votes
Laura Feghali, Agent, Stamford, CT
Tue Mar 29, 2011
Hello Thomas,
Sorry to hear about your situation. I suggest that you contact the attorney who handled the closing as he has knowledge of how matters should have been settled and should know how to get things corrected.
Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes
Sameer Punja…, Agent, Vallejo, CA
Tue Mar 29, 2011
I would dispute this with all three credit agencies. Also, send a certified demand letter for them to correct the credit report. These banks have so many files, they have no clue what they are doing.

Good Luck with everything.
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