I had a deed in lieu on a property in 2006 and in the process of trying to get it removed by contacting both the bank and credit bureau….the mortgage had need sold at least 3x and now Chase bank owns it. So after 2-3 letters to both the bank and credit bureaus….denying the fact …..I finally received a letter today from Chase bank stating they didn’t have the original or any documentation of when the actual deed in lieu was approved…and all they know is that it was approved and that’s why it is reporting…and reports for 7 years. The letter basically states they don’t have any documentation….does this mean that it should be potentially erased from my reports….because they cannot provide any documentation?
I am eager ti hear your response and thank you.
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It seems we are faced with a couple of different issues. The first is how the loan is reported. I’m not sure that a credit report would have a separate listing for a deed in lieu of foreclosure action but that isn’t really material anyway.
Your credit report should reflect the date you went delinquent on your mortgage and then that item should not be reported more than 7.5 years from that date. Generally these items are removed after 7 years.
So what happened after you handed the house back? Did the lender at that time then forgive the balance due and was Chase the lender at the time the home was handed back or does the loan still continue?
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