I had my home foreclosed on after applying twice for a short sale and being told I did not qualify for a deed in lieu of. The house went up to auction and sold for 50,000. I owed 75k. I went online and checked my credit report and it said that my 75,000 debt was dropped. Is that because the bank got 50k and will have to rework how much I owe? Will the new amount show up on my credit report? I got a check in the mail from the bank for $170 because of an error in reporting something to the IRS. I wasn't sure if that had anything to do with my debt being cleared on the house but I highly doubt they just forgave my debt since I would still owe them $10,000 ish. Anyone have even an idea of what would cause the debt to be cleared? It does not say on the site. http://www.foreclosureforum.com/board/read.php?2,2452,2452#msg-2452 Thu, 16 Apr 2026 16:55:45 -0700 Phorum 5.2.15a http://www.foreclosureforum.com/board/read.php?2,2452,2453#msg-2453 http://www.foreclosureforum.com/board/read.php?2,2452,2453#msg-2453
I use Experian. They will show the original amount of the debt and the current amount as of the date the debtor reported it. Their major status indicators are OPEN, CLOSED AT CREDIT GRANTOR'S REQUEST, CLOSED AT DEBTOR'S REQUEST. There is no status called DROPPED.

Assuming the status for your loan is CLOSED AT CREDIT GRANTOR'S REQUEST, that means that the loan is a dead issue as far as the lender is concerned. They don't expect to ever collect on it. It does not mean the debt is forgiven. Very bad news for a prospective new lender is concerned.

There is nothing in the Experian credit report to the effect that the house was foreclosed at a particular price. Just the original amount of the loan and the current amount as of the reporting date.

You can get a free credit report from each of the three agencies by going to AnnualCreditReport.com.

Dond]]> Dond Foreclosure Forum Sun, 20 May 2018 06:50:36 -0700 http://www.foreclosureforum.com/board/read.php?2,2452,2452#msg-2452 http://www.foreclosureforum.com/board/read.php?2,2452,2452#msg-2452
I got a check in the mail from the bank for $170 because of an error in reporting something to the IRS.

I wasn't sure if that had anything to do with my debt being cleared on the house but I highly doubt they just forgave my debt since I would still owe them $10,000 ish.

Anyone have even an idea of what would cause the debt to be cleared? It does not say on the site.]]> ADWilliams Foreclosure Forum Fri, 18 May 2018 15:29:28 -0700