Credit Report (Foreclosure Question)

[diznee25]

My DH and I foreclosed on our town home a few years ago. I was looking at my credit report today and noticed under the mortgage company was a remark: >Acct. paid, foreclosure discontinued<.

Does anyone know what the 'foreclosure discontinued' means? Will they not come after us for a deficiency?


Thank you for any information!

diznee25

 

[seashoreCM]

On your credit report and coming after you for the deficiency are two different topics. The bank can do both or just one as it chooses.

Account paid means that the creditor named in that credit report entry is done with it but it is possible a second company bought the deficiency debt and could come after you as if you owed him, er, it from the very start.

 

[diznee25]

Thanks, that makes sense.


diznee25