Paid Off Mortgage Guarantee Still On Credit Report
Started by technorat
over 13 years ago
Posts: 63
Member since: Aug 2009
Discussion about
I recently refinanced my mortgage from one where my father was a guarantor to a new one (at a different bank) where he is not on the paperwork. My sister is in the process of purchasing her own apartment and, like he did for me, my dad is going to guarantor her mortgage. The refinance occurred on December 4 and apparently my dad's credit report is still showing the guarantee -- which is causing... [more]
I recently refinanced my mortgage from one where my father was a guarantor to a new one (at a different bank) where he is not on the paperwork. My sister is in the process of purchasing her own apartment and, like he did for me, my dad is going to guarantor her mortgage. The refinance occurred on December 4 and apparently my dad's credit report is still showing the guarantee -- which is causing issues for him to guarantee my sister's mortgage. I assume there is a time lag before it comes off of the credit report, but do people know how long it generally is? I assume he can contact the credit reporting agencies individually with copies of the payoff documents, or alternatively I would imagine the bank providing my sister's loan can use the payoff information to get through underwriting and Fannie Mae. Any advice/insight would be greatly appeciated. [less]
They probably just forgot to remove it. Have him dispute it with the credit bureau, it'll likely come right off. Or you can give the bank the paperwork showing the loan was paid and closed.
Yes best for your father to contact all 3 bureaus and point out the error (with documentation). Now that the bureaus are under the purview of the newly established CFPB they are fairly responsive.
Mortgage broker here can get an updated credit report in 72 hours. What is needed is proof you refinanced which is no problem. I then submit proof of refinance to my credit reporting agency and for a nominal fee your report is updated.
Ellen Silverman
E.S. Funding Co.
esfundingco@aol.com
www.instantlender.com
very interesting