Can I have a seriously delinquent mortgage removed from my credit report if the lender refuses to foreclose?

UPDATED: Feb 21, 2012

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Can I have a seriously delinquent mortgage removed from my credit report if the lender refuses to foreclose?

I am 21 months delinquent on a mortgage for a house I no longer want. The lender does not seem to have any intentions of foreclosing soon. My credit report suffers every month, and I am wondering when this will end. Someone told me that in my state, there is a 24 month statute of limitations to sue me in civil court and that if the lender does not begin the foreclosure process within 24 months I can have it removed from my credit report. Is this true? Should I just wait, or is there something I can do to make this stop hurting my credit, so I can begin rebuilding it?

Asked on February 21, 2012 under Real Estate Law, Pennsylvania


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

The best way for you to try and resolve the issue of the delinquent mortgage on your home is to retain a real estate attorney to consult with your lender to see if it would accept a "deed in lieu" of foreclosure if it will not foreclose upon your property. The lender is under no obligation to foreclose on your home.

In any event a foreclosure would end up damaging your credit report as well. The reality is that if the lender will not accept the deed in lieu of foreclosure or foreclose on your property, there really is not much else you can do with the current situation of your distressed home.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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