If we have not paid on our second mortgage in 2 years and our credit report shows a$0 balance, does this mean that it’s been written it off?

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If we have not paid on our second mortgage in 2 years and our credit report shows a$0 balance, does this mean that it’s been written it off?

We are current with are first mortgage but have failed to pay on the second for about 2 years. We have not heard from the company in that time and when a credit report was pulled it stated that the balance was $0.00. Will they try to get the money if we sell?

Asked on July 21, 2011 Minnesota

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

It *may* have been written off, but it also may not be; a credit report is NOT gospel, in that errors on them are not uncommon. You can't base planning on a credit report, since if it is in error, then you may find yourself being sued without warning.

You basically have two options:

1) To know for sure if the mortgage has been written off, you'd have to contact the lender and get a letter or something else in writing from them, indicating this.

2) Or if you're worried that doing the above will "remind" the lender that you're out there, so it takes action, say nothing and enjoy the situation while it lasts--but be prepared for a possible lawsuit or foreclosure, which means (among other things) that you should try to accumulate a reserve to deal with any liabiltiy or costs.


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