Posted by River City on January 29, 2007 at 13:24:51:
It appears that you were evidently pretty far behind in your mortgage payments way before you closed in December. Mortgagees do not send “pre-foreclosure” letters just because a payment is 22 days late. They don’t generally send foreclosure letters until a borrower is probably more than 120 days late. So, I would not blame the poor credit rating on your credit report totally on the title company. They did make a mistake in not sending the payoff immediately after closing, but they are not to blame for your poor credit “history.”
We sold our home and signed the papers at the title company on Dec.15th 2006. We received a pre-forclosure letter from the mortgage company on Jan.22, 2007. A call to the title company to get the date of payoff reveiled that they had somehow “forgotten” to send the wire to pay off our mortgage back in December (39 days had gone by). This is taking a lot of time and energy to get our credit fixed and now the transaction didn’t happen before Dec.31st,2006. Don’t the title companies have to reconcile their accounts? What recourse to we have?
Thank you for your time,
Julia