Portsmouth, NH asked in Bankruptcy for New York

Q: Can the bank report a deed in lieu as "settled" on my credit report, even though my late payments have fallen off?

I bought a home in 2010. Because I was a Marine until recently, they were unable to foreclose and the account with the late payments fell off in 2017. I am now doing a deed in lieu of foreclosure. Can the bank still report it as a "settled" account even though the original account fell off?

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4 Lawyer Answers
Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: Yes.

Bruce Alexander Minnick
Bruce Alexander Minnick
Answered

A: Yes. Banks usually report accounts settled when they are settled.

Karra Kingston
Karra Kingston
Answered
  • Bankruptcy Lawyer
  • Staten Island

A: Yes they can you can contact the credit bureaus if they don’t report it or there is an inaccuracy

Michael David Siegel
Michael David Siegel
Answered
  • Bankruptcy Lawyer
  • New York, NY
  • Licensed in New York

A: Yes, and that is the correct reporting.

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