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Mt West bank and I negotiated a DEED IN LIEU settlement and they agreed in writing to report it as "Paid Settlement" and noted that they would not report the settlement in an adverse manner to credit agencies. In the 11th hour they now tell me that it is going to be reported as a DEED IN LIEU. My question is: do banks have a legal obligation to report a DEED IN LIEU as a DEED IN LIEU? Or do they have options?

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Well.. I haven't heard of any legal obligation for the lender to report a deed in lieu as deed in lieu. However, if the lender has not signed any contract with you, then he is not obligated to report a deed in lieu as a "paid settlement". He has the rights to report it as a deed in lieu.

Like | Dislike | Share | Posted: Wed, 02/09/2011 - 23:31

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