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We did a short sell 3 years ago and then mortgage co. financed the remainder. We paid on for 3 years at $210/mo and paid on time. Rec’d letter last August from mort. co. stating “exciting opportunity”, send us a money order or wire within 14 days and we’ll waive 90% (cont…)

Question continued…: of your balance or pay within 20 day’s and we’ll waive 80% and then warned there may be a “tax event”. We wired the money and stated on the wire that this satisfied our loan and also stated the same thing on our fax when we accepted their offer. We were turned down for a mortgage today because they reported on credit bureau “legally paid in full for less than the balance.” Before we sent money we asked them if it would effect our credit and they said no. We also asked them about the “tax event” and they said it didn’t pertain to our loan. We got a 1099 for $13,000 anyway. Is it legal for them to send us a letter o ffering us such an “exciting opportunity” when we weren’t late with our payments and had been paying on this loan for 3 years? We didn’t ask for “debt relief” and since me make over $170K/year had no problems making $210/mo in payments. Now we’re screwed for 7 years and can’t buy a home and this “exciting opportunity” only saved us 5K after taxes. We have all our paperwork, even letter about “exciting opportunity.” The mortgage co. wouldn’t discuss with me and tell me we have a “charge-off” account. Is there anything we can do about this…misrepresentation is how we feel.

Answer: I am sorry to hear this story as it sounds like an example of all the mortgage deception that went on all too frequently over the past few years. Having said that it sounds like you should consult a lawyer to discuss it with them. A lawyer will let you know what recourse you may have if any. Sorry I cannot advise you on that but it really is a mortgage related legal matter. I wish you the best.