janasmith72
New Member
Hello! I live in Texas had 2 notes (both through HSBC) and my house was forclosed on. It went back to the bank and then the bank was able to sell it.
The first loan was $99,813 and was charged off/collection bad debt and my credit lists the 2nd note as forclosed and the balance owed as $266,198. Totallying $366,011. I just saw that the bank sold it for around $400,000.
My question is...once the house sold for more than I owed shouldn't the bank of removed both items (the collection/charge off and 2nd mortgage) from my credit or at least updated it to reflect that they are both paid off in full? Or in general...if the house sold for the exact amount owed what happens with my credit...or how can I ensure my credit reflects it?
Also, are there any tax issues I should be aware of? Thank you!
The first loan was $99,813 and was charged off/collection bad debt and my credit lists the 2nd note as forclosed and the balance owed as $266,198. Totallying $366,011. I just saw that the bank sold it for around $400,000.
My question is...once the house sold for more than I owed shouldn't the bank of removed both items (the collection/charge off and 2nd mortgage) from my credit or at least updated it to reflect that they are both paid off in full? Or in general...if the house sold for the exact amount owed what happens with my credit...or how can I ensure my credit reflects it?
Also, are there any tax issues I should be aware of? Thank you!