The liability attached to a Mortgage is in rem meaning that it follows the land. The mortgage is the security for the Note. If, for example, anyone involved on the deed or mortgage disappears, the entity entitled to foreclose can foreclose based solely on the mortgage. If the entity entitled to foreclose upon you waits three years to foreclose, you then will be listed on the foreclosure and this lawsuit will be on your credit report. Some experts believe that the foreclosure is worse than a bankruptcy for credit purposes. Unfortunately, the law requires that anyone who may have an interest in the property must be listed in a foreclosure action. If you were married at the time of the financing of the note secured by a mortgage, your spouse is awarded the property in the divorce, your spouse remarries, in a decade from now, the mortgage company will still list you in the foreclosure as a defendant because you are on the original mortgage. You have to sell or refinance to remove someone from the mortgage.
The public record section from a foreclosure stays on your credit reports for ten years. The accounts section will be gone after seven years. Your new, good credit in the last 18 months can push down damaging credit. Credit Karma is fine to check your credit score. Do not pay them a dime. You can download a form to request free annual credit reports from:
We have had so many clients get rejected over the years, that we recommend that you enlarge your driver’s license and social security card to 200%, placing the two cards in the center top of the copier. Then copy a bank statement (redacting account number) or utility bill to prove your residence. You can put your sheet and attachments in a stack along with your friends/family. Don’t paper clip or staple. Each of you will be mailed your credit report for free from Experian, Equifax and TransUnion.
If you dispute information, then send the dispute by USPS, return receipt requested and keep a copy. The above procedure is the only pure way to get the most accurate credit report if you need to sue them. The online way is a nightmare: run out of paper or ink, Internet fluctuations, computer glitches.
The above information is applicable to land located in Ohio only. To check the Ohio Revised Code, go to http://codes.ohio.gov/orc