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For what is worth, I sold the same house twice in Wichita KS on real estate contracts. The first time the couple broke up and both left the state. The bank and the VA advised me that I had to bring the payments current or lose the house in forclosure. This was in the 70s when interest was sky high and people couldn't get qualified, unless their credit made them eligible for a new home purchase. My interest rate was at 15.5 percent.I had sold this way because I had moved to Salt Lake and needed out of the burden of the loan. I went back to KS, reinstated the loan and paid penalties and put the house on the market again. The realtor could not get qualified buyers, and so again, I sold on a real estate contract.
This time I went to the VA and to the Bank which held the mtg. and got both to concurr that if a similar situation developed, to contact me first, to affect remedy. Both agreed. I had been transferred to Seattle and was trying to buy a house and found that my credit was bad, due to a forclosure on that house. I contacted the VA and the Pres. of the bank, and both said that they missed it due to all the forclosure activity after the high interest loans started to disappear. The last thing I wanted was the house back again, so I just raised hell with the VA and the banker, for not giving me due process and for default on their word. I was never offered the house, but the VA and the banker both gave notice, in writing to the credit rep. agency and to me that the sale was made contrary to due process and that they both wanted the bureau to remove it, which they did. My credits been fine ever since and they got it off the report, so I could complete the purchase in Seattle.
In every situation there are lessons to be learned!
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WISPER
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