Foreclosure University Forum

HELOC damaging credit report way after foreclosure (Home Equity Lines of Credit)

by BobbyDuck, Wednesday, April 23, 2014, 13:24 (1430 days ago)

In late 2011 PNC foreclosed my home in Michigan and took it, leaving a $250K Citibank HELOC without resolution.
Citi sent the debt to 2 different collection agencies but they both apparently gave up when I asked, by letter, for the signed promissory note.

Three years later, Citi continues to report the debt as charged off or as bad debt / placed for collection, depending on the bureau. In all three bureaus the account shows as closed, but with that big $250K balance and, mainly, with monthly reports of KD - Key Derogatory status.

Other than impossibly paying it off, what should I do to get rid of this debt and its stain in my credit report?

Note: I now live in California.


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