I purchased a home in Southern NJ in mid 2006 with 80/20 loan from the same loan company (American Home Mortgage) with an existing IRS Tax Lien. Yes they KNEW I had a large IRS lien. In 2008 a perfect storm of Job Issues, IRS Collection Activities and my wife losing her job with a baby on the way forced us to fall behind on our mortgage payments. All efforts to work with the bank for a modification failed and we were forced moved out of our home in October of 2008 in fear of being foreclosed on and being without a home to live in. It is now close to 2015 and the house is still in "pre-foreclosure" and is still unoccupied. The house is obviously in poor condition. I am now on a payment plan with the IRS (that chapter of my life is on the mend), but the issue of the house in NJ is still un-resolved. The loan is now owned by SLS and a collection company. SLS refuses to foreclose on the home and the issue still goes unresolved. They are reporting this on my credit as if this all happened yesterday and 7 years later I still have sub 500 credit scores. I no longer live or work in NJ in fact I live and work in Texas. I would like to put this behind us and move forward with our lives and eventually purchase a new home since we now have sufficient income to do it but I can not while this matter goes unresolved. I have considered a died in lieu but I am afraid that this will reset the "credit clock" and they will see what I make now and just come after me for the mortgage payments. Is there anything I can do in this situation?
Foreclosure: House Still in Pre-Foreclosure After 7 Years (Nj)
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