Did you enter into a Short Sale with your mortgage lender? If so, you’d better check your credit reports to make sure that they are not reporting it as a “Foreclosure”.
Short sales are constantly turning up as “foreclosures” on consumers’credit reports. There are HUGE differences between a short sale and a foreclosure. One of them is that a consumer with a foreclosure can be locked out of getting a future loan through Freddie Mac or Fannie Mae for up to (7) seven years, while a consumer with a short sale is eligible for a loan with them in as little as (2) two years. Combined, these two institutions originate roughly 50% of the mortgages in the U.S.
What’s the cause of the problem? The banks and credit reporting agencies. NONE OF THEM HAVE A CREDIT REPORTING CODE FOR SHORT SALES, SO THEY SIMPLY LUMP THEM ALL IN AS FORECLOSURES! This affects millions of consumers who have entered into short sales with their mortgage lenders.
What’s the solution? The short answer is to hire a consumer law attorney who will represent you at no cost and may recover damages from both the mortgage lender and or the credit reporting agencies on your behalf. Best of all, the credit reports will be corrected and in many instances the entire trade line can be deleted. This in turn can actually raise your credit score by up to 100 points! Nowadays with so many companies examining one’s credit score for all sorts of things, e.g. insurance, apartments, employment, banking, etc., it’s imperative for you to maintain a good credit score. Do note that you can obtain free copies of your credit reports at www.annualcreditreport.com to see if they improperly listed you as having a foreclosure as well as any other errors and omissions. This website is maintained by the Federal Trade Commission, it is free, and it does not impact your credit score in any manner.
If you have questions about this article or any other issue concerning your credit, please contact attorney Evan Ostfeld and his legal team at (954)-227-7529, (866) I SUE YOU
(866) 478-3968 or email@example.com. We can recommend attorneys who may be able to help!