December 30, 2009
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Can Credit Repair ACTUALLY REMOVE Short Sales & Foreclosures From Your Credit Report?

Here are some frequently asked questions regarding short sales, foreclosure and how they impact your credit score and credit report.

“Does a short sale hurt your credit?”

“Short sales take more than 90 days, how will that affect my credit score?”

“How long does a foreclosure stay on your credit?”

“How does a foreclosure affect a persons credit score?”

“How long does a bankruptcy stay on your credit report”

“Can credit repair actually remove foreclosures from credit reports?

..so on and so forth.

Well, let me start off by saying that both a foreclosure and a short sale will impact your credit score.  The difference is that a foreclosure may be more damaging to your overall credit and will remain longer on your credit report than a short sale.

Short Sale:

  • 85-160 reduction to your FICO score depending on the borrower.
  • Inability to obtain a standard mortgage for at least 24 months

Foreclosure

  • 85-160 point reduction on your FICO score, depending on the borrower.  Yes, this is almost the same as a short sale.
  • Remain on credit report for 7 years.  Inability to obtain a mortgage for at least 24 months.  Difficult to obtain a standard interest loan afterwards

Bankruptcy:

  • Remains on credit report 7-10 years
  • A very large ding on credit score, usually a few hundred points

The solution:

One of the major concerns that homeowners have when going through a short sale, foreclosure or even a bankruptcy are the consequences on their credit.

However, what most homeowners do not know is that the FCRA (Fair Credit Reporting Act) requires certain steps to be made by creditors before reporting an item on a credit report, and if a creditor misses one or more of these steps (which they often do), the FCRA will not allow the item to appear on the credit report.  This includes unverifiable information, clerical errors, mistaken identities, etc.

What this basically means is that you, as a homeowner, might be qualified to have your short sale, foreclosure, late payments (30/60/90 day lates) and sometimes even your BK removed from your credit report even if they are accurate.  This is not illegal!  In fact, it is actually the law that allows you to accomplish this, since the FCRA requires conditions beyond “accuracy” to be met by creditors when reporting a negative item on your credit report.

If you are looking to purchase another home post-short sale or foreclosure, don’t fall for one of those high interest “foreclosure loans for bad credit” provided by hard money lenders who are looking to take advantage of your situation.  Rather, remove negative items using our lawyers, raise your FICO score and obtain a standard, low interest mortgage when purchasing your next house.

Credit Repair & Deletion:

My job is to help people walk away from this season in life with as clean of a slate as possible.  With the help of one of our partner law firms, you can remove foreclosures from credit reports, as well as short sales and other negative items.  Deleting negative items on your credit is a sure fire way to help rebuild your credit after a short sale, foreclosure or even BK faster than you’ve ever thought possible.

—> Use this link to access the Credit Deletion section of this website and repair your credit today

When it comes to short sales and foreclosures, listen to the experts.  Don’t do what everybody else is doing, rather, take advantage of what’s out there and milk every opportunity you can find.  The reason why most homeowners are stuck having to short sale is because they ended up purchasing homes based on feelings or the opinions of a single realtor.  This time, choose differently.  Take advantage of our knowledge on the subject and you’ll be back running in no time.

33 Comments

  1. Bob Wartinger August 19, 2010 Reply

    Hi Kevin,

    You may be interested in my personal story regarding a short sale at

    http://navigatingmortgagecrisis.com/ . Similar to your message and may help your clients from one who has been there.

    Take care,

    Bob

  2. I have a short sell one year ago. now I want to repair my credite ( remove the short sell negative record).
    I know you are one of the best expert who can help me.
    I want to know how much it will cost me (averagely) and how long it will take. I want to buy properties with mortgage soon.

    thanks for your help.
    Mingming

    • Mingming,

      Repairing your credit post-shortsale on average takes about 2 years. Not knowing your situation completely will make it difficult for me to gauge the cost and time of your credit repair. However, I strongly recommend you click on the credit repair tab above and get a free consultation from a professional. They will provide you with all the answers you need regarding credit repair.
      Hope this helps!

      SSB

  3. Hello,

    There is so much information on line that states short sales or a bankruptcy can’t be removed from your credit report. I would like more information on this. I would also like to know what information on credit reports that you would need to look at to determine if someone can actually have these items deleted.

  4. Hi Lashunda,

    It is absolutely possible for both the short sale and bankruptcy to be removed from your credit report. If you go to the credit repair website you can find examples of SS and BK being removed from numerous credit reports.

    Without knowing the specifics of your situation, it isn’t possible to determine whether you can have those items deleted. However, I strongly recommend calling a credit repair professional. This way, you can inform them of your situation and they can determine whether they can help you.
    Hope this helps!

    SSB

  5. Hi Lashunda,

    It is absolutely possible for both the short sale and bankruptcy to be removed from your credit report. If you go to the credit repair website – seattleshortsaleblog.com/credit-repair/ , you can find examples of SS and BK being removed from numerous credit reports.

    Without knowing the specifics of your situation, it isn’t possible to determine whether you can have those items deleted. However, I strongly recommend calling a credit repair professional. This way, you can inform them of your situation and they can determine whether they can help you.
    Hope this helps!

    SSB

  6. Kaiser Jones July 13, 2011 Reply

    I’ m in the process of a short sale and I had good credit up to this point! Iooking to see what services are out there to help keep my good credit!

    • Hi Kaiser,
      The best company to help you maintain your credit score is Lexington law. Here is their number: 888-586-6113
      Hope that helps!

  7. William Reese August 7, 2011 Reply

    Hello,

    Can you email me back in regards to removing short sales and foreclosures from a credit report. I am seeking to raise my credit score and have several items deleted already through another company clalled Lexington Law Firm. I am just wondering if they are doing the best they can and what move should I make at this juncture.

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