Hi everyone,

 

Closes a SS with BofA a few months ago. The client just pulled her credit and it shows a foreclosure! Any tips on how we can fix this.

 

Thanks

 

Views: 538

Replies to This Discussion

Dispute it and you will have to see if the bank changes it.  What happens sometimes is when the delinquency goes over 90 to 120 days it reads like a foreclosure so you have to dispute and if it comes back that the bank verified it was a foreclosure you will have to dispute again and provide the HUD-1.  Sometimes the bank does not reply in time and then it's deleted I have also seen that.  Hope that helps.
One thought is for the seller to get a letter from the lender indicating that the sale of the home was a short sale and not a foreclosure, and then send that letter into the credit bureaus where it will be eventually reported correctly and the scores adjust accordingly.

Your client needs to have the authorization letter and the HUD. Make copies, attach and send with a letter disputing the tradeline to all agencies showing the error and requesting the change from foreclosure to paid off. HUD alone may suffice.

The tradeline should read similar to "paid off other than contracted amount", I don't know the exact verbiage.. The normal verbiage is "paid as agreed". If your client gets that on the tradeline, better yet! Her score increases on activity, so she should be well on her way to improving if she has other credit to work with.

Thanks everyone! You have been a huge help and fast too!

 

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************