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short sales: Research looks at how SHORT SALES affect scores - 11/30/11 09:58 AM
Research looks at how mortgage delinquencies affect scores How much impact does a short sale have on FICO® Scores? How about a foreclosure? Since I frequently hear these questions from clients and others, I thought I’d share new FICO research that sheds light on this very subject.The FICO study simulated various types of mortgage delinquencies on three representative credit bureau profiles of consumers scoring 680, 720 and 780, respectively. I say “representative profiles” because we focused on consumers whose credit characteristics (e.g., utilization, delinquency history, age of file) were typical of the three score points considered. All consumers had an active … (0 comments)

short sales: Did you know that MBA defaulted on their mortgage? Hilarious but true - 10/12/10 11:00 AM
Mortgage Bankers Association Strategically Defaults on their 79,000,000 mortgage.
This is really true! Another John Stewart spoof of MBA...this is the best case of someone being "tongue-tied"...I think this should be a must see by any Seller who is feeling a bit blue about doing a Santa Cruz Ciounty Short Sale   
http://www.thedailyshow.com/watch/thu-october-7-2010/mortgage-bankers-association-strategic-default
I was clueless until I saw this on a Comedy TV show.  Mortgage Bankers Association did a strategic default on their headquarters in Washington DC last year. Yes, you read that right...they walked away. When the MBA's own building depreciated they made the financial decision to walk away.
OK, … (1 comments)

short sales: Can you remove foreclosure / short sales from your credit report? - 10/07/10 01:36 PM
You certainly can!
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.  … (0 comments)

 
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Patti Lyles, Santa Cruz County Short Sale & REO Agent (831) 335-2100

Santa Cruz, CA

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Century 21 Showcase, REALTORS®

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