Eastlake CA - Most people think that a short sale will be the kiss of death to their credit. That is the one big advantage of a short sale over a foreclosure. Anything and everything bad on your credit can be fixed. It's called the dispute process.
In my opinion, many lenders incorrectly report credit on consumers all the time. What if the consumer doesn't understand how the process works? The consumers suffers unjustly! Just like the banks can work the system for their benefit, you can work the system to your benefit.
The information here is about how to dispute alleged errors. The law says correct but negative information should stay on your report. But, it is completely legal to challenge anything on your credit report.
It does not cost you, the consumer, any money to dispute something. In fact, if the Credit Bureau doesn't follow the federally required procedure to process your claim, they can be liable for up to $1,000.
Here is how to process works.
First, order a copy of your credit report. I prefer the printed version. That way you can read thru the entire report and make notes. You can highlight all the things that need to be fixed.
Next, rank those items by priority. The ones that are doing the most damage should be disputed first. Here are some common items that negatively affect your credit: Foreclosure, Loan Default, Late Payments, Collections, Repossession, and Bankruptcy.
A Short Sale will show up on your credit as a Late Payment and/or "Settled for less than full amount." This is still much better for your credit rating than a foreclosure. As far as disputes, it is much easier to legally challenge.
After that, you will want to dispute the items. Send all your disputes by certified mail. That way you have proof of when you sent the dispute. Then, you wait for the dispute process to be completed. Tomorrow, I will give more examples of how to dispute a questionable item.
Do you want to short sale your property and never pay the bank another penny? I can help you do that. Call me at 619 743 8884 for a free consultation. When you call, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can e-mail me at mikekwcv@gmail.com.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Eastlake CA Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Mike Watson.
Mike is a Real Estate Agent at Keller Williams Realty in Eastlake CA.
Phone: 619 743 8884. mikekwcv@gmail.com.
View My homes for sale at www.sellingchulavistahomes.com.
Mike has lived and worked in Eastlake California since 1999. Eastlake Loan Modification Help, Eastlake Short Sales. Eastlake Short Sale Realtor. Short sale Realtor. Eastlake CA Short Sales. Eastlake Realtor.
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