As most of you know, short sales do negatively affect your credit. With regard to your FICO Scores, the credit ramifications are very similar to that of a foreclosure. In fact, the largest difference between the two on your credit report is the ability to obtain a mortgage. After a short sale, it is possible to obtain a mortgage in as little as 24 months (or even sooner, more on this later) whereas with a foreclosure, it typically takes 3-7 years for people to qualify for a home mortgage.
Moreover, if you've gone through any of the above scenarios, most likely your credit report is riddled with 30/60/90 day late payments which further reduces your FICO score, especially 90 day late payments (which has often been said to be as bad as a short sale or foreclosure itself).
So here is the question of the day:
Can Short Sale Credit Repair & Foreclosure Credit Repair Companies truly REMOVE these items from your credit report?
Many believe that this is not possible simply because of the fact that the items are negative. Well, as a nationally recognized short sale expert, I am here to tell you that this is far from the truth.
Within the Fair Credit Reporting Act, there exists a loophole that attorneys have taken advantage of for years on behalf of their clients. The key to removing negative items from your credit report is not to question the accuracy of the items, but rather, how verifiable the items are, according to FCRA requirements.
This is not something that people should try on their own. There is a specific list of items that must be documented in the event of these kind of disputes, and without proper knowledge of what these items are, creditors will not take you seriously. This is why attorneys are best known for this line of work. There are multiple, virtually unknown resources out there that have been proven to reduce & eliminate the typical consequences of a short sale & foreclosure. I highly suggest taking advantage of these built in "short-cuts" within our system.Short Sale Credit Repair - How to Remove Short Sales From Your Credit Report
For more information on how this all works, feel free to check out my blog post by clicking the following link:
Kevin Kim is author of SeattleShortSaleBlog.com and founder of Short Sail Solutions, LLC, one of the largest team of short sale negotiators in the nation, with multiple offices in 13 states.