If you are one of the unfortunate who have experienced a short sale or a foreclosure you MAY (and I stress MAY) be able to have it removed from your credit report.
With a short sale, or a foreclosure looming large on your credit report, you can just about forget about getting a mortgage to purchase a new home for a very, very long time. In today's real estate climate, you no doubt would love the opportunity to buy a new home, enjoying a much lower interest rate than what you had before loosing your home.
I have just learned of an opportunity (notice I did not say loop hole) that may allow you to start shopping for that new home very soon.
Julie Macc, a certified credit specialist with Century Law Group says that where there is a will there is a way to make purchasing a Santa Cruz home possible. She has been spending her work hours reviewing credit reports from clients to have been through the Short Sale and Foreclosure experience.
What Julie has found is that in most cases there are some major errors on those credit reports. These include errors in dates, names, address, late charges and much more. In several instances there has been reports of late mortgage payments on a property that had already been taken back, or sold though a short sale.
Once Julie has reviewed your credit reports, and located errors such as these, she has been able to have the entire item removed from the credit report.
This is not to say that your lender is not going to ask you if you have ever been though a short sale or a foreclosure (red flag) but having something of this nature taken off your credit report will go a long way to repairing your credit rating.
If you are reviewing your own credit report be sure to pull reports from all three agencies Tansunion, Experian and Equifax. What you locate on one may not show on the other two. One way to access your credit report
Now the disclaimer, While I have heard Julie speak, I have never referred a client to her or to Century Law Group. On the chance that this might actually work it should be worth the half of your time for Julie to review your reports.
Are you interested in Santa Cruz Real Estate,Buying or Selling Homes in Santa Cruz? Feel free to email me at Contact Me and I will be happy to provide you with information,listings and a FREE market analysis.