Foreclosure And Credit Report
I just went through foreclosure on my home and it has been reported and shows on my credit report. I just found out the realestate company that the bank hired to sell the house just sold the house, will this sale show up on my credit report and help repair my score in any way?
A foreclosure is a foreclosure. Just because the bank has resold the property to offset their loss has nothing to do with your credit report. You need to start working on clean up your credit to prepare for the future. To give a good idea about the way underwriters view foreclosure and short sales I have attached fnma's underwriting guidlines with regards to foreclosure.
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf
Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield,Wisconsin
No, It will still show as a foreclosure and will remain on your credit report for 7 years
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