Foreclosure And Credit Report

Badbackone
Badbackone
Other/Just Looking
Plainfield, IL

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?

Thu Jun 25 2009, 16:44 - Foreclosure in Plainfield - 2 answers
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Keith Manson
Keith Manson
Agent
Milwaukee, WI

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

Web Reference: http://www.keithmanson.firstweber.com
Fri Jun 26 2009, 03:29
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Tracey Simms
Tracey Simms
Agent
Harford County, MD
FIRST ANSWER

No, It will still show as a foreclosure and will remain on your credit report for 7 years

Thu Jun 25 2009, 18:11
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