How many of you going through “Short Sales” were told by you your lender that they weren’t intersested in talking to you about a “Mortgage Modification” or “Short Sale” untill you were two months in the rears on your mortgage payments? I don’t know about you but that is an un-natural thing to do, I have always paid my bills and have excellent credit or at least did have untill the lender 5th 3rd bank refused to even attempt to talk to us and was very rude about it.
Telling me that I had to delibertly damage my credit.
There is a group of citizens that is forming along with a group of attorneys that is putting together a Class Action suit against the banks. If you can remember back in 2001 and the mold issues when all it took was one judge sympathetic to one plaintif to bring the insurance companies to the thier knees. That’s all it would take for these banks to remove all of the negitive reporting on our credit history. Unfortunatley no one will ever go to jail over what the financial institutions have done to this country.
if your going to do a short sale on your home then being 60 days later on your payments won’t matter, the short sale will harm your credit score far more than a 60 day late.
As far as damaging your credit,did you sign a loan agreement to pay the bank a certain amount of money for a certain period of time,if you don’t do what you said you were going to do it will harm you credit,thats pretty simple
Your credit score is a reflection of if you pay what you say you are going to pay when you say you are going to pay it