Hi Team
Here is my deli ma, I have want to buy a home but I am only one year away from my foreclosure. I have a decent income and a lot of cash but foreclosure on my credit.
Please advise.
What has changed from one year to now that would allow you to support your mortgage payments whereas a year ago you were not?
I would suggest looking for an owner financed property as you will most likely have to wait at least three years for FHA financing and five years for conventional financing.
Work on credit repair to get the foreclosure removed from your credit.
Can a forclosure be taken off your record when it is your. My question is I know that you can dispute worng information but would he be disputing information that is correct. :shocked
You can absolutely dispute information that is correct. The underlying premise is that you are disputing that they VERIFY the info, not whether the info is correct. If they cannot provide evidence of verification of the debt/tradeline/old address/etc then they are required by the Fair Credit Reporting Act to remove it from your report.
Be careful you don’t accidentally dispute/remove POSTIVE info on your credit report, as you can actually lower your score by removing positive info. Check out creditboards.com for more info.
OK Jake !!! let me see if I understand you last post. Let say I have a foreclosure on the credit report but I was late 5 times and the account show that is 6, 7, 8 0r more. I am disputing that information if they can for example check that the late payment is late or not late they need to delete everything the entire foreclosure? Did I understand that correctly ?
To be honest, your specific question is a bit beyond my knowledge, since I’ve never had to deal with a foreclosure on my credit report, so I don’t know the answer to your question. I can guarantee that someone else HAS dealt with this situation before, so I’ll refer you over to creditboards.com. Go to the forum section of the site and they have a specific group entitled “foreclosures”. Spend some time reading and you’ll probably find an answer to your question. Keep us updated on what you find, as I myself would be curious to know the answer to your question.
For some reason I can’t modify my last post, so I’ll just put up another one.
Just to add another comment, I wouldn’t be too surprised if you could get your foreclosure cleared off by disputing it based on what your described; I’ve seen some people finagle some pretty crazy things on/off their credit reports (its really just a big game, and you just need to know the rules). Its worth a shot, and again, hopefully you can find some specifics on the creditboards.
Send this with a photocopy of your drivers license and SS card to the big 3, experian, transunion and equifax. With Experian also include a photocopy of a recent bill in your name with your correct address. If they don’t respond within 30 days let me know and I will give you the second threat letter to send. Experian claims that they have 45 days on the initial check of accuracy. The others abide by the law which is 30 days.
Sign the letter and send it certified with return receipt so you will have proof of the exact date that they received the letter. Their 30 days starts then. If you have a number of things a couple will likely drop off the first time. The next time possibly nothing drops. Following that maybe one drops, etc. You keep doing it until your credit is cleared from all of these inaccuracies.
The credit system is corrupt and you have to know how to fight it. Take this for example, the rules on how long something stays on your credit varies depending on what it is. Lets say that it was something that lasts 7 years. Lets say that on 6 years and 11 months you make a payment. It was scheduled to drop off in one month. Well, You just completely restarted the 7 years. The Federal Government lets them do this to the average Joe.
How about the fact that if you pay something off completely they don’t have to take it off your credit report. They could mark it paid if they feel like it but it still effects your credit to a lesser degree. When it’s paid it should be completely gone. Creditors unethical behavior and the governments lack of action sometimes requires that you fight fire with fire.
NCAC (Experian)
P.O. Box 9556
Allen, TX 75013
Re: Complaint Letter to Delete Inaccurate Information
To Whom It May Concern:
I formally request that the following inaccurate items be immediately investigated. They must be removed in order to show my true credit history, as these items should not be on my report. By the provisions of 15 USC section 168li of the Fair Credit Reporting Act, I demand that these items be reverified and deleted from my record.
Company Name Account Number Comments
Bla Bla Bla Bla Bla Bla Not Mine
Bla Bla Bla Bla Bla Bla Does not belong to me
Bla Bla Bla Bla Bla Bla This is not my account
Bla Bla Bla Bla Bla Bla Erroneous, not mine
Since 30 days from the receipt of this letter is your allotted time under the law to reverify these entries, it should be understood that failure to do so with in that 30 day period constitutes reason to promptly delete the information from my file (FCRA 15 USC s168li (5)(A) ).
Also, pursuant to 15 USC s168li (6)(A) of the Fair Credit Reporting Act, please notify me when the items have been deleted. You may send an updated copy of my credit report to the below address. According to the provisions of 15 USC section 168lj, there should be no charge for this notification. Also, please send names, addresses and phone numbers of individuals you contacted so I may follow up.
Sincerely,
John Doe
555 Doe Road
Doe, VA 24000
000-000-0000
DOB: Bla Bla Bla
Previous Address:
555 John Road
John, VA 24000
Ok fist and for most thank you for the info. I am going to try them the worst thing that can happen is that they say no. Second the credit website creditbuster.com has very good information their is a lot lot lot lot on information a bit more complicated to navigate but good information… I am going to try your letter and see what happens and I will keep you inform. I guest my second question would be what happens if any of the information we dispute and they come back with it been verify do we have any other resources :smile?
You are right, the worst they can say is no. Actually, I can promise you that they WILL say no. Then you deny it again, and again, and again.
There is no law against you being stupid. Someone might forget that they already had that verified. They by law have to reverify it every time you ask. Lazy secretaries at the original creditor sometimes get sick of continually sending in the yes he owes it stuff so they don’t send it in. If they don’t respond it is off your credit report. Also if the credit reporting company doesn’t respond in time they too will have to remove it.
Deny every single bad thing on your credit report (that isn’t yours). Deny them a few (minimum of 4) times and when you get a pesky one that won’t drop off then at that point we will give you tips on removing it as well. Never admit that anything is yours (that isn’t). Once you have admitted you will never be able to undo the damage you have admitted to.
Persistence is the key. If you take your personal credit repair up as a hobby, in no time you will have a score in the 800’s where it should be.
Think of everything that drops off as a personal victory against the evil nasty mean spirited creditors that have been allowed by the government to unjustly screw people.
Then, make sure that you never put yourself back into the same financial position that you previously got in.
GREAT advice Hooch!
I didn’t know that you can do that. Do you know if this can be done in Canada as well?
Start working on your credit like HOOCH said, But at the same time
Look for FSBO/Investors that will take 10% to 12% Down and carrier
the Note until you can refinance.
If your in socal, I might be able to help you.
I am a Real Estate Investor… what state are u in…???
Even then, it is better to get a home through loans.