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Long story short - we had a short sale 3 years ago. Now we are buying another home. We got pre-approved mid-March by new lender. Have close date of June 3, all is hunky dory until 2 weeks ago when the lender says that 1 of the credit reporting agencies shows our SS is listed as a foreclosure (which it was not). The other two credit agencies have it right (as a short sale).
The new lender will not go forward until the credit report is fixed. BofA (who we had the SS with) gave us documentation showing it was a SS (approval letter, etc) and we got all the documents (HUD, etc) from our realtor on the SS over to the new lender. The new lender STILL wants a document saying "no foreclosure happened" and BofA is saying we gave you everythng you should need. This is such BS...all over an incorrect credit report. With 2 weeks left to close what do we do? I dont even know who to call in order to get this fixed. We have been getting a "rapid re-score" done too to try to get this fixed but of course it will take an act of God to get this sale done.
Anyone with advice? We are at a loss. What would you suggest our options are at this point?
I would strongly recommend contacting the credit reporting bureau that is incorrectly listing it as a foreclosure, advise that you have received documentation from BOA that confirms it is a short sale and request they correct the report. You will need to fax them the documentation in question, and then stay on them like white on rice, I've heard some horror stories as far as how much time it's taken people to get credit report stuff fixed.
Long story short - we had a short sale 3 years ago. Now we are buying another home. We got pre-approved mid-March by new lender. Have close date of June 3, all is hunky dory until 2 weeks ago when the lender says that 1 of the credit reporting agencies shows our SS is listed as a foreclosure (which it was not). The other two credit agencies have it right (as a short sale).
The new lender will not go forward until the credit report is fixed. BofA (who we had the SS with) gave us documentation showing it was a SS (approval letter, etc) and we got all the documents (HUD, etc) from our realtor on the SS over to the new lender. The new lender STILL wants a document saying "no foreclosure happened" and BofA is saying we gave you everythng you should need. This is such BS...all over an incorrect credit report. With 2 weeks left to close what do we do? I dont even know who to call in order to get this fixed. We have been getting a "rapid re-score" done too to try to get this fixed but of course it will take an act of God to get this sale done.
Anyone with advice? We are at a loss. What would you suggest our options are at this point?
Have you contacted the credit reporting agency ? They are the ones who need to send the new lender a corrected report, not BofA.
Seems like any mortgage broker worth their salt would be on the up and up with this problem if they knew their client had previosuly had a short sale...or am I wrong?
How ethical is to do a short sale so you can just turn around and buy again in just 3 years... for better terms... screwing lenders... and then compain about problems related to something you caused yourself.
How ethical is to do a short sale so you can just turn around and buy again in just 3 years... for better terms... screwing lenders... and then compain about problems related to something you caused yourself.
How ethical is to do a short sale so you can just turn around and buy again in just 3 years... for better terms... screwing lenders... and then compain about problems related to something you caused yourself.
Really?
So people who have had a short sale for reasons you know nothing about (like maybe a death in the family) should never be able to purchase a home again? Sort of like payback for "screwing" a bank? (banks by the way screwed every American by the way)
Dont get mad because I called you out for your opinions on your choice to buy, use and return merchandise from retail stores. And you shouldnt judge folks for choices made based on traumatic life circumstances. Once again shows how you lack social skills and tact.
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