clean foreclosures
After a short sale or foreclosure it is a legal way to clean your credit ?
I’m in the process of short sale with one offer in escrow, but suddenly the bank which is bank of america, did foreclosure on the property, I want to be ready for everything that will happen to protect my damaged credit .Bank of America says that they will return the property to finish the short sale but I doubt it. and my real estate agent tells me don’t worry. and I really don’t know what to think.
i just did my 8th year real estate renewal classes as a broker. YOUR query is one of the most
common we talk about. Since the US is in NEW territory re foreclosures, the fed has
gotten into the picture and has told banks “under conditions A and B, do not foreclose.”
Those conditions are vague.
Therefore, recognizing the fed intervention and the clean credit needed by us all, the
ONLY suggestion I can give that is guaranteed to work is to pay every vendor/creditor
on time…….excluding your mortgage and in time, your credit score will be back up to
700-850.
luck
