short sale and foreclosure on credit report and although bot

Submitted by phmtran on Wed, 03/03/2010 - 22:28
Forums
Credit repair

i have one foreclosure and one short sale which both show up on my report. but...my credit score is still excellent with the exception that all the debt still shows on my balance. if the foreclosure and short sale are final, why are they still in my balance? and why is my credit score still so high?

Aaron

Hi phmtran,

Foreclosure and short sale both affects credit score negatively. However, you may have been able to maintain the payments after foreclosure and short sale. This may have raised your score.

As for your account it should have shown a zero balance. What about the deficit balance after the foreclosure and short sale? Did you pay it, or were you forgiven the deficit amount ? If you would have been more clear on these details, I would have been able to help you with your query.

Hope this helps.

Regards,

Aaron

Thu, 03/04/2010 - 06:02 Permalink
phmtran

thanks for your reply, aaron...i'm going to try and paint you a clearer picture to see if you can help me more:)
my x-husband and i stopped paying on both loans for atleast 6 months or more before closing of both the foreclosure and short sale. this is why i am surprised about my score. i would've thought this alone would've affected my score negatively, but my score is still over 750. the foreclosure took place in may of last year, and the short sale in sept of last year.
for the foreclosure, the account status is marked as "potentially negative closed". i copied this from my report under "payment status" for experian : Credit Grantor reclaimed collateral to settle defaulted mortgage.
however, under "past due", the amount is still the full amount of the unpaid loan. also noted, only experian had any info for this loan, i guess it was not reported by the bank to the other two bureaus?

for the short sale, account status is also "potentially negative closed". the three credit bureau's each have something different under "payment status": Legally paid in full for less than the full balance; At least 120 days or more than four payments past due; 120 days past due. under comments from these bureaus, they were respectively: Account in dispute-reported by subscriber; SETTLEMENT ACCEPTED ON THIS ACCOUNT; Account information disputed by consumer

note: i, myself, have not disputed anything. i can't speak for my x-husband.

why are the three bureaus so different for the short sale? could this explain why the balance is still showing up on my report? neither bank ever sent me a letter requesting that i pay the deficit balance after foreclosure and short sale.

hope this helps to paint a better picture of the situation. any insights would be greatly appreciated!
thanks!

Thu, 03/04/2010 - 14:43 Permalink