You’ve done your part to get the ball rolling, and now the credit reporting companies have to do their part.
What happens during this phase is that the credit reporting agencies have 30 days to investigate.
I use the term loosely here because the methodology that they use is not very investigatory. They take the claims and whittle the dispute down to a 2 digit code that gets checked against a reporting database called eOscar for verification.
They are afforded 30 days to do this step, unless the person disputing has gotten their credit report from annualcreditreport.com which allows them to take 45 days to check out your dispute (remember back in an earlier step where this was discussed – this isn’t the site to get your credit from!.)
While you wait, remember that whatever your credit score was before you began this process, you should be doing things now to improve it.
What I mean by this is that while waiting for the history part of your credit report to be cleaned up, you work on the future of the credit report. Take action now to build a better situation.
First, keep your report clean from this moment forward. Don’t tarnish it beginning now. Do not have a single late payment – pay your bills on time.
I know, it’s easier said than done, but it will be important in your future that you did this today. Don’t have any new collection accounts or charge offs.
Don’t, REALLY don’t, get new inquiries on your credit report – this means don’t open any new credit cards, store charge cards. No applying for everything that sounds like a good idea.
Don’t close any open credit cards. Pay off the credit card – yes, but close out the account – no. Keep this length of history long on your report.
And, just wait. The 30 days for the credit bureau investigation will fly by. Once their 30 days is up, they have 5 additional days to provide you with their findings.
If anything in their investigation was not verifiable, that item is required to be removed from your credit report. They will also send you an updated credit report.
So, watch for their letter to you in your mailbox after you complete the WAITING step. Thinking about a short sale?
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (281) 602-8050
Thinking about a loan modification? Our Houston loan modification kit has the instructions you will need to get a loan modification approved with your bank.
Thanks for reading this, Alice Monroe.
Alice is a Real Estate Agent at Corali Realty.
Alice Monroe specializes in loan modification assistance and short sales in Houston Texas. Houston Loan Modification Help, Houston Short Sales. Houston Short Sale Realtor. Houston TX Short Sales. Houston Realtor.
Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.
Alice Monroe, Corali Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Alice’s personal views and do not reflect the views of Corali Realty.
This information on Fixing Credit After A Houston Short Sale Step 7: The Waiting Period is provided as a courtesy to our viewers to help them make informed decisions.