Homeowners who have lost their homes to foreclosures or through short sales may be able to buy another home in as little as two years by taking immediate steps to rebuild their credit.
Consumers who have had their homes foreclosed upon or sold via a short sale, where the lender agrees that the owner can sell the home for less than is owed on the mortgage, are advised to review their credit report as soon as possible for accuracy. Web sites such as annualcreditreport.com offer free reports, but not free credit scores.
The first step in reviewing a credit report is to make certain that the information in the file is about the correct individual, and not someone with a similar name or similar Social Security number. Credit reports also should be reviewed for incorrect items, such as credit cards that were never opened or payments made that were never reported.
Homeowners who have sold their home via a short sale should review their credit report to ensure the account reflects a zero balance rather than the difference between the outstanding balance and the sales price. Consumers should not assume that a short sale carries no further obligations. Some lenders are filing deficiency judgments, while others are selling the debts to investors who then contact borrowers for repayment.
Staying current on credit card payments, applying for secured credit cards, and taking out and paying on small loans also can help to reestablish credit.
ZIP Codes: 91360, 91361, 91362, 91320 Location Characteristics: Beautiful and safe Thousand Oaks, located between Los Angeles and Santa Barbara.
About Adela Anderson:
Giving Service and Selling Houses since 1989. “I will focus all of my energy and resources with uncompromising honesty and integrity toward meeting your real estate goals.” “I will provide you with my knowledge, skills and enthusiasm, ensuring that YOU experience a successful and profitable real estate transaction.” “I will earn the right to be your Realtor for life.” Adela Anderson
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
