If you have a foreclosure on your credit report it can be very damaging to your credit scores. Unfortunately, with the housing market collapse, the foreclosure rate has significantly increased over the past few years. In some areas home values dropped so much it didn’t make sense for many to stay in their homes. In addition, there were many predatory lenders that convinced many people into very bad mortgages with either high interest rates or into an Adjustable Rate Mortgage (ARM). With the home values decreasing and the financial collapse lending guidelines became very tight and it became more difficult for people to refinance their homes to get into a better situation.
It is a very difficult time for many that have had to go through the foreclosure process, but that last thing you want is for that to be compounded with inaccurate, incomplete, or unverifiable information on your credit report. The Truth and Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) were commonly violated in settlement proceedings all around the country. Also, many lenders that were around several years ago are no longer around and some that are have been acquired by others.
That combined with the many laws that were violated by these companies and the mess of paperwork from these companies has made it difficult for many companies to report accurate, complete, and verifiable records of foreclosures on consumer credit reports as it is required to be by the Fair Credit Reporting Act. If you have gone through a foreclosure or short sale process it is a good idea to have us review your credit report to make sure you don’t have these errors that could be costing you in terms of financing and your credit score.
Take advantage of our free credit analysis today from one of our credit report experts by calling 1-888-799-7267