Credit repair after identity theft

I just got a call today:

Me: Hello this is Andy

Caller: Hi, I’ve had identity theft and I am looking to buy a foreclosure. Someone told me that you might be able to help me.

The caller was 65 year old women who over 30 years as a widow had raised 8 children, worked two jobs at time, purchased and paid off more than 8 homes and had over 4 million cash, investments and property to her name. A well organized identity theft ring using public records got a hold of her social security number, her birth date and her parents names and used that information to mortgage all 8 of her properties including current home, open up credit cards in her name and empty her retirement account of nearly a million dollars.

This all had happened 5 years ago. This particular fraud happened about five years ago. It reached nationwide attention when the ring leader hired a hit man to kill the judge and the prosecutor on the case.

5 years later she is well on her way to coping with the initial trauma of going from financially set to penniless. She is working two jobs and including her social security she is making about 20% of what she was making at her previous job before she retired. Believe it or not this spunky lady is voraciously shopping for homes. She is looking for a creative real estate transaction that she can be involved in. However she has one problem even though she has absolute proof (court records) that she never opened any of these foreclosed mortgages or charged off credit cards. However the 3 bureaus simply will not remove the derogatory history saying that since payments were actually made on the accounts that this made them valid and they could not be updated.

I am not a credit repair expert. However I advised her to go down to her local small claims court and get the form you can use to file a claim. Then fill one out for each of the three credit bureaus and make the maximum claim possible. Then fax it over along with a well written letter letting each bureau know that she would file in court if all of the negative history that is clearly not hers is not removed in 2 weeks. I have a feeling that will work. It costs her only $50 or so to file. It costs the big companies $1000′s just to get their attorney to show up to the case. It is easier just to make a couple of key strokes than do that.

I made a note to call her and will update this blog when I find out the results. However I must say it got me thinking about a few things. She told me that she worked hard, missed out on important things with her children and slept little all so that she could have a better life later and retire. I liked her a lot and I admired her spirit. I thought to myself there is one lesson her to think about. You can never get back the time you lose with your family now. Don’t trade it for money because no matter how you play your cards and how much you get in the trade. The enjoyment of computerized currency can dwindle quickly when:
1. You die early of a heart attack or
2. Your children or spouse die early or
3. You get estranged from your children or spouse because you put money first or
4. Or your health disapears or
5. Someone steels your money or
6. You get sued or
7. Our economy collapses and our money and property becomes worthless as children starve in the streets

Darn me for my horrible imagination! But I can think of even worst. Read on.

Nothing in the future is totally guaranteed… or atleast very little. It is wise to build up for the future but don’t compromise on the quickly fleeting moments you have now to invest directly in your kids, your spouse, your self and your relationship with your creator. Neglecting any of these will become more heartache to you than not being able to retire a couple of years early… and if you love what you do you won’t mind working a couple of extra years if necessary.
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Andy Morris is an Ohio real estate broker with an expertise in selling homes on a short sale. If your Ohio home is heading towards foreclosure or you owe more than your property is worth, please call Andy at 888-4-STOP-IT to see if you qualify for a short sale with your lender.