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A Ninth Common Northeast OH Short Sale Myth: A Deed In Lieu is not a foreclosure and therefore does not harm my credit like a foreclosure would

Northeast OH – A Deed-In-Lieu is often called a “friendly foreclosure.” A Deed-In-Lieu is basically the foreclosure equivalent of a plea bargain.

The biggest beneficiary of a Deed-In-Lieu is the bank. They get a faster, easier foreclosure. But, what do you, the homeowner, get?

Click here to discover how other sellers successfully did a . . . → Read More: A Ninth Common Northeast OH Short Sale Myth: A Deed In Lieu is not a foreclosure and therefore does not harm my credit like a foreclosure would

Is This Bank Breaking The Law On Northeast OH Short Sales?

Northeast OH – One large, national bank requires that all home buyers trying to buy a short sale give them their credit information before they make an offer on the house.

They are asking for the buyer’s social security number and pulling their credit report. Why are they doing this? But, more importantly is . . . → Read More: Is This Bank Breaking The Law On Northeast OH Short Sales?

Northeast OH Short Sales: How To Do a Bank of America Cooperative Short Sale

Northeast OH – You can hire a real estate agent if you want to, but it’s not a necessary step to get preapproved for the short sale. I help my sellers get preapproved but not every short sale agent offers this type of service because we don’t get paid to do it

Click here . . . → Read More: Northeast OH Short Sales: How To Do a Bank of America Cooperative Short Sale

Northeast OH Short Sale Highlights

Northeast OH – A short sale is often viewed as the only alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower.

By doing a short sale, you will retain some dignity in knowing that you sold your home and you will have no mortgage payments to make.

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How Does A Northeast OH Short Sale Affect My Credit?

Northeast OH – A successful short sale helps the seller to avoid any credit damage that could be brought about by a foreclosure.

Such damage is not something to admire as it may take a minimum of seven years for someone before it goes off your credit report. That is why is it best to . . . → Read More: How Does A Northeast OH Short Sale Affect My Credit?

Fixing Credit After A Northeast OH Short Sale Step 9: Rinse & Repeat

Northeast OH – The next step in your path to an improved credit score is to do what they say on the shampoo bottles: Rinse and Repeat.

Get my Free, Step By Step Loan Modification Guide by clicking here.

In the Rinse and Repeat phase, you just keep working their system.

Here’s what I . . . → Read More: Fixing Credit After A Northeast OH Short Sale Step 9: Rinse & Repeat

Fixing Credit After A Northeast OH Short Sale Step 8: Checking Your Results

Northeast OH – The next step in your credit repair process is a very important one. This is the time where you check the results of your efforts so far.

Get my Free, Step By Step Loan Modification Guide by clicking here. 

The credit bureaus have now sent you their results, including a new . . . → Read More: Fixing Credit After A Northeast OH Short Sale Step 8: Checking Your Results

Fixing Credit After A Northeast OH Short Sale Step 7: The Waiting Period

Northeast OH – The next step in the process of getting a cleaned up credit report, is the one that takes the least effort, but the most patience: WAITING.

You’ve done your part to get the ball rolling, and now the credit reporting companies have to do their part.

Get my Free, Step By . . . → Read More: Fixing Credit After A Northeast OH Short Sale Step 7: The Waiting Period

Fixing Credit After A Northeast OH Short Sale Step 6: Why It’s So Important To Document Everything

Northeast OH – I mentioned in the last note that you’ll need to keep a file of records about your credit restoration process. This is an important part of the process, and deserves a bit more than a brief mention.

Get my Free, Step By Step Loan Modification Guide by clicking here.

The credit . . . → Read More: Fixing Credit After A Northeast OH Short Sale Step 6: Why It’s So Important To Document Everything

Fixing Credit After A Northeast OH Short Sale Step 4: Writing The Credit Bureaus

Northeast OH – Using your work on the credit report, you are ready to take action. You are now going to write a letter to the credit bureaus about the items you’ve highlighted and noted.

Get my Free, Step By Step Loan Modification Guide by clicking here.

You are writing to the credit bureaus . . . → Read More: Fixing Credit After A Northeast OH Short Sale Step 4: Writing The Credit Bureaus