Here’s some good news for the large numbers of short sellers whose transactions have been classified as “foreclosures” by the credit reporting system: There is a new code on the launch pad that could bring more accuracy to the process, separating out short sales from foreclosures rather than having them lumped together. That, in turn, could help short sellers requalify for new mortgages much sooner than the four to seven years sometimes required after a foreclosure today. Executives at the Consumer Data Industry Association, the trade group that represents the three national credit bureaus (Equifax, Experian and TransUnion) along with several dozen other credit and consumer information companies, tell me that a new code has been developed to specifically designate short sales, so ...
May 21, 2013 by Ken Harney
May 7, 2013 by Ken Harney