04-12-2012 10:25 AM
I am working with an individual whose mortgage on their credit bureau reports the following data: Account closed by consumer 10/09; Paid Foreclosure; Account closed at consumers request. Account paid.
A notice of default was issued, but brought the account current prior to close and executed a sale of the home (paid in full, not a short sale). I am wondering since there was no consummation / sherrifs sale/ title transfer, and the loan was brought current prior to the foreclosure if there is a possibility of having the bureau disputed and updated to remove the coding and words "paid foreclosure".
The scores do not need to improve ( 750 middle) as this is the only derogatory item in the bureau.
04-12-2012 10:29 AM - edited 04-12-2012 10:29 AM
I'm not understanding, are you saying that this person has a 750 FICO score with a foreclosure reporting ?
04-12-2012 10:51 AM
If these are actual FICO scores, I don't really see that there is a problem. I have to say I'm very suprised that the scores could be this high with a recent forclosure.
Are you certain that the account is reporting negatively at all ?
04-12-2012 11:07 AM
I was going to ask something similar, pizzadude.
Maybe by some kind of error, this tradeline says those comments but is reporting positively.
Either that or everything else this person has is in "high achiever" status and this is just THE one thing on his report.
Still 750 is quite high for a recent foreclosure.
Maybe it really isn't listed in the Negatives.
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04-12-2012 11:13 AM
Yep, that is what I'm thinking as well, Frugal.
It sounds to me like although the comments mention "foreclosure", it is being ignored as a negative. Again, that is based on the assumption that the scores being posted are indeed FICO scores.
04-12-2012 11:57 AM
As a mortgage loan officer with 10 yrs in, I was shocked to see the scores this high. However this the bureau is filled with a good number of high credit lines rated 99+ months. The mortgage history again is the only bad.
The underwriting system smart enough to pick up the foreclosure since it comes back as a "referred" loan (referred to underwriting, not approved).
I appreciate the input!
039 - Serious delinquency
FACTA: Inquiries impacted the credit score.
39 - Serious delinquency
Fair Isaac V2
39 - Serious delinquency
*BX1 *BU1 *BQ1 [Ind]
Account closed by consumer 10/09; Paid Foreclosure; Account closed at consumers request; Account paid
5 This loan case file has been referred because a foreclosure was indicated on the credit report.
04-12-2012 01:40 PM
BofA is a tough nut to crack going by the experience of members on this board. Even if you were to get the foreclosure comment removed the multiple 30, 60 and 90 days are going to remain and I believe that is where the serious delinquency comment is coming from. I am no expert or even novice in the foreclosure process so I don't know if the notice of default is enough to keep the foreclosure comment alive.
Perhaps you could post the question or ask a mod to move it to the mortgage forum I know you are a loan officer but there are a couple there that might have an answer. And a dispute to the bureau is likely to come back verified and just add a dispute comment to the picture.
RobertEG is the resident expert on the direct dispute process (disputing the info to BofA instead of the bureaus. Either hope he chimes in or PM him to have a look at this thread.