Short Sale reported by the banks....

[VegasShortSale]

I recently closed on a short sale.  The lender and the holder of the 2nd have both been reporting missed payments for nearly a year.  They have reported the accounts as paid for less with a $0.00 balance.  

My FICO scores jumped up as soon as the sale of the home was reported to the bureaus. The average was around 50-60 points to the current FICO score of 670-680.  

Here are a few questions for the experts of this forum:

1) Is there any way to have the missed payments reported other than the 6-9 months of being 90 or 120 days late?  

2) The 2nd is reporting the loan as "charged off" and paid for less.  Is this appropriate?   Anything I can do to help raise my score with this?

3) With my current FICO score between 670-680, Is it possible to qualify for a conventional mortgage right away? (assuming 20% down, 30 yr. fixed)

Thanks in advance,

VegasShortSale

[IOBA]

1.  How would you want the late payments reported?

2.  Yes, it is a charge off.  They didn't collect the full amount owed.   They determined that they would not be able to collect the money from you.

3.  With the FICO scores, yes.   However, they may not do a mortgage so close to a short sale.   And I think the recent lates would prevent you from being eligable for a mortgage as well.   The lenders want a clean credit report for a MINIMUM of a year, usually 2-3 yrs.