Rebuilding Your Credit

[UplandCitizen]

I'm going through a HAFA short sale right now, with no 30 day late payments.  I have not paid October's bill because the Short Sale was to close by the 19th and extended a week.  I will let you know what happens.  This is with BofA and they told me they do not report a late payment until after 30 days. 

[UplandCitizen]

The buyers lender (also BoA) has not issued Loan Docs as of today.  Looks like I will have to pay October's mortgage inorder to avoid a 30 day late.   I'll keep you up to date when it closes and I get a FICO score update. 

[UplandCitizen]

So, my HAFA loan has not closed because of the buyers lender has not finished docs.  Should probably close this week but in order to avoid a 30 day late, I paid my October bill today.   

At least, if everything goes smoothly and we close in the next couple weeks, I will be able to close my HAFA short sale without any 30 day lates. 

[ycart]

You should ask BOA if they will report it as a settlement (even without lates that is bad for credit) ask them how it will b updated? Leet me know? Hope it goes well for u!

[UplandCitizen]

What could I suggest they report it as?

[UplandCitizen]

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ycart wrote:
You should ask BOA if they will report it as a settlement (even without lates that is bad for credit) ask them how it will b updated? Leet me know? Hope it goes well for u!

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This is the link to the BoA website:

http://homeloanhelp.bankofamerica.com/en/cooperative-short-sale.html

If a short sale is completed on your property, we will report that your loan was “paid in full for less than the full balance.”

What is the ramification of this?

[UplandCitizen]

FYI:

I just completed the HAFA short sale on 11/20/12.  It was reported by BoA on December 1, 2012 with a derrogatory comment was made that affected by credit:

     EQ:  806 to 694

     TU:  811 to 677

Not sure why the TU dropped so much more that the EQ. 

[mf91745]

We completed a HAFA short sale w/ BofA in Nov 2012. The tradeline in our Experian report says,

Status: Paid in settlement.

Creditor's Statement: Account legally paid in full for less than full balance.

It also shows 30-150 days past due.

Is this consistent with BofA reporting "Account Status Code = 13"?

My TU score went from 730 to 660, but I had other baddies on my report.