Short Sale Reality - Charlotte NC

How many of you have been put into a position by your Bank and had to either Forfeit or Short Sale your home?

Well, I can tell you, From Experience, I was put in this position by my bank - One of the Largest in Charlotte NC - by a CSR telling me that they could modify my loan - which at the time was over 7% - If I were to become delinquent. Seeing that you had to be delinquent at that time to "Qualify" for one of their programs.

I can also tell you - I had never missed - nor have I missed a Mortgage Payment in my life. The year was 2009. Since October 2011 - when my home was sold via a Short Sale - due to the Banks irresponsible advice, my taking it and the fact I was "under water" with the value - I decided to Ride the Situation out. As stated my home was sold Oct. 2011.

Since Oct. 2011 I have been asking, and asking and asking people of whom I know and respect - How do I Repair My Credit - Not One Person Could Answer My Question - with any dignity or respect. No one I knew had gone through the entire process or had experienced anything of the like first hand.

So - Today I finally got a few answers - from a loan originator - at the same bank that put me into this mess. By the way - Since 2009 - When my credit disappeared - Virtually was stripped from my like a wet blanket - I have paid cash for every transaction I have made - Cars, Repairs, Food, Gas, Etc....Every single expense - including my daughters Private School in Raleigh - Which is just about at the Duke University level in expense!

Here are the facts - If you have a Short Sale - There is a 2 year time frame that you have to expend prior to applying for another Mortgage. Also, your credit - other than the hopefully single blemish you have on your record (mine was one - this mortgage issue) - needs to be fairly perfect - I personally have a 700+ Credit Score - With no real Credit at this time (Meaning - No Prior Payment History Since 2009).

If you have a foreclosure - A time frame of no less than 5 years before you reapply.

Also, You need to get a Secure Credit Card or Some form of Gas Card or Something in the interim of ether the 2 years or 5 years period so you can start to show a Good Payment History - Even if you use a Secure Card - Your history will show up on your Credit Report. So Get One  and I mean Immediately. I waited almost 2 years before being told this last week.

The Bank that put me into this situation sent me a check for 1k for a Class Action Law Suit. They know they have made serious errors instructing people to become delinquent to Qualify - When there were no Qualifications at the time I was instructed to do so.

If you have any questions that I can try and Answer - Just email them to me. I hope - through this Blog  someone will find benefit from someone else information and past mistakes.

A Word of Advice: "Do Not Take the Word of a Bank CSR" - use your Gut and your Common Sense to keep your Credit in Check!

Have a good day.
AndrewCharlotte