Short Sale Reported as Foreclosure

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More and more short sales are being reported as a foreclosure on credit reports. The difference between a foreclosure on your credit report and a short sale can be significant. Typically, you cannot obtain financing for a home loan for 1 to 3 years after a short sale but if you have a foreclosure being reported on your credit you may not be able to qualify for financing for a home loan for at least 7 years after the foreclosure was reported on your credit.

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Is Bank of America, N.A., Wells Fargo Bank, or some other mortgage company reporting a foreclosure on your credit when you actually sold the house in a short sale? Have you been denied credit as a result of the inaccurate credit reporting? You may be able to sue them for the inaccurate credit reporting and they will have to pay you money. Call Marcus J. Hinnenthal at 612-821-4817 or email him at mhinnenthal@marsomichelson.com to discuss your case.

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