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How to Remove a Foreclosure from Credit Report

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The last few years foreclosure have jumped to record highs as many people being laid off or who signed up unknowingly to strange loan terms scramble to make their house payments.

Not only does this affect your current situation but in the future, it can become almost impossible to receive a substantial loan in the future A foreclosure is a huge stain on your credit report but there are two ways in which it can be removed.

 

How to Remove a Foreclosure from Credit Report

Remove a Foreclosure from Credit Report

 

1. Since the number of foreclosure have increased.

So dramatically and so many risky loans were given recently, lenders who might not be wiling to remove a foreclosure from a credit report might be more inclined to do so

 

2. Depending on which state you live in, the foreclosure will be removed after about 7- 10 years.

If all else fails, this is the way to go. After that time a lender may continue to report the foreclosure but you or your lawyer can send a few letters in to have them stop reporting it. This method usually works.

 

3. The second method, and the more difficult one, is to use a little force.

The lender can report the foreclosure for up to the amount of time by law (7-10 years) but they can remove it earlier if they want to. You have to make a big deal about it. Send them letters, threaten to sue them. If you know a lawyer have that person send letters threatening to sue them. Make appointments with them and complain. Eventually the company might find it easier to just remove the bad mark just to not have to deal with you.

 

4. Since risky loans have been such a big deal lately, use that as your argument for complaining.

Tell the company that you are going to go to the papers about it and that you know someone high up at your local newspaper. My grandfather did this a long time ago and got a local fire marshall off his back instantly. Bad press is one of the worst things fora company.

 

5. Whatever you do, make it worth their while to remove the mark against you.

It is completely up to them to do so, even if they say they can’t.

 

6. Try to get emails of every person who works at the bank/lending company.

And email everyone that you are going to tell everyone you know to stay away from the company until the mark is removed. Make sure you make it sound like they are in the wrong in your argument, make it look like you are the victim.

 

Tips and Warnings

  • Don’t give up, it is not illegal to keep trying, and it could affect you getting another home or car loan someday
  • Don’t do anything illegal like threatening physical harm, this can lead to a lawsuit

 

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