hey newbie here,

quik ques..............

ive read the pinned topics and they giv good info. but not the kinda info that i need.
(unless i just missed it)


but is there a way of removing a foreclosure or loan modification off of your credit report by a single 1-2 punch?

or is this another trial where you have to go through a rehabilitation process like student loans?


any elaborative advice would help

thanx in advance for all !

bump

I doubt there is a way to remove a foreclosure using the "1-2 punch" method. In fact, if there is a deficiency or judgment lurking from the foreclosure, that very 1-2 punch might awaken a lion, so be careful. Unfortunately, with foreclosure, I think time is your best friend. The more time between the actual event and the current time the least effect as far as scoring goes, but in terms of getting a mortgage again, that would be up to the individual lender and their guidelines.

As far as a "rehabilitation" program like student loans. I've never heard of such a thing. It is what it is basically. Student loans are able to be rehabbed since the govt wants their money and this is often required to obtain any further govt funding, i.e. FHA loans, etc.

Another thing to note is even if you do get the foreclosure off your credit report which is doubtful, it won't change the timeline on buying a new house. Just because you don't have it on your credit report you still have to disclose it in your application.

there should notbe anything on your report for a loan mod

While credit reports are important & the big 3 CRA are most used, there are also other companies that report judgements as well as court filings. While the big 3 must clear data after a certain period of time,
court records are forever. Years ago this was relatively inconsequential but now, many local court records & public records are available on line - & most for free.
A foreclusure is a judgement - as is a criminal conviction(it's the state that is the plaintiff), so
it will remain in the public domain indefinitely.
FYI, if someone is interested enough, they will forget about your current FICO score & check the local court dockets & online public records database. There, you can see all documents ever filed against you - such as the Lis Pendens that is the preliminary step in a foreclosure. Evictions also reside here forever. Having a number of those against you over the years and no foreclosure reflects that you may be the type that doesn't pay until someone pulls the big guns. IRS liens & satisfactions also are listed - indefinitely. Docket records reflect the lawsuits you filed & those filed against you that are either in process or dropped - as well as any motor vehicle violations.
These won't affect your FICO after 7 years - but, for the serious background check, the court house is forever - even expunged records often still appear in the public records indices.
Serious checks are usually done either by a contracted researcher such as myself, or by vendors such as
Choicepoint & Dunn & Bradstreet. Beware of the internet wannabees - Accurint may as well be renamed IN-accrurint. Bad data is worse than no data. Choice & D &B are the next best thing to the professional researcher .

thanx good info!