Help please - how can I change a short sale report on my CR

[greenturtle]

Hello, if a similar post exists, please let me know and discard my post. Thank you.

 

Three years ago, I had a lengthy short sale. At the end of the process, I settled with the bank by paying as much as we can on the loan with a balance as debt forgiveness. In the after settlement letter, the bank said the debt forgiveness will be reported as "account paid in full for less than the full balance". As little as I understood back then, I didn't think this would be a problem for getting a mortgage in the future when we rebuild our life.

 

Now we are trying to buy a home and getting a mortgage, the lender pointed out this particular report on the short sale three years ago. Currently on my CR, it says:

 

XXX Bank INS 03/11 91125 Coll/ChrgOff TRU01

acct#YYY 180 M 637 06/07 88215 0 *

03/11 637 3822 (EFX,XPN)

SECURED

UNPAID BALANCE CHARGED OFF

The lender indicated that this line is a concern for the underwriter and should be changed to something like "balance is zero".

Could you please give me some advice/directions how I can fix this:

1. Should I contact the short sale lender and request them to change the report? If so, what should I ask them to change to?

2. Or should I dispute with the CRAs (if it's disputable)?

Thank you so much for your help!

[greenturtle]

I researched more on this forum and found goodwill letter for adjustment. Is GW letter to the OC the right approach for my case? It seems that it fits to my case well, but not totally. Thank you.

[cv91915]

It's hard to tell from how the trade line pasted, but if the letter says this will be reported as paid in full (even for less than the balance due) I believe the balance should be reporting as $0.

[nolanryan]

When was the short sale?

[cv91915]

Three years ago, I had a lengthy short sale.

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[nolanryan]

 

Three years ago, I had a lengthy short sale.

[/size]

Damn it. I'm watching a movie and posting. I'll stop now

[cv91915]

 

 

Three years ago, I had a lengthy short sale.

[/size]

Damn it. I'm watching a movie and posting. I'll stop now

I have Grand Theft Auto 5 going at 150 decibels in the TV room right below me, and I'm hanging tough.

[shifter]

The dictator has spoken.

[nolanryan]

 

 

 

Three years ago, I had a lengthy short sale.

[/size]

Damn it. I'm watching a movie and posting. I'll stop now

I have Grand Theft Auto 5 going at 150 decibels in the TV room right below me, and I'm hanging tough.

Yeah but Hunger Games is serious business