CLOSE WITH PAM, INC.
SAFETY HARBOR, FLORIDA

I have unique experience helping consumers who have had a past short sale, deed in lieu or modification…. and who have this past mortgage credit coded as a foreclosure! In April of 2007, while helping an elderly couple with the newly launched FHA Secure which allowed for a refinance up to 115% of the value, to my horror, I found that the extra 15% equity came no where close to covering the to help, and many in the room of over 400 resounded the same. Negative equity, where more is owed on the mortgage then the home is worth, was being experienced at record levels. It was not just Florida, and the problem was mammoth. Fast forward to 2009. Mortgage business had grinded to a dead stop as new regulations were put in place. Past short sellers were able to come back into the housing market after two years, so I started an effort to assist these past homeowners back into housing. That’s when it was discovered that short sale credit was being coded as a foreclosure. The problem was not visually evident on a credit report. Instead, “Foreclosure” visibly showed up on the Fannie Mae Desktop Underwriting/Originating automated underwriting system (AUS) findings with the name of the affected lender, the account number and a “date reported”. The foreclosure code resulted in a new conventional mortgage loan denial even when the consumer was eligible for a new loan. at that time, the wait timeframe after a short sale was two years rather than the seven year wait time frame required after a foreclosure. Homeowners were losing jobs or taking pay cuts and many had to sell homes that were valued at less than the mortgage owed. these homeowners were tagged as ” underwater” with negative equity. The only way to work with the lender and sell a negative equity home was to do a short sale that required proof of the hardship and mortgage delinquency as the primary proof. Help Comes From Unexpected Places Many credit reporting agencies assisted in pinpointing specifically where the foreclosure code originated from. Acranet Credit reporting agency was the first to dive into the problem and connected to the National Consumer Reporting Association (NCRAinc.org) who took the problem to the Consumer Financial Protection Bureau (CFPB.gov). Soon, U.S. Senator Bill Nelson (D-Fl) was involved , taking the plight to a Senate meeting on credit and he demanded a solution to this problem that was affecting millions of past short-sellers. Multiple credit platforms were evaluated and it was soon realized that one in particular, the Meridian link platform, provided the ability for a lender who pulled a tri-merged credit report to see differences in what each of the three credit bureaus, Experian, TransUnion and Equifax, reported for the same past mortgage. A link To the breakout of the three bureaus is provided through Meridian link while other platforms require the lender to call in for this information. I many cases, visual of these differences will not be provided. in order to show differences, a tri-merged credit report from credit reporting agencies that use Meridian link is done. Committed to helping my customers achieve homeownership! Sr. Loan Officer originating residential mortgages since 1985... and still loving this business! Utilizes automated mortgage engines for FHA loans including 203K rehab, conventional loans including USDA, Homepath and rehab, and VA loans. Developed solutions for pre-short sellers and past short sellers to get them back into the housing market, and for underwater homeowners to re-gain equity back! Lived in and heavy knowledge about TND communities and developer for for assistance that will ensure that your past mortgage credit is corrected prior to making a new home purchase. Loan originators can provide a credit back to you for closing costs on a new mortgage closing. Talk to your housing counselor and lender for more details. We all know the burning feeling of embarrassment if we have ever been turned down or judged because of a financial issue. We often experience our financial worthiness as reflecting on ourselves as individuals, too. It can be mortifying to have a realtor, banker or mortgage lender tell us we are not “credit worthy” or not “qualified” for a home purchase. Such experiences can feel emotionally negative and even painful. We understand these feelings! Channel this emotional energy by getting the expertise of a certified housing counselor who has worked with thousands of people who have been in the same exact situation. Millions of people just like you have had once-in-a-lifetime experiences that resulted in a past foreclosure, short sale or other credit issue that affect their capacity to purchase a home now, years later. Many people just like you have worked hard to overcome their setbacks only to discover that miscoded credit references or other credit technicalities continue to hold back their progress. Our team understands what you are experiencing and will serve your needs in a warm, supportive and confidential manner. Let us help you succeed in achieving your financial goals and outcomes. More than 8 million homeowners have sought the assistance of nonprofit HUD approved housing counselors since the beginning of the housing crisis. It is the job of the counselor to help individuals identify their financial obstacles to homeownership and work to resolve them. Consumers report that they particularly appreciate that the counselor is there especially for them, tailoring solutions to fit the consumer’s precise situation, taking the time necessary to understand their unique issues and working tirelessly to help them reach their goal of sustainable homeownership. Helping consumers who have gone through a short sale Housing counselors can be especially useful to those individuals who went through a short sale following the crisis and are now trying to re-enter the housing market. Many of these consumers report they are incorrectly coded by the credit reporting agencies as having gone through foreclosure. Oftentimes, this error results in an otherwise-qualified borrower being denied a new home loan. This is a complex problem which requires the help of specially-trained housing counselors.