It is really no secret that homeowners are often cajoled into agreeing to expensive payment plans or selling homes that they have worked their whole lives to purchase, simply to keep themselves out of foreclosure and pay the lender several thousand more dollars to keep their homes for a few more months. They are threatened with the impossibility of getting a loan after foreclosure or even being able to rent an apartment in many cases. But is it really a drawback for former homeowners not to be able to enslave themselves to a corrupt banking industry propped up by theft through government inflation?
Obviously, having a low credit score is entirely irrelevant to the person who relies only on himself to pay his way through life. Maintaining a great score in order to be able to increase limits on credit cards, buy homes with subprime adjustable-rate mortgages, and get a shiny new car every two years purchased with the money of others should not create a strong desire on the part of homeowners who have previously found themselves in the credit trap.
So, on the one hand, many homeowners will simply want to unplug from the system entirely, and live a voluntary life of sustaining themselves through their own efforts and productive work, while living within their means. Living independently without a credit score and credit history to worry about can be extremely fulfilling.
But on the other hand, there is also a privacy concern for many people, who do not want just anyone to be able to pull their credit, see that they have had a foreclosure, and send them unsolicited mail for more low-end credit. Thus, removing the foreclosure and as much negative information as possible may be a worthy goal for homeowners, to sanitize their credit report and move on without its use and without worrying about the past.
There are really only two ways to get a foreclosure off of a credit record. The first is relatively easy but takes a long time, whereas the second is quite difficult but can be result in the immediate removal of foreclosure from a credit report.
The first option every foreclosure victim has is to wait the 7-10 years (depending on all the circumstances, state, etc.) for the foreclosure to drop off of the credit report automatically. The credit agencies may keep reporting it after this period of time, but a few letters can have it removed after the time for its reporting has expired. In the meantime, the homeowner who does not wish to use credit any longer will simply have to wait it out. For those who do wish to keep themselves chained to the debt machine, even after foreclosure, the best thing to do may be to focus on building new, better credit records and put some time between themselves and the foreclosure. New lenders will give an old foreclosure less weight than 5 subsequent years of on-time payments, for instance.
The second way is to have the original lender remove the record from the credit report. Obviously, this is much more difficult than waiting nearly a decade, and lenders are not too willing to do this. However, it can be done the same way that consumers clean up their credit reports every day in other circumstances. Just dispute the debt, threaten the bank, sue the bank, sue the credit agencies, file complaints with regulatory agencies, and so on, until they realize that it is just easier to get rid of a crazy person by removing the foreclosure, rather than spend more time and money explaining its existence and accumulating complaints. Playing this role can often be very entertaining and enlightening for those cleaning up their credit reports, because they will experience first-hand how the bureaucrats and banks work together hand-in-hand against the average person.
Another tactic that homeowners may want to consider is emailing every single employee/officer of the bank whose email address they can locate and informing them that the complaints, letters, and negative press will continue until they remove the listing. Some lenders even publish company directories with email addresses of presidents, VPs, and directors. Again, there are no guarantees and this process is not easy, but the lender may eventually give in and remove the foreclosure or account altogether.
But it is completely up to the mortgage company as to what information is reported to the credit agencies. Especially if they have made some mistakes/violations, there is a good reason to start complaining and disputing. And all banks violate rules and laws all day, every day, because there are simply too many laws that contradict each other. It takes literally months for any of the disputes to be resolved, but this is significantly less time to worry about a foreclosure than waiting nearly a decade for it to drop off of the credit history automatically.
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