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seaklaus

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All good credit but for busted mortgages
Lost job to disability. Kept all bills and credit cards current, but defaulted on mortgages. After 18 months of no payments, 2nd mortgage got settled for 15%, and 1st mortgage got paid off in short sale. Credit rating took a hit of minus 120. What is the best way to rebuild?

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Top Contributor
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Just some good patience, im afraid...

With a short sale, you are looking at around 18 months to 2 years before your credit starts to improve.

This is where the banking system is bad for everyone, but them. If they have to take a loss, then they make consumers take a 'loss' as well. By that, I mean that they were able to get the credit provisions changed to where they get to take less of a risk in the long run and we consumers just get to eat it all.

It's all been written into the laws. The banking system practically owns the gov't these days. With all the lobbying that goes around, they just buy the laws that they want now.

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