Yes, it is possible to have a foreclosure removed from your credit reports. The mistakes made by lenders have been well documented in foreclosure cases, with some banks even having to pay restitution to people whose foreclosures were mismanaged. Because of the many errors that have often occurred in foreclosure cases, including the “rubber stamping” of foreclosure documents and lack of proper procedure, it may be possible to have your foreclosure removed from your credit report permanently.
Another common way that foreclosures are removed from credit reports is through a lack of available records. This most often occurs when the bank who owned the mortgage is no longer in business. In many instances, mortgages and foreclosures were sold from one bank to the next, leaving a snarl of paperwork that made it impossible for people to pay their mortgage bills on time.
These sales also made it difficult for some banks to keep accurate records, and if the bank listed on your credit report is no longer in business, they will not be able to verify the foreclosure. Any information on your credit file that cannot be verified must be removed.
Removing foreclosures requires filing separate disputes with all three credit bureaus. Because of the way the credit bureaus work, you have to word your disputes carefully in order to avoid having your dispute deemed “frivolous”. While the FCRA offers protections for consumers, credit bureaus have the right to ignore anyone that they feel is abusing the law.
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