Land Park, East Sacramento
and Curtis Park Specialist

A GOOD IDEA TO ELIMINATE FICO SCORES!

A GOOD IDEA TO ELIMINATE FICO SCORES!

by | Oct 30, 2011 | Fico scores, foreclosures, Short Sales

As strange as this sounds, it has been suggested at several meetings of late. Just imagine qualifying someone who, other than a short sale or foreclosure, has perfect credit. They pay their bills on time….some even doing so until they are told that they have to have a late or non-existent payment in order to qualify for short sales. They are stable other than this one issue…the short sale or foreclosure. Can you imagine the number of qualified buyers we would have out there and how quickly the housing industry would recover if these people could purchase sooner than 2-7 years?Now, it would not be perfect. I think anyone who did a strategic foreclosure or short sale should not be able to qualify. I am speaking of people who, for one reason or another, simply were forced to move. These would include people with health issues, job transfers, or who were forced to take less to keep their jobs. These are the people who are responsible, who deserved a break…and I think we should give it to them.It’s an interesting thought, isn’t...