Recovery from Short Sale

I recently completed a short sale on my house in December, although after doing some reading here, I guess it would be more accurate to say I completed a “preforeclosure” sale, since I was behind on payments when the sale closed.

I’ve been looking at my credit reports, assessing the damage that’s been done.  This short sale is the only bad account on my report.

 

Experian

Payment Status:  Legally paid in full for less than the full balance.

Comments:  Election of remedy – reported by subscriber.

Equifax

Payment Status:   At least 120 days for more than four payments past due.  (Additionally, this account is listed as an “Installment” account, not a real estate or mortgage acount.  Not sure if that matters.)

Comments:  Settlement  accepted on this account, account paid after foreclosure started. 

TransUnion

Payment Status:  120 days past due.

Comments:  Settled; less than full balance.

 

The term foreclosure seems misleading to me, as I thought a short sale would help reduce the impact on my credit—will I be able to remove the term “foreclosure” from my credit reports?   Since the account is settled, will they be able to change the 120 days past due on my reports?  Is there any thing else here that needs to be corrected, or that I should be doing to rebuild?

 

As I mentioned before, this is the only black mark on my credit history. (Equifax: 664, Transunion:659).  I was denied recently for a new credit card.  Going forward, when can I reasonably expect to be able to be approved for new credit cards, auto loans, etc.? 

 

 

• election of remedy reported by subscriber for short sale
• only experian put election of remedy reported by subscriber for short sale