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What does M8 code mean on my credit report?

What does M8 code mean on my credit report?

In my personal credit report with Experian, it does not show code M-8. But when I tried to refinance my primary residence, the local bank had one credit company called CorelLogic to run our credit report and it shows M-8 code on my credit report through Experian. We had DIL recorded on our investment property 2.5 years ago, not foreclosure. The local bank that we tried to refinance told us that we have to fix this first before they let us refinance because Fannie Mae does not buy any secure loans from any banks with M-8. With DIL, we can refinance after two years and M8, you have to wait 7 years. The question is... what exactly does M-8 code mean? How do I know who puts M-8 code... Experian or Core Logic credit company that pull all info from all three credit bureau companies (Experian, Equifax, and TransUnion)?


3 Answers
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1
In a deed in lieu of foreclosure, your proeprty will be sold off by the lender to recover the debts. In such a situation, you won't be able to refinance the loan. I don't know much about M8 code. You can contact an attorney and take his opinion in this regard.

jameshogg | Asked on 2012-06-21


1
Well, an M-8 on your credit report usually means a Mortgage Charge off and M-9 means a foreclosure. However, most often it is seen that M-8 is reported as short sales. You have to negotiate with Experian in order to know the details.

ashleyspeaks86 | Asked on 2012-06-21


1
Totally backwards - M8 means notice of foreclosure, M9 - the deed is done, signals was a collection process/bad debt.  

Anonymous | Asked on 2013-07-22

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