December 2009

Obama’s Mortgage Rescue Plan Will Destroy Your Credit

by Wendy Black Polisi on December 28, 2009

According to an article on CNN money published today, many people are finding that Obama’s mortgage modification plan has destroyed their credit. People who were told their credit scores would not be harmed are finding their scores have fallen by more than 100 points! So, if you are considering a mortgage modification of any kind, you need to be VERY clear on the impact that it might have on your overall credit score. Do not take someone’s word over the phone that your score will not be impacted!

You can read that article here: Mortage Resuce: Credit Score Killer

More on mortgage modifications and the current mortgage crises from around the web!

The Meltdown: Surviving Bankruptcy and Mortgage Loan Modification …

Read The Meltdown: Surviving Bankruptcy and Mortgage Loan Modification and other news posted by Denver citizens. Keep in touch with your neighborhood and the rest of the Denver Metro community at YourHub.com. … When the mortgage came due and the checking account wasSTILL empty, we wrote one of those checks thatMasterCard gives you to pay off other credit cards.We held our breath as we stuck the envelope in the mail. We knew it was not a good idea, but surely some …

Securitization Is Back! Investor-Owned Mortgages Have High Re …

Banks will push the Obama administration to expand its mortgage-modification program to allow interest-only periods on reworked loans, seeking to bring more homeowners into the. ….. I was simply suggesting that allowing the foreclosure to go through now will hasten a recovery, and a moratorium on dinging credit score would take the sting out of those losing their homes. And since they need to live somewhere, they can pay rent probably at a lower cash flow burden than …

Credit Impact on FiCO Scores – Loan Modification Forum – LoanSafe.org

I read this the other day and thought the foreclosure ding wasn’t that bad either but what kills your FICO is the foreclosure process. I had a 800+ FICO score when i stopped paying my mortgage (Feb. 09) and by May my AMEX with a 30k …

What is a Loan Modification and Who Qualifies for One? | Zillow …

Whether you call it a loan modification, mortgage modification, restructuring, or workout plan, it’s when a borrower — who is facing great financial hardship and is having difficulty making their mortgage payments — works with their lender to …… The problem with that for me was that I had to have money for a closing and my credit score was low because of late payments. For the loan modification I had to bring everything to the table again but this time there was …

Decided against a mortgage modification?  You may need a bad credit 2nd mortgage!

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Don’t Be a Loan Modification Scam Victim!

by Wendy Black Polisi on December 24, 2009

Foreclosure is something that no one wants to think about and most people will do just about anything to avoid. Unfortunately, as the number of homes currently in foreclosure continues to rise, more and more people are being faced with this deeply personal crises.

And, waiting to take advantage of people who are facing desperate times are loan modification companies. Now, not all loan modification companies are bad, but you have to be VERY careful before you consider working with a loan modification firm. Many people have been charge large fees up front and received absolutely nothing in exchange.

More on loan modification scams from around the web!

California Real Estate Scams Seen by Lawyers, Loan Modification …

Today, it is estimated that one in ten homeowners is either in foreclosure or behind in their payments. As the economic crisis becom

Beware of Loan Modification Rip Off Companies | wjctmortgagecrisis

Beware of Loan Modification Rip Off Companies. Sat, Nov 14, 2009. Crisis in Jacksonville. Most of have heard there are programs available for consumers who are delinquent in their mortgage payments. Many may have also heard it is very …

8 Ways To Spot Loan Modification Scams | Information-Online

Avoid loan modification scams by making sure the company you hire has… 1. …a physical address, not a po box, and in an office complex or shopping center. 2. …registered with agencies such as the Better Business Bureau, …

Attorney General Sues Three Companies for Loan Modification Scam …

TALLAHASSEE, FL – December 23, 2009 – (RealEstateRama) — Attorney General Bill McCollum today announced he has filed a lawsuit against three businesses operating in Miami-Dade County, their principles and affiliated attorneys on …

We encourage you to check out the website for the NeighborWorks America “Loan Modification Scam Alert Campaign” at http://www.loanscamalert.org/. The website features expert knowledge on how to spot a scam and how to report a scam, …

://www.information-online.com/

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Are you a member of Credit Repair College’s audio and video training that teaches you how to repair credit just like a pro?  We don’t stop there we also teach you thinks like how to decide if credit card debt settlement right for you and strategies for when you are overloaded with student loan payments. We will also teach you the keys to picking the best unsecured credit cards for bad credit! Need an after bankruptcy mortgage loan? We can walk you through everything you need to know to improve your chances of approval.  In fact, helping people get mortgages with bad credit is one of our specialties!

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Will Banks Continue to Drop Out of the FDIC Program?

December 23, 2009

Image via Wikipedia Two major US banks, Chase and Citibank have announced that they will no longer participate in the FDIC transaction guarantee program. That brings up the question: Will other banks follow in their footsteps making FDIC insurance obsolete?  And, if so, how will the American public react? Will you continue using commercial banks, put [...]

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Importance of Credit Score Ranges

December 19, 2009

Credit score is an important indicator of your financial health. It helps lenders and creditors to find out your repayment capacity and your chances of paying back the loan. Credit score ranges are worked out depending on your past financial habits. It also determines whether you qualify for getting fresh credit. There are various advantages [...]

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The Truth about How to Fix Credit Fast!

December 15, 2009

There are many credit repair companies out there that say they can repair your credit extremely quickly, however more often than not these are scams. Realistically, there is only so much you can do to legitimately repair your credit and while there are ways of doing these things faster, it will take time. Those companies [...]

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Is Debt Settlement Right for You?

December 15, 2009

Debt settlement is basically negotiation between the creditor and debtor for a settlement, which usually amounts to some of the amount owed being written off in exchange for paying a portion of the balance immediately. In some cases, debt negotiation can be an excellent solution to credit difficulties, while in other cases it can be [...]

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Can you still go to College after Bankruptcy?

December 15, 2009

Image via Wikipedia Generally speaking, there is no bar to a person that has filed for bankruptcy from enrolling in college; however, financing college can become more difficult. Student loans generally come in two forms, private and government. Student loans administered by private lenders can probably be ruled out for quite a few years after [...]

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Holiday Credit Card Debt

December 15, 2009

Image by Getty Images via Daylife For many, the holiday’s and credit card debt are synonymous. I know that I have a hard time not going overboard every year. (Especially when shopping for my children – who, to be honest have more toys than they know what to do with.) There is so much to [...]

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Credit Repair Scams: What to Watch Out For!

December 14, 2009

Image via CrunchBase Since the beginning of the current financial crisis and the credit crunch in 2007, many people have found themselves in need of significant credit repair. Those who were borrowing to service their debt – both companies and individuals – found their access to credit diminished, if not totally wiped removed, and consequently [...]

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Is it Possible to Fix Credit Fast?

December 14, 2009

Image by Getty Images via Daylife Whether or not is possible to fix credit fast depends in large part on what the negative entries on your credit report represent. If many of the negative items being reported are errors, debts that have been discharged through bankruptcy, or have been reported for seven years; then it [...]

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