Wendy Black Polisi

FHA Changing their Guidelines for 2010

January 27, 2010

FHA has announced that they will be tightening their lending guidelines in 2010.   The changes are designed to strengthen FHA reserves.  Due to the increase in foreclosures, FHA reserves have dipped down to just .53% of the value of insured loans.  Congressional legislation requires that they keep their reserves at least 2%. Now, you might [...]

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What’s in Store for FHA Loans in 2010?

January 4, 2010

It goes without saying that 2009 was a difficult year for the mortage industry. While their were once numerous option for those seeking a bad credit home mortgage, FHA became the go to product for those with less than perfect credit. Even then, the minimum credit score required soared up to a 620. So, what [...]

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Obama’s Mortgage Rescue Plan Will Destroy Your Credit

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, [...]

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Don’t Be a Loan Modification Scam Victim!

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 [...]

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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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