Categories for Repairing Credit

Avoiding Complications Of Credit Repair As A Homeowner

January 11, 2012 6:00 am Published by

Avoiding complications in credit repair is almost as important as getting out of debt. When we have bills that were neglected simply because we didn’t have the money to pay the bills, or else we purchased items instead of paying the bills, we are in debt. If you are considering a Home Equity Loan to get out of your current mortgage…DON’T. Why? Simply because most Home Equity Loans get you deeper in debt and once you are obligated you will find the problem is more complicated than when you applied for the loan. Lenders often target home owners with financial difficulties offering them high interest rates and making them believe it is a solution for debt relief. In most cases, this is where foreclosures come in, or selling homes come into place. The solution is only an option to get you in debt deeper. One solution then is for homeowners to consider the Reverse Mortgage Loans. This type of loan is often used as equity against your home, belongings, and so on. The loan offers a ‘cash advance’ solution and requires that the owner does not pay on the mortgage until the end of the mortgage term or when the home is sold. Most lenders provide a lump sum advance, a line of credit, or else a monthly installment to the home owners. Some lenders even offer a combination to the homeowners. This is certainly a good solution for repairing your credit, and building your credit to a new future. The downside is that Reverse Home Mortgage Loans often are more suitable for the older …
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Preparing (and repairing) credit with a foreclosure?

January 10, 2012 6:00 am Published by

Question by chymchymx: Preparing (and repairing) credit with a foreclosure?
Due to circumstances beyond my control, I will be defaulting on primary and secondary mortgage this month, and my home will be foreclosed soon. Out of curiousity, is there any preventetive measures I can take to minimize the impact of this on my credit? I know it’s going to essentially ruin it, but I’m wondering if there are any letters I can write to credit agencies either now or after the fact to soften the impact, and make it easier for me in the years to come.

Thanks,
Ryan

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Best answer:

Answer by jeenyus6
Have you tried to talk to your mortgage company about doing a “Short Sale?” A short sale is when the bank reduces the cost of your home to what the market is really worth and the difference they absolve you from it entirely. Example…You buy a house for $ 300,000 and then after a year you can’t make the payments any more, your house is really worth $ 275,000 so the bank will let you refinance the house at the 275,000 price and lower your mortgage and completely absolve your $ 25,000 difference. It cost the bank a lot of money to do a foreclosure, sometimes as much as $ 50,000 so this may be a route you want to try. Do some research about short sales and make some phone calls to a few appraisers and you should be able to get some comphrensive information together!

Know better? Leave your own answer in the comments!



Investment tax credit fills bill; Boat, trailer maker likes province’s plan.(Business): An article from: Winnipeg Free Press

January 5, 2012 6:00 am Published by

Investment tax credit fills bill; Boat, trailer maker likes province’s plan.(Business): An article from: Winnipeg Free Press

This digital document is an article from Winnipeg Free Press, published by Thomson Gale on January 10, 2008. The length of the article is 765 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

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Title: Investment tax credit fills bill; Boat, trailer maker likes province’s plan.(Business)
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Q&A: I need help repairing my credit. I want some items deleted, and my credit fixed with me doing it on my own?

January 2, 2012 6:00 pm Published by

Question by Ms Hyklass: I need help repairing my credit. I want some items deleted, and my credit fixed with me doing it on my own?
I have a couple profit and loss write offs. I just want my credit score to be a 700 plus

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Best answer:

Answer by CatDad
Avoid the temptation to pay a “credit repair” firm, as they cannot remove accurate negative info. If you’ve had recent defaults, charge-offs, late pays, then you need to understand this items have to age of your credit report naturally. After 7 years from the date of default you’ll get a clean slate. “Credit repair” firms have no special power to magically delete negative items….all they do is dispute all negative items on your credit report and hope that the credit bureaus cannot validate the debt within the 30 day allowable time frame, in which case they must remove the items. You don’t have to pay anyone to do this as you can do it yourself for free.

Per the Fair Credit Reporting Act you have the right to request written validation of negative entries on your credit files. Per this law they must validate the item(s) within 30 days or remove them from your credit file. Mail a letter via certified mail with return receipt to all three credit bureaus (Equifax, TransUnion & Experian). Include a photocopy of your driver’s license and social security card…If you don’t include these, they may write back requesting them, which would slow the process down by several weeks. For each negative item, write a separate letter and simply include the phrase:

Per the Fair Credit Reporting Act, I am requesting written validation of this item.

Do this one at a time for each negative entry….DO NOT request validation for all items at one time.

There is NO guarantee that this will work….It may give some decent results. The worst that can happen is that all negative items come back verified.

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