Mortgage : Home Loans : Refinance : Home Equity Loans

By Michael Saunders

According to the Federal Trade Commission - you see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail. You may even get calls from telemarketers offering credit repair services.

Do yourself a favor and save some money, too. Don’t believe these promises. Only time, a conscious effort, and a personal debt repayment plan will improve your credit report.

One approach you might consider is using the services of a Rapid Rescorer.

Rapid rescoring services came about because too many people were losing loans or paying too much interest because of credit bureau inaccuracies. Before you get excited, though, you should learn what these services can and can’t do:

1. They can’t deal with you directly as a consumer - Rapid rescoring is typically offered by small credit reporting agencies, which serve as a kind of middleman between the bureaus and the lending professionals. These agencies, which are often independent but which might be subsidiaries of credit bureaus, provide special services for loan officers and mortgage brokers such as merged or “3-in-l” credit reports. To benefit from rapid rescoring, you need to be working with a loan officer or mortgage broker who subscribes to an agency that offers the service.

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Did you know?

If you need to work on your credit report, the FTC warns that no one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete.

There is no charge for this. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act (FCRA).

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2. They can help you only if you have proof, or if proof can be obtained - Rapid rescoring services aren’t designed to help people who have yet to start the credit repair process. You need something in writing, such as a letter from the creditor acknowledging that your account was reported as late when you were in fact on time. (This is one of the reasons that it’s so important to get everything in writing when you’re trying to fix your credit.) If you don’t have such proof, but the creditor has acknowledged the error, some rapid rescorers can get the proof for you. However, that might add days or weeks to the process.

3. They can help you get errors fixed, but they can’t remove true negative items that are in dispute - Again, you need proof that a mistake was made and not just your say-so. If the credit bureau is already investigating your complaint about an error, the item typically can’t be included in a rapid rescoring process.

4. They can’t promise to help your score - Sometimes removing negative items can actually hurt a score, strange as that might seem.

The scoring formula tries to compare you to people who have similar credit histories. If you’ve been lumped into the group with a bankruptcy or other black marks on your report, you might find that your score falls when some of those negative items are removed. Instead of being at the top of the bankrupts’ group, in other words, you’ve dropped to the bottom of the next group - the folks who have better credit. More commonly, removing an error might not help your score as much as you might have hoped and might not win you a better interest rate. There are no guarantees with rapid rescoring.

Michael Saunders has an MBA from the Stanford Graduate School of Business. He edits a site on how to Fix Bad Credit and maintains the Handsnet - Economic Security Site.

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By Tired Dad Of Four

Mediation has failed and the court has decided to rule in the favor of the creditor. Not the outcome you may have hoped for, but regardless you now have to deal with it.

When you settle a judgment you almost always have to so with the law firm that represented the original creditor. Most creditors do not go to court. They are represented by local attorneys hired just to oppose you in court. Recently there was a case where a young lady was divorced and the court ruled where the new truck bought during the marriage was rewarded to the ex-husband. It was decided he needed it for transportation to get to work so as to pay his child support. This case demonstrates how the “system” completely overlooked or was not aware of consumer credit law or simply overlooked the issue.

The young lady was the one with the good credit during the marriage. The husband had lousy credit. Over the course of the marriage they had two children, everyone was happy, and daddy worked hard at his drywall
job to support his family. Now the fly in the ointment if you please. It seems that daddy had some old buddies from his earlier days who liked to get together at a local watering hole and imbibe in a few adult beverages
and throw some few darts. No real harm in that at first.

This at first didn’t perturb the young wife. She reasoned her hard working man deserved to unwind with the boys. The problem started when he took up darts. What happened was he became pretty good at throwing the
things, so much so he was invited to join the dart team there at the bar. He readily accepted the invitation, but failed to mention to the wife that being on the team entailed his having to practice his new skill every
Tuesday and Thursday night at the same bar. The wife was understandably unhappy with this new development and made her displeasure known. It was either her and the kids or the dart team. She lost to the dart
tournament.

This was the last straw. Attorneys were hired and divorce papers filed. The court date was set and all parties appeared before the judge. It was during this time the judge gave the truck to the louse of a husband. The
only thing everyone forgot was the girl was not a co-signer but a co-buyer on the truck. After the divorce she moves from Ohio to Florida to start a new life.

Now Mr. Dart Player decided to keep up the dart practice. In fact he became obsessed by it to the point it was all he did. He got fired for missing work and subsequently lost his job and shortly thereafter the truck

was repossessed. You can guess the rest of the story. The girl was sued in Florida for a deficiency judgment on the same truck the judge had awarded the ex-husband. The creditor however could have cared less and
when the payments were missed they came after the poor girl because she was the co-buyer.

The poor girl was served a summons to appear in court in Lee County, Florida but was so intimidated she failed to show up for mediation. There was a default judgment rendered against her. Now his innocent mother of two was a victim of poor jurisprudence. How can she buy a house with thousands of dollars in a deficiency judgment against her? She was rejected by at least five (5) mortgages because of the judgment.

Does this story have a happy ending? In this case it does. She hired a competent attorney to look at the mess. It was discovered the creditor’s attorney had used the default judgment to his advantage and awarded
himself a fee along with the court judgment. The problem is the attorney isn’t allowed to receive a fee in this case which was pointed out to him by the competent attorney. When it was mentioned that the Florida Bar would be interested in this matter strange and wonderful things began to happen. By some miracle the large judgment was reduced down to $2500 with decent payment arrangements.

The creditor accepted the new terms. The girl started making payments and later proved to a mortgage company she was worth the risk and now is rid of the dart thrower, the truck payments and is living in her new
home.

Remember, it is your responsibility to know your rights.

Chuck Lunsford is the owner and developer of EasyFloridaHomeLoans.com. He offers advice on how to get your credit in order and working for you. Visit his website and learn more about how to obtain href="http://www.easyfloridahomeloans.com">bad credit home financing with a little education and some patience.

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For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
(http://www.refinance-refinance.net)
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By Tax Lien Lady

Once you’ve completed the first three steps in the process of building your profitable tax lien portfolio, your real work begins. Now that you know where you’re going to invest and you have the tax sale information and have a list of the properties that are in the sale, you can progress to step four to building your profitable tax lien portfolio, which is doing due diligence on the properties in the sale.

This is the most important step in the process and whether you do this properly or not could mean the difference between being extremely profitable and losing money on your investment. You need to do due diligence on tax sale properties before you bid at the tax sale. The exact procedures that you follow will vary depending on which state you are investing in and whether you are investing in tax lien certificates or tax deeds. You will have to be a little more rigorous when doing due diligence for tax deeds than you than you do for tax liens.

When you buy a tax lien, you are not buying the property, you are only paying the taxes and putting a lien on the property. But when you buy a tax deed, whether it is a regular tax deed or a redeemable tax deed, you are actually purchasing the property and you are now the owner of record. That means that you are now responsible for paying the taxes and any assessments on the property and you are liable for anything that happens on the property. If there is an environmental problem with the property, you’re responsible for cleaning it up and that could cost you more than any profit that you might make on your investment.

Another reason that you’ll want to check out tax sale properties for deed sales a little more rigorously than tax lien properties is that not all tax deeds are sold “free and clear” of any other liens. You may have been told that when you buy a property at a tax deed sale you are not responsible for any other liens on the property, like an existing mortgage, for instance. Depending on the state, this may or may not be true. Different states have different laws regarding what liens survive a tax sale. You need to know if there are any types of liens that do survive the tax sale and you need to look for them before you bid on a property in the sale. Even for liens that do not survive the tax sale, you still need to check to see that proper notification was given to all lien holders. If proper notification was not given to a lien holder before the tax sale, the lien holder could contest the sale.

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Whether you are investing in tax liens or tax deeds you will still have to find the value of the property to make sure that it’s worth it. You do not want to buy a tax lien certificate on a property that is not worth a few times what you your initial investment is. You have to plan on your expenses for recording your tax lien certificate, paying subsequent taxes for the duration of the redemption period (in states that allow you to pay them), and any foreclosure costs that you might incur if the lien is not redeemed. The property should be worth at least 3 times of what you determine your investment will be, taking all these expenses into account.

You can use one of two different methods to find the value of tax sale properties. You can find the tax assessment data, or you can check with a web site that gives recent sales prices of properties in the area. Some states have assessment data online. If the tax assessment information is not online, you will have to make a trip to tax assessor’s office to find the information that you need.

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This is the fifth in a series of eight articles about the seven steps that you need to follow in order to build a profitable portfolio of tax lien certificates or tax deeds. If you missed the previous articles in this series you can read them at http://www.taxlienconsulting.blogspot.com . For more information about how you can build your own profitable tax lien or tax deed portfolio, go to http://www.taxlienlady.com/ProfitablePortfolio.html .

Joanne M. Musa is the creator of Tax Lien Investing Secrets II and author of Tax Lien Lady’s e-books, Tax Lien Investing Secrets: How You Can Buy Tax Lien Certificates in New Jersey and Other States and Tax Lien Lady’s State Guide to Tax Lien and Tax Deed Investing.

Her easy to follow step-by-step guides to investing in tax lien certificates and tax deeds have earned her the reputation of The Tax Lien Lady. Through her web site http://www.taxlienlady.com, she has helped hundreds of investors, answering their questions about investing in tax lien certificates and tax deeds.

http://www.taxlienlady.com

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For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
(http://www.refinance-refinance.net)
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By Anaya Erika

Home loans bring about a lot of business to the financial market. Homeowners should be aware of the fundamentals of home loans. Home loans in the UK are similar to a mortgage; in other words, the home loan amount can be paid off in a certain amount of time. There are some differences though.

Home loans can be deployed for practically anything. People use these loans for varied purposes, like purchasing a car, financing children’s education, vacationing in an exotic locale, home improvements etc. It is the borrower’s prerogative to use the money any way he wants.

There are myriad benefits that home loans engender. The restrictions on the loan contract are negligible - if there are any at all – and the money can be used in any way the borrower desires (of course, it has to be lawful). The lender also benefits with the collateral in place; this ensures that the borrower will pay the amount back in time.

The interest rates for homeowner loans can be extremely viable for the borrower.

There are several places to procure a home loan from. Banking institutions and building societies are among the foremost providers of home loans. They have the advantage of a long and established history with the borrowing fraternity.

However, these days there is a surfeit of private lenders that one can see in the market. These specialised lenders have come into the picture, owing to the increased and diversifying demands of the borrowers. However, if one is looking at availing a home loan through thorough evaluation of the choices available, and is seeking expediency in the process, the Internet is the best option.

A good home loan can deal be got from anywhere. Still, research is mandatory before going in for such an investment. Borrowers should be on the lookout for hidden charges.

For more information please visit at http://www.shakespearefinance.co.uk/

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For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
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By Spencer Hunt

The term sub-prime refers to a certain lending market sector whose customers don’t qualify for prime market rates. This lack of ability to qualify is usually the result of a bad credit history or limited credit. Those who are sub-prime customers are charged a higher rate because they are considered higher risk. The higher the risk the higher the interest rate will likely be each state has their own maximum annual interest rate.

As with any industry there will be someone who recognizes a specific demand in the marketplace and have been successful by filling that supply. In the past few years traditional lenders have been denying many potential customers. It is approximated that about 25% of the nation’s population fits into the category with a credit score less than seven hundred.

Considering an applicant’s credit history is considered high risk many sub-prime companies demand security in the form of collateral. This collateral can be a mortgage loan, vehicle loan, furniture loan, and credit cards that are secured by an initial deposit. If the company registers a lien against the listed asset the company can repossess it and use it toward the balance owed.

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For many with credit problems sub-prime finance companies can provide you with a chance to re-establish your credit to become a prime customer in the future. It is important to ask the company if the loan will be reported to the credit bureau companies because if they don’t then other companies won’t be able to see your payment history. If lenders can’t see your positive recent payment history then they won’t be able to see that you have begun to re-establish your credit with another lender.

High risk in almost any industry means more expensive. If you’ve had a few car wrecks then you are a high risk driver with high car insurance. Bad credit and you are a homeowner with a high interest mortgage. When it comes to sub-prime loans the interest rates that are offered are generally 0.1% to 0.6% higher than the prime interest rates.

Copyright: This copyrighted document may be reproduced only if the authors information remains and the links are live.

Written by Warren Schiff. Find more information on credit card applications as well as online credit card applications currently available for all types of credit.



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For additional Mortgage Refinancing information
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