Credit Repair – Life After a Short Sale / Foreclosure
Doug Minor of Easy Credit Relief with over 20 years in the Credit Repair Industry talks about credit scoring and life after a Bankruptcy, Short Sale, and/or Foreclosure. These tips are a valuable insight to anyone looking to get their credit back on track! Provided to you by www.partnerfirst.org
Center For Credit Repair Legally Rebuilds Credit After Mortgage Foreclosure
In this day and age, mortgage foreclosure is at an all time high in the U.S. Unfortunately, you may have lost your home to foreclosure, or at least know someone who has. It is almost like an epidemic – it’s that common! You are not alone and there is nothing to be ashamed of. There are people who can help repair your credit after foreclosure. The sooner you start fixing bad credit, the sooner you can get your life back on track.
The Center for Credit Repair (CCR) has a professional team waiting to serve you. Losing your home to foreclosure can be one of the most stressful events to occur in your life. At CCR, the compassionate, non-judgmental credit repair professionals are there to help save you thousands of dollars in interest rates, and save you from all of those stressful, sleepless nights of worry.
So, you may be asking yourself, “How can I rebuild my credit after foreclosure?” Sure, you could do it yourself; however, the professional staff at CCR knows exactly who to contact and just the right questions to ask. They are also very familiar with the laws and consumer rights.
You may not know this, but if a creditor wants to put something negative on your credit report, they are required to follow a law called the Fair Credit Reporting Act (FCRA). This law was passed to protect consumers, and to ensure that any information reported to the credit bureaus is verifiable and correct. This law is usually not followed perfectly. This could result in huge fines for the creditors, so, when challenged, they usually just delete the negative information from your credit report to avoid penalties. It’s not worth it to them. But this could be extremely beneficial to someone with bad credit who is looking to improve their credit.
Even if you have had something as bad as a foreclosure on your credit report, you could potentially legally erase most of the other negative issues. There is no reason not to try. Even if you really did make a late payment, or skip a few months on your mortgage payment, it doesn’t matter. When you contact CCR, you will receive a free consultation. They will review your credit reports. As soon as you sign up for our extremely affordable service, watch your credit score begin to increase almost immediately!
The benefits of having good credit are endless. Having good credit can save you tons of money. Interest rates on everything from credit cards to cars to homes will be significantly lower. Getting a job will be easier as well, since most employers check credit reports these days. Having a high credit score makes you look like a more responsible, dependable person. The more good decisions you make regarding your credit, the better your credit will become. It is a snowball effect, but it works the same way with bad decisions. The longer you wait to start rebuilding your credit after foreclosure, the worse your credit will become.
There is no way of getting around the fact that foreclosure will negatively affect your credit. But life goes on, and you must do everything possible to improve your credit. Fixing bad credit after foreclosure, or other major financial issues such as bankruptcy or repossessions, is possible. CCR has helped thousands of clients understand their credit reports and the laws that are in place to protect them. CCR has successfully and legally helped clients recover from mortgage foreclosure, bankruptcy, and other credit issues. There is no reason not call for consultation. It is free and could save you thousands in the long run.
Florida foreclosure short sale mortgage loan modification bo
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Duration : 0:0:26
USDA RURAL DEVELOPMENT GURANTEED LOAN PROGRAM
THE ONLY TRUE 100% NO MONEY DOWN PROGRAM AVAILABLE ON THE MARKET. NO MONEY DOWN , NO MORTGAGE INSURANCE, MINIMUM CREDIT SCORE, VERIFICATION OF 2 YEARS OF EMPLOYMENT AND INCOME, AND 1 YEAR CREDIT CHECK TO SEE IF PAYMENT ARE ON TIME.
Duration : 0:2:12
Tax on Short Sale, Loan Modification and Foreclosure – 1099c Cancellation of Debt Income
http://realestatemarketingthisweek.com – If facing financial issues make sure you hire qualified help, mortgage broker, financial planner, CPA and attorney – http://realestatemarketingthisweek.com
Part 8 – So with the real estate market, we know here in Arizona, there are literally hundreds of thousands, maybe millions of people that are confronted with a very difficult decision, declining home values, upside down in the home, the home value is worth much less than they actually owe, we need to give them options. If the option is foreclosure, short sale or loan modification, I would take the modification approach, most likely we would have to look at a person’s situation a little bit closely, but as I am going down some of the things that we have prepared for the show today, it looks like there are four main issues that people should know they need to consider, the cancellation of debt income, capital gains tax issue, the deficiency judgments side, and the credit report side and Mike, I know you can talk to some of these things.
But we brought up in the first segment what I think this might represent and then I think we started to talk about how Mike can help people minimize the impact of what that would look like on the tax return or eliminate based on the situation, so let’s make sure that the people know these four concerns are something they should consider as they seek advice.
Absolutely, and it’s really important that you talk to each arm of the team. You’re not going to be able to make all of these decisions just by talking to your tax guy, or your mortgage guy. They all need to be on the same page, because one of the decisions by one of the three is going to impact the other two aspects of the situation.
Mike, that’s a really good point. And thats one of the reasons why we work together, Brett and I are working together and you and Brett have been working together for years and the three of us have like ideals and also know for the most part what the ramifications are from any one of our decisions. And we make sure were able to do the very best for the homeowner every single time, whether it be tax, financial advice, or loan modification, or even refinance.
People forget that we talk so much about loan modifications. It’s kind of nice because youre listening to all these lying ads about refinancing and other crap that’s gone on out there But the reality of it is there is still money out there to lent. Were still helping people out with refinancing and refinance is the first thing people should try to do with a bank thats licensed by the federal government to do these types of high loan to value FHA type loans.
You cant muddle through the tax issues without Mike Patenella working with you, and you sure should not be making huge financial decisions without Brett Fallon and his team. So we all work hard to make sure that your ultimate goal is in your best interest.
I know were getting up to the end of the hour the show is about to draw to a close, but to just give people a sense that what were talking about today is the ability to have your personal financial situation accessed. Were going to take a look at modification options or refinance options. If your mortgage is distressed were no longer suits your needs. You’re looking to move whatever it is. We will look at your tax ramifications and Mike Patenella will be happy to go through those issues with you step by step basis. And I would be happy to take a look at your overall financial picture and give you some guidance or suggestions on things that will improve the financial situations… http://realestatemarketingthisweek.com
Duration : 0:6:50
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Duration : 0:10:40
Loan Modification – Retirement vs Mortgage Payment? Get Modified – RealEstateMarketingThisweek.com
http://realestatemarketingthisweek.com/loan-modification/using-retirement-funds-to-pay-your-mortgage-is-just-a-bad-idea-get-a-loan-modification/ – Using Retirement Funds to pay your Mortgage is just a bad idea. Get a Loan Modification –
Part 6 – So it doesn’t matter if it is a $100,000 property or a $500,000 property the cost to the lender is $50,000 on the average nationally.
So the idea of the upside down scenario, you may see banks more willing to entertain a broader audience of loan modifications or a broader request of loan modifications based on the fact that they know that now, what we are calling toxic assets, not only exist on their balance sheets, but they want to do something to avoid the additional cost of foreclosing on the property, to avoid the additional impact on our economy nationally with all these foreclosures mounting. So a loan modification that may not be the best or most ideal candidate today, dont throw the option completely out of the window.
And to that point I would never tell a home owner to stop making their payments just to get a better loan modification, because as of today, this may not be the case two weeks or two months from now, but as of today, your servicer is not going to entertain a loan modification unless youre late in most cases. Heres the situation, though at first you may get mad at that and they get mad at me for it, but the reality of it is we have a real problem now with lots of people who are two, three, four months behind on their mortgages, this loan modification we are jumping in, we are getting attorneys involved and getting right in front of the asset managers or the attorneys for the servicers to get these foreclosure proceedings stopped.
Im absolutely certain that in the foreseeable future they are going to allow people that are not late yet to do these loan modifications, hold on, I said I would never tell a home owner to not make their mortgage payment to get a loan modification, the other thing I would never tell a homeowner to do, never ever, is to take money out of your 401K to pay their mortgage payment because you cant go forward.
There are other stops in place, if you dont make your mortgage payment because of hard times you are going to get a loan modification. I talked to a guy the other day that had a 23 year, huge 6 figure income, he lost his job, big huge firm here in the valley, he is probably listening to the show right now, this guy drained his entire 401K, I mean a huge one, just to make his mortgage payments.
And the average 401K participant, investor, does not understand the ramification of what that is, just because your company plan allows you to take a loan against your 401K doesnt mean it is the right thing to do. There are ramifications beyond our time and the scope of this discussion regarding that decision. Loan modification first, if you are taking money from a 401K to make a house payment you are not only inefficient in creating the velocity of money but you are costing yourself in penalties, taxes, and that is certainly something we can be forthright about talking with anyone who wants to call.
And in this case the poor guy used up every dime of his 401K because his lender told him NO, NO, NO, three separate times because he was not late, well he wasnt going to allow that to happen. Unfortunately knowing what he knows now he would have looked at it differently.
Loan Modification is not for someone who has no income at all, the investor, the servicer, the bank that holds your mortgagee is not willing to do a loan modification because you dont have the means to pay. Even if it is a modified loan, you still cant make the payment. Right in some cases where you have significant cash reserves, but I have not seen one of those done.
That wouldnt be the ideal candidate, describe a little bit about who should be doing this loan modification and I know we are getting close to a break but people need to know that this option exists. They are hearing all these different concepts in the news and they are hearing in the media the spin about Hank Paulson and what the treasury is doing, and hearing about this bailout package and what that represents, and now they are hearing that the money is not going to be used to buy back bad loans, and mortgages, bad assists. So what does that do to the underlying holder of that mortgage? The owner of that house?
It is pretty scary for the majority of them, the loan modification lenders are getting very aggressive when being approached with a lawsuit or being addressed by an attorney, receiving a subpoena in regard to a specific loan case. They are paying attention to that and those are the people who are going to be getting the best options at this time… http://realestatemarketingthisweek.com
Duration : 0:6:12
First Time Home Buyer Tax Credit, FHA Loans, Low Mortgage Interest Rate Program
Tax Credit for First Time Home Buyer Program, with Low Down Payment and Interest Rates thru Government Loan Assistance and FHA Mortgage. Buy Cheap Bank Foreclosures. Go To http://RealEstateMarketingThisWeek.com
Part 7 (Excerpt)
FHA Guidelines regarding foreclosures and first time home buyers; incredible home buying value
Ok I was just checking because I thought this was a story about all the mortgage backed securities that were going under. It started at the top and it worked its way down. The reality of it is that people were buying homes, not reading what they were signing, not understanding how it worked and shame on the people who were putting it in front of them, knowing that they didnt know and we all need to take a little responsibility here for this past crisis. It is not just the Wall Street firms; its not just the mortgage companies and banks, the brokers have little in fact to do with it, we didnt create the loan products that people were buying, we were merely disseminating it to the public. I am glad to say I was not a part of any of that. I was able to stay away and do traditional, conventional type financing for people. So luckily I didnt have a lot of clients who got stuck into that nightmare.
Speaking of that nightmare, Dan when we talk about the people who have had foreclosures, their lives have been turned around, turned over and they think that there is no where for them to go. One of the nice things about the Federal Housing Administration loan, the FHA loan, thats the first time home buyer type loan, the minimum down payment loan, its only 3 years after you have had a foreclosure that you can qualify to purchase a home again. So it is important if you have had a foreclosure, you need to point your future away from the flame, you need to save your money, do your best, work as tightly as you can on a budget and look forward to that time when you can go back out and buy a home again.
Property values are going to be up from where they are today, but there is still going to be plenty of great value out there and there are not going to be loan products that are going to get you in trouble again. They wont exist. What really caused the great inflation in home values starting in about 2002 was the financing was just getting crazy. I wont get into a whole lot of technical stuff about mortgage backed securities and all that, but the lenders were creating products, selling them off their books, thinking that they would never have to worry about them again. They sold trillions of dollars worth of these loans and those are the ones that are going bad.
Ones that were toxic in the first place: the stated incomes, the option ARMs, all those loans are all gone now. I was saying earlier today that we are back to where we were in financing in 1992-1993, back when the median home price was $75,000. Now I dont think we are going to go anywhere near that again, I think at $130,000 we are getting real close to the bottom of the market and what I was thinking was when I got into the business in 1995 and you were in at about the same time I was, and I remember talking to a guy who comes into our office to sell us loan programs, now this is the very beginning of the really crazy stuff, and he was saying we can do 70% no doc loans.
We go, what do you mean? If somebody puts down 30% they dont have to verify anything, they dont have to verify their employment; they dont have to verify taxes, anything. We were absolutely floored, but by the peak of the market we were doing 100% no doc loans. If you were breathing they gave you a loan and the credit scores didnt have to be that high, I think I saw them as low as 600…
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Foreclosure BC Part 1 Vancouver mortgage broker Mark Fidgett & lawyer Tony Spagnuolo
Part 1 http://www.notapennydown.com . Mark Fidgett, a mortgage broker in Vancouver Canada and Tony spagnuolo from www.BCrealestatelawyers.com explain the foreclosure process in BC
Duration : 0:8:25
First Time Home Buyer Tax Credit Program, FHA Mortgage, Fixed Interest Rate Loan
$8000 Tax Credit for First Time Home Buyers with Low Down Payment. Lender Finance Program with Low Payment and Fixed Interest Rate on FHA Mortgage and Government Assistance. Go To http://RealEstateMarketingThisWeek.com
Part 8 (Excerpt)
Analyzing tax returns for self employed and small business owners; Use a Mortgage Planning Expert
Credit scores now are a major factor with interest rates. You see the liars up on the internet with interest rates being at 4.625% and all this kind of hocus pocus, its not true. You are never going to qualify for that rate today. They are going to lie to you, once you sign and see the fine print you are going to realize that it is a ridiculous idea to pay that amount of money in fees.
Credit scores have to be significantly higher than they used to, but again I have to tell you, its my opinions that a 70% no doc loan with someone who has a 720 or higher credit score I believe is a good loan. I personally believe that at some point it will be brought back.
I am not arguing with that, with a good FICO score I can agree with a 20% down for a stated income loan. People are encouraged through our tax system to write off all of their expenses and so often we have small business people who really are making money but because they take advantage of our tax system they are not able to get a loan. They cant qualify based upon their income.
In a lot of cases yes, but once again I definitely want to point his out just because someone is self employed and owns a small business and they do write everything off, that does not mean that they will not qualify. They may have been told now that they have to go stated income because of tax returns, but most people, the small business owner, the consumer doesnt know how to analyze his taxes, whether or not he is going to qualify for financing thats not his area.
Most CPAs dont even know how to analyze taxes to extrapolate enough income back out where we can use it as income, so just because a person is self employed does not mean that they cant qualify for financing and honestly nothing could be further from the truth. Plenty of people self employed, small business owners will qualify using their tax returns.
I think that anyone right now who doesnt own a home should be giving you a call getting pre-qualified. If nothing else give you a call and see what you can do. So you say, I wrote off a bunch of stuff last year and I am not going to be able to buy a house well maybe you can. But get in there, have a professional, have someone who knows what to do, whos been in the business for 15 years, have them take a look at it and decide whether or not you can really get that loan.
One of the things with my mortgage education; I am a certified mortgage planner. I am a certified mortgage analyst and a certified mortgage planning specialist. The significant part of that training and those certificates is in analyzing complex tax returns and we analyze complicated tax returns for professional athletes, for professional musicians, all the time. There is income always, it is just a matter of knowing how to get all of it out there. So I think we have kind of hit that.
So yes if you dont own a home today and you have been told NO, you need to find out if the person who told you no is qualified to tell you no, #1, and #2, less than 15% of the lenders in Arizona are qualified to do FHA loans. Those are the loans we are talking about, $100 down to buy a HUD-home, less than 3.5% down to buy a house with the best interest rates that we have seen in my career, its crazy not to look at your options.
If a lender does tell you no, it would be like going to a doctor and he says you have to have your arm amputated because you have a pimple on it. I think you are going to go get a second opinion, maybe even a third. To make sure you dont have to have it cut off. And that is exactly what we have here, if you go to a lender and he says, Well you are going to have to put down 20% you know he is not an FHA lender. So run out of there and call Michael at Velocity Financial and get yourself pre qualified.
Dan Havey, you have a great website, its called http://discountdreamhome.com and why dont you talk real quick about that. Its real simple, if you are looking to buy a foreclosed home, and as we discussed earlier they are many times the best homes to buy right now, they are vacant, they obviously have a highly motivated seller. You dont have to deal with all the troubles you would have to deal with from a regular or as we refer to them, an organic seller, because a lot of these people are upside down.
Duration : 0:7:49
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