admin on Dec 24th, 2007foreclosure credit points
Several million people face foreclosure today and the number is likely to increase. How can you protect your credit if you end up in foreclosure? How can you ensure that foreclosure credit points are not lost, resulting in a declining FICO score from foreclosure?
Recall that FICO scores are one type of credit score, although they […]
admin on Nov 22nd, 2007Is your option ARM resetting? Stop it without getting a new loan
Morgan has a fabulous blog that I read and recommend to you, and today he has a post about option ARMs becoming unavailable.
Well, maybe I’m being a bit dramatic, but it seems to me that the Option ARM, if not technically dead, certainly joined the endangered species list today with Countrywide’s sweeping changes to program […]
admin on Nov 21st, 2007Deed in lieu of foreclosure credit report
Does a deed in lieu of foreclosure hurt your credit? How does it affect your chances of buying a new home or getting new credit cards?
Let’s discuss.
A deed in lieu of foreclosure involves your signing ownership of your property to the mortgage lender. You sign a grant deed, warranty deed or quitclaim deed to them, […]
admin on Sep 30th, 2007What about your credit cards? Strategies to keep good credit despite foreclosure
Someone posted about having $33,000 in credit card debt, as well as a foreclosure situation. What should they do?
Is this your situation?
If you are in foreclosure, chances are you also owe money on your credit cards.
So let’s discuss what you might consider doing and not doing to get out from under.
It’s important that we understand […]
admin on Sep 30th, 2007Deed in lieu of foreclosure: Will this work for you?
When people are facing the loss of their house in foreclosure, they often hear about “deed in lieu of foreclosure” being a good option for them.
For instance, one person recently wrote that they are victims of a “two year ARM nightmare”, one that raised their mortgage by about $500 per month. Now they can’t pay […]
admin on Sep 29th, 2007Bankruptcy and foreclosure: Five Myths that Many Bankruptcy Lawyers Won’t Tell You that let you keep your home, build good credit, and stop foreclosure
As part of my work with people facing foreclosure, I was speaking to “John” yesterday who casually mentioned that he had filed bankruptcy a year ago.
Why did he file?
Because he had something like nine properties that he couldn’t refinance and couldn’t make the payments on.
His lenders began the foreclosure process and he visited a bankruptcy […]