Sep
30
Feldman Law Center – Loan Modification FAQs
Filed Under Loans | Leave a Comment
Feldman Law Center asked:
You may have a number of questions regarding loan modifications and how they can help you avoid foreclosure. Loan modifications have been all over the news lately. President Obama has passed major, historic legislation giving homeowners more access to loan modifications; the California legislature has also passed legislation promoting loan modifications.
Here are some questions and some answers for loan modifications:
Q: What is a loan modification?
A: A loan modification is an agreement between a lender and a borrower to change the original terms of a loan in order to make payments more affordable. For homeowners, a California loan modification could be a way to stay in their home. A loan modification attorney can be a major asset when trying to get a loan modification.
Q: How can a loan modification be accomplished?
A: There are actually a number of different ways to get a loan modification. The interest rate on a loan can be either lowered temporarily, or permanently set at a lower rate. An adjustable rate could be set to a fixed rate. The term of the loan could be changed, from say 30 years to 40 years. There could be a principal reduction of the loan amount. There are other ways and you could also have any combination of options. All of this is geared towards lowering your monthly payments and making your mortgage more affordable.
Q: How common are loan modifications?
A: As the real estate crisis continues, loan modifications are becoming increasingly common. Loan modifications have been around for a very long time, but only when many people are in danger of losing their homes does everyone begin to ask questions. Some think loan modifications are a new invention, or a scam, but people with mortgages have been getting loan modifications for quite a while.
Q: Does the federal of California state government play a role in loan modifications?
A: As so many people are suffering due to the economic crisis, President Obama and the California legislature have passed various laws pressuring lenders to offer loan modifications. Lenders are not opposed to loan modifications, especially at a time when so many Americans are facing foreclosure. A foreclosure hurts the banks’ bottom lines, and the industry has already seen hundreds of billions of dollars in financial loss due to the mortgage crisis. California passed a law in 2008 promoting loan modifications, and in early 2009 President Obama wasted no time in helping people get the loan modifications they need to stay in their homes. With Freddie Mac and Fannie Mae in serious trouble due to foreclosures (both of which are federal entities), it behooves the federal government to act that much quicker in saving people’s livelihood.
As you can see, there is a lot of information out there on mortgage loan modifications, and many people are unaware as to whether or not they qualify. If you are facing foreclosure or facing another financial crisis, contact a qualified California home loan modification attorney today and get “in the know.”
Visit us at http://www.feldmanlawcenter.com or call 800-588-0425.
CARSON
You may have a number of questions regarding loan modifications and how they can help you avoid foreclosure. Loan modifications have been all over the news lately. President Obama has passed major, historic legislation giving homeowners more access to loan modifications; the California legislature has also passed legislation promoting loan modifications.
Here are some questions and some answers for loan modifications:
Q: What is a loan modification?
A: A loan modification is an agreement between a lender and a borrower to change the original terms of a loan in order to make payments more affordable. For homeowners, a California loan modification could be a way to stay in their home. A loan modification attorney can be a major asset when trying to get a loan modification.
Q: How can a loan modification be accomplished?
A: There are actually a number of different ways to get a loan modification. The interest rate on a loan can be either lowered temporarily, or permanently set at a lower rate. An adjustable rate could be set to a fixed rate. The term of the loan could be changed, from say 30 years to 40 years. There could be a principal reduction of the loan amount. There are other ways and you could also have any combination of options. All of this is geared towards lowering your monthly payments and making your mortgage more affordable.
Q: How common are loan modifications?
A: As the real estate crisis continues, loan modifications are becoming increasingly common. Loan modifications have been around for a very long time, but only when many people are in danger of losing their homes does everyone begin to ask questions. Some think loan modifications are a new invention, or a scam, but people with mortgages have been getting loan modifications for quite a while.
Q: Does the federal of California state government play a role in loan modifications?
A: As so many people are suffering due to the economic crisis, President Obama and the California legislature have passed various laws pressuring lenders to offer loan modifications. Lenders are not opposed to loan modifications, especially at a time when so many Americans are facing foreclosure. A foreclosure hurts the banks’ bottom lines, and the industry has already seen hundreds of billions of dollars in financial loss due to the mortgage crisis. California passed a law in 2008 promoting loan modifications, and in early 2009 President Obama wasted no time in helping people get the loan modifications they need to stay in their homes. With Freddie Mac and Fannie Mae in serious trouble due to foreclosures (both of which are federal entities), it behooves the federal government to act that much quicker in saving people’s livelihood.
As you can see, there is a lot of information out there on mortgage loan modifications, and many people are unaware as to whether or not they qualify. If you are facing foreclosure or facing another financial crisis, contact a qualified California home loan modification attorney today and get “in the know.”
Visit us at http://www.feldmanlawcenter.com or call 800-588-0425.
CARSON
Sep
27
How can I take out a mortgage on a property to start flipping foreclosures?
Filed Under Renting & Real Estate | 4 Comments
Michael N asked:
I have never had a job. I am self-employed with ample cashflow to make mortgage payments, but no bank I have asked will let me take out a mortgage without two years of tax returns.
Correct – I don’t read / watch the news.
I wouldn’t be so daft as to speculate. I’m joining forces with someone who has been in the industry for years – one who has successfully (and consistently) flipped houses in today’s market.
I have never had a job. I am self-employed with ample cashflow to make mortgage payments, but no bank I have asked will let me take out a mortgage without two years of tax returns.
Correct – I don’t read / watch the news.
I wouldn’t be so daft as to speculate. I’m joining forces with someone who has been in the industry for years – one who has successfully (and consistently) flipped houses in today’s market.
Let’s stay on topic.
CARMELO
Sep
26
FAQs – Chattel Mortgage
Filed Under Loans | Leave a Comment
Matt Burgess asked:
What is a chattel mortgage?
A chattel mortgage is a popular form of car financing that allows the borrower to take ownership of the car at the commencement of the chattel mortgage. A chattel mortgage is sometimes referred to as a goods mortgage.
What does chattel mean?
Chattel is any article of movable property, but when it comes to chattel mortgages it is most often a car or other vechicle. Business equipment is also commonly financed with a chattel mortgage.
What are the benefits of a chattel mortgage?
A chattel mortgage offers tax benefits for businesses that use the cash accounting method.
The interest rate on a chattel mortgage is fixed so you never need to worry about rate rises.
A chattel mortgage is flexible – you set your deposit, repayment and balloon payments to suit your cashflow.
A chattel mortgage can be repaid before the end of the term.
Subject to the lenders’ approval, 100% of the purchase price of a car can be financed using a chattel mortgage.
How does a chattel mortgage affect my tax?
If you use the cash accounting method, a chattel mortgage enables you to claim back the GST component. If the car is used for business purposes, interest paid on the chattel mortgage and depreciation can be a tax deduction.
Is a chattel mortgage right for me?
A chattel mortgage may suit you if:
you want to purchase a car primarily for business use
your business uses the cash accounting method
you are looking for flexible car finance to suit your cashflow.
Do I pay interest on a chattel mortgage?
Yes, the interest rate on a chattel mortgage is fixed, so you know exactly what your repayments will be for the life of the loan.
Can a chattel mortgage have a small or no balloon payment?
The flexibility of a chattel mortgage means you choose whether you want low monthly repayments and a high balloon payment, or higher regular repayments and a low or no balloon payment. This means your chattel mortgage repayments can be tailored to suit your cashflow.
Can I use a chattel mortgage for something other than a new car?
Yes, a chattel mortgage can be used for financing a boat, truck or equipment used primarily for business purposes.
What happens if I miss a repayment on my chattel mortgage?
Because a chattel mortgage is a secured loan, the lender can sell the car to recover the debt. If you are having difficulties making repayments, please contact your lender or 360 Financial as soon as possible to avoid this happening.
How do I apply for a chattel mortgage?
Contact 360 Financial Services or apply online for a chattel mortgage.
MILLARD
What is a chattel mortgage?
A chattel mortgage is a popular form of car financing that allows the borrower to take ownership of the car at the commencement of the chattel mortgage. A chattel mortgage is sometimes referred to as a goods mortgage.
What does chattel mean?
Chattel is any article of movable property, but when it comes to chattel mortgages it is most often a car or other vechicle. Business equipment is also commonly financed with a chattel mortgage.
What are the benefits of a chattel mortgage?
A chattel mortgage offers tax benefits for businesses that use the cash accounting method.
The interest rate on a chattel mortgage is fixed so you never need to worry about rate rises.
A chattel mortgage is flexible – you set your deposit, repayment and balloon payments to suit your cashflow.
A chattel mortgage can be repaid before the end of the term.
Subject to the lenders’ approval, 100% of the purchase price of a car can be financed using a chattel mortgage.
How does a chattel mortgage affect my tax?
If you use the cash accounting method, a chattel mortgage enables you to claim back the GST component. If the car is used for business purposes, interest paid on the chattel mortgage and depreciation can be a tax deduction.
Is a chattel mortgage right for me?
A chattel mortgage may suit you if:
you want to purchase a car primarily for business use
your business uses the cash accounting method
you are looking for flexible car finance to suit your cashflow.
Do I pay interest on a chattel mortgage?
Yes, the interest rate on a chattel mortgage is fixed, so you know exactly what your repayments will be for the life of the loan.
Can a chattel mortgage have a small or no balloon payment?
The flexibility of a chattel mortgage means you choose whether you want low monthly repayments and a high balloon payment, or higher regular repayments and a low or no balloon payment. This means your chattel mortgage repayments can be tailored to suit your cashflow.
Can I use a chattel mortgage for something other than a new car?
Yes, a chattel mortgage can be used for financing a boat, truck or equipment used primarily for business purposes.
What happens if I miss a repayment on my chattel mortgage?
Because a chattel mortgage is a secured loan, the lender can sell the car to recover the debt. If you are having difficulties making repayments, please contact your lender or 360 Financial as soon as possible to avoid this happening.
How do I apply for a chattel mortgage?
Contact 360 Financial Services or apply online for a chattel mortgage.
MILLARD
Sep
26
Basic Credit Repair FAQ’s
Filed Under Credit | Leave a Comment
Steve De la Rosa asked:
Here are some basics facts and tips on consumer credit repair and why you should look into having it repaired.
“What is a credit report, and why is it important?”
A consumer credit report is a factual record of your credit activities. It reports all your credit accounts and outstanding loans, the balances on your credit cards and loans, and your bill paying history. Lenders are permitted by credit report laws to check your credit report and review it in order to determine whether or not to grant you credit. Most of the information on your credit report comes directly from the businesses you have accounts or loans with. Whether you pay your bills or fail to pay your bills, lenders report your credit information - good or bad – to credit reporting agencies.
“How much money can I save by repairing my credit?”
The better your credit is, the lower your interests rates can be. You can save hundreds of dollars a month, and thousands of dollars in the long term. See our Cost of Bad Credit for more information on how good credit can make an immediate impact on your wallet!
”What can be removed from my credit report?”
Anything can be removed from your credit report including bankruptcies, foreclosures, repossessions, late payments, collections, charge offs, judgments, and more. The FCRA ensures that any item on your credit must be removed if it is found to be inaccurate or cannot be validated.
”How long can negative items stay on my credit bureau?”
Accurate negative information generally can be reported for seven years. This seven year period starts from the time you were late or the account went to collections, not from the time you first opened the account. Here are some other rules to keep in mind:
Bankruptcy information can be reported for ten years; Information reported because of an application for a job with a salary of more than $20,000 has no time limitation; Information reported because of an application for more than $50,000 worth of credit or life insurance has no time limitation; Information concerning a lawsuit or judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer; Default information concerning U.S. Government insured or guaranteed student loans can be reported for seven years after certain guarantor actions; Tax liens stay on for seven years from the date PAID.
“How long does the process take?”
You can start to see results within the first 30 to 45 days. However just as every credit report is different, so do the times vary from case to case. Depending on how many items are being addressed and how serious the problems, it could take several months.
“Is credit repair legal?”
Absolutely! Your credit report is maintained by three credit bureaus who are simply private, for profit companies whose sole motivation is to make money by keeping track of and selling your personal financial information. A survey by the United States Public Interest Research Group found that 70% of the credit reports had serious errors and mistakes. Through the Fair Credit Reporting Act (FCRA), the federal governement has given you the right to repair your credit and no longer be part of that majority.
“My credit isn’t that bad, why do I need help?”
You may be thinking, “I had no problem getting my car loan. 7% interest isn’t too high, is it?” YES IT IS! You could save thousands of dollars by lowering your interest rate just a few points. You can save even more with home loans. Look at the results when comparing a 30 year fixed mortgage for $150,000 at 7% versus an interest rate of 5%. Your savings over the life of the loan total $69,379.20, almost half the original mortgage amount!
Have more questions or need help with your bad credit? DLR Credit Solutions, LLC has free credit seminars to help you. Its never too late to start turning your credit around.
MICHAEL
Here are some basics facts and tips on consumer credit repair and why you should look into having it repaired.
“What is a credit report, and why is it important?”
A consumer credit report is a factual record of your credit activities. It reports all your credit accounts and outstanding loans, the balances on your credit cards and loans, and your bill paying history. Lenders are permitted by credit report laws to check your credit report and review it in order to determine whether or not to grant you credit. Most of the information on your credit report comes directly from the businesses you have accounts or loans with. Whether you pay your bills or fail to pay your bills, lenders report your credit information - good or bad – to credit reporting agencies.
“How much money can I save by repairing my credit?”
The better your credit is, the lower your interests rates can be. You can save hundreds of dollars a month, and thousands of dollars in the long term. See our Cost of Bad Credit for more information on how good credit can make an immediate impact on your wallet!
”What can be removed from my credit report?”
Anything can be removed from your credit report including bankruptcies, foreclosures, repossessions, late payments, collections, charge offs, judgments, and more. The FCRA ensures that any item on your credit must be removed if it is found to be inaccurate or cannot be validated.
”How long can negative items stay on my credit bureau?”
Accurate negative information generally can be reported for seven years. This seven year period starts from the time you were late or the account went to collections, not from the time you first opened the account. Here are some other rules to keep in mind:
Bankruptcy information can be reported for ten years; Information reported because of an application for a job with a salary of more than $20,000 has no time limitation; Information reported because of an application for more than $50,000 worth of credit or life insurance has no time limitation; Information concerning a lawsuit or judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer; Default information concerning U.S. Government insured or guaranteed student loans can be reported for seven years after certain guarantor actions; Tax liens stay on for seven years from the date PAID.
“How long does the process take?”
You can start to see results within the first 30 to 45 days. However just as every credit report is different, so do the times vary from case to case. Depending on how many items are being addressed and how serious the problems, it could take several months.
“Is credit repair legal?”
Absolutely! Your credit report is maintained by three credit bureaus who are simply private, for profit companies whose sole motivation is to make money by keeping track of and selling your personal financial information. A survey by the United States Public Interest Research Group found that 70% of the credit reports had serious errors and mistakes. Through the Fair Credit Reporting Act (FCRA), the federal governement has given you the right to repair your credit and no longer be part of that majority.
“My credit isn’t that bad, why do I need help?”
You may be thinking, “I had no problem getting my car loan. 7% interest isn’t too high, is it?” YES IT IS! You could save thousands of dollars by lowering your interest rate just a few points. You can save even more with home loans. Look at the results when comparing a 30 year fixed mortgage for $150,000 at 7% versus an interest rate of 5%. Your savings over the life of the loan total $69,379.20, almost half the original mortgage amount!
Have more questions or need help with your bad credit? DLR Credit Solutions, LLC has free credit seminars to help you. Its never too late to start turning your credit around.
MICHAEL
Sep
26
I have a mortgage on one home, can I get a second mortgage to pay for another house?
Filed Under Renting & Real Estate | 6 Comments
TexasBound asked:
I’m planning to relocate, but current owe a mortgage for $50k. I also have a bankruptcy on my record thats a couple of years old. I’d like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?
MASON
I’m planning to relocate, but current owe a mortgage for $50k. I also have a bankruptcy on my record thats a couple of years old. I’d like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?
MASON
Sep
26
Is the Reverse Mortgage Different
Filed Under Mortgage | Leave a Comment
Leon Cote asked:
Payments to the householder can be made in a multiple of ways. How is a reverse mortgage different from a home equity loan? Home equity loans are paid back over a period of booked payments for a fixed number of years. Borrowers who’ve got a high debt to revenue proportion or poor credit could also find reverse mortgages appealing as the equity in the home and the value of the home are far more applicable factors than credit report. Whether or not the borrower in a reverse mortgage outlives the loan the home will never be taken and the loan not paid off till the house is sold or the borrower dies. Many pensioners have an enormous quantity of equity in their houses.
As in all cases of monetary lending, the pliability comes at a cost.
To be accepted for forward mortgage, you’ve got to have a steady source of earnings. When the last home loan payment is created, the house is yours. The major condition is the house is the property of the candidate.
As well, reverse mortgages must be the sole debt against your home.
Differing from a standard “forward mortgage”, your debt increases together with your equity.
If the loan is over a lengthy period of time, when the mortgage comes due, there may be a big amount due. Similarly , if the cost of your house decreased, there won’t be any equity left over. Failing to pay your property taxes or insurance on the home will definitely lead to a default too. Many older citizens have a massive quantity of equity in their houses. What are the needs to get a reverse mortgage? The home being mortgaged must be owner occupied. Often single family homes and little apartments and city houses are also suitable for a reverse mortgage. How will a reverse mortgage affect my estate? When the borrower of a reverse mortgage dies, the estate must pay back the loan or the proceeds of the sale of the home will pay back the loan.
Any remaining equity will be given to the successors of the estate. How can I am getting additional information on Reverse Mortgages? Contact any reputable broker to get additional information.
It may be sensible to consult an estate or estate planning lawyer to make certain a reverse mortgage is right for you.
HANS
Payments to the householder can be made in a multiple of ways. How is a reverse mortgage different from a home equity loan? Home equity loans are paid back over a period of booked payments for a fixed number of years. Borrowers who’ve got a high debt to revenue proportion or poor credit could also find reverse mortgages appealing as the equity in the home and the value of the home are far more applicable factors than credit report. Whether or not the borrower in a reverse mortgage outlives the loan the home will never be taken and the loan not paid off till the house is sold or the borrower dies. Many pensioners have an enormous quantity of equity in their houses.
As in all cases of monetary lending, the pliability comes at a cost.
To be accepted for forward mortgage, you’ve got to have a steady source of earnings. When the last home loan payment is created, the house is yours. The major condition is the house is the property of the candidate.
As well, reverse mortgages must be the sole debt against your home.
Differing from a standard “forward mortgage”, your debt increases together with your equity.
If the loan is over a lengthy period of time, when the mortgage comes due, there may be a big amount due. Similarly , if the cost of your house decreased, there won’t be any equity left over. Failing to pay your property taxes or insurance on the home will definitely lead to a default too. Many older citizens have a massive quantity of equity in their houses. What are the needs to get a reverse mortgage? The home being mortgaged must be owner occupied. Often single family homes and little apartments and city houses are also suitable for a reverse mortgage. How will a reverse mortgage affect my estate? When the borrower of a reverse mortgage dies, the estate must pay back the loan or the proceeds of the sale of the home will pay back the loan.
Any remaining equity will be given to the successors of the estate. How can I am getting additional information on Reverse Mortgages? Contact any reputable broker to get additional information.
It may be sensible to consult an estate or estate planning lawyer to make certain a reverse mortgage is right for you.
HANS
Sep
24
FAQ about the credit score,credit report (whats my credit score)
Filed Under Credit | Leave a Comment
Shane Lee asked:
This article is about questons like: the credit score and mortgage, credit score and loan, whats my credit score, how to check my credit score, etc.
1. Who provides the the credit report services?
There are 3 credit bureaus in the U.S. and they are Equifax, Experian and TransUnion.
Equifax
P.O. Box 105873
Atlanta, GA 30348
(800) 685-1111
Experian (formerly TRW)
P.O. Box 2104
Allen, TX 75013-2104
(888) 397-3742
Trans Union
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022
(800) 916-8800 or (800) 888-4213
2. Whats the info in the credit report?
(1). Personal information like name, SSN, date of birth, current address, previous addresses, employer, etc.
(2). Credit card, mortgage and loan information like credit card number, credit card status, open date, balance, credit line (credit limit), update date, minimum payment, records of the money return, etc.
(3). Inquiry: (a). Hard inquiry: It is the inquiry from the banks or credit card companies, authorized by you. This kind of inquiry has a negative impact on your credit score. (b). Soft inquiry: When the credit card companies wanna do some promotions, they can run a soft inquiry on your credit report. This type of inquiry has no negative impact on your credit score.
(4). Collection information.
(5). Public records. (bankruptcy, mortgage, frozen assets, decree, etc)
3. Who is interested in my credit report?
Banks and credit card companies, cell phone comapnies, insurance companies, employers, landlords.
4. How do the 3 credit bureaus get the info on my credit report?
You credit report info is provided by these: banks, credit card companies, insurance companies, collection companies, government, court.
5. How long do they keep the info in my credit report?
Usually, it is 7 years.
bankruptcy: 10 years.
>$75000’s work: forever.
criminal record: forever.
>$150,000’s life insurance: forever.
inquiry: 2 years.
6. How to get my credit report?
If you are rejected when applying for a credit card or loan, you will receive a letter. This letter will tell you how to get your free credit report.
You can also contact the credit bureaus directly.
7. What can I do if I find something wrong with my credit report?
You can dispute if you find something wrong in your credit report.
8. I did not find anything about the employers and insurance in my credit report, why?
It is possible that your employers or insurance companies do not provide any information to the credit bureaus.
9. How long does it take to update the credit report?
For the inquiry, it is the real-time update. The update speed of other records depends on the related corporations. Usually, the credit card records can be updated every month. If you are planning to get a housing loan or car loan, you’d better start to improve your credit score earlier. Because it takes time to update your credit report and to improve your credit score.
10. What should I do if my personal info is stolen?
1). Call your bank and credit card company.
2). Call the fraud department of the credit bureau to place a fraud alert on your credit file.
3). Close your stolen accounts.
4). File a police report.
5). File your complaint with the FTC.
11. Whats my credit score? (info about the credit score)
Currently, the most common credit score is the FICO credit score. It is calculated from the credit report. Because the 3 credit bureaus have different credit reports for you. Your credit score can be different for these 3 credit bureaus.
12. I can not find the credit score from my credit report, why?
You need to purchase your credit score. It is not free.
13. Whats a good credit score? ( loan credit score, credit score mortgage )
Usually, the credit score is between 350 and 850. You will have a better chance to get the best offer when applying for the loans if your credit score is very high. For the housing loan, you can get a good offer if your credit score is above 650. For the car loan, it is 720.
14. What affects my credit score?
Negative factors: bankrutcy, collection, default payment, late payment.
Credit history (the longer the better).
Open accounts with balance.
Credit usage (the best ratio of Balance/Credit Limit is 1-2%, >50% is negative)
Inquiry (Hard inquiry will have a negative impact on your credit score, especially the hard inquiry within 6 months)
15. How to improve my credit score?
Pay your bills on time.
By Shane Lee. Date: 05/25/2009.
Copyright belongs to Whats My Credit Score Dot Travel2ChinaInfo Dot COM . You can find more information about whats my credit score, loan credit score, credit score mortgage from our web site.
NOTE: Permission is granted by the copyright owner to disseminate this article in whole or in part provided credit is given to the author ( with a link to the article’s source URL Whats My Credit Score Dot Travel2ChinaInfo Dot COM ) and this NOTE is not removed.
SAMMIE
This article is about questons like: the credit score and mortgage, credit score and loan, whats my credit score, how to check my credit score, etc.
1. Who provides the the credit report services?
There are 3 credit bureaus in the U.S. and they are Equifax, Experian and TransUnion.
Equifax
P.O. Box 105873
Atlanta, GA 30348
(800) 685-1111
Experian (formerly TRW)
P.O. Box 2104
Allen, TX 75013-2104
(888) 397-3742
Trans Union
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022
(800) 916-8800 or (800) 888-4213
2. Whats the info in the credit report?
(1). Personal information like name, SSN, date of birth, current address, previous addresses, employer, etc.
(2). Credit card, mortgage and loan information like credit card number, credit card status, open date, balance, credit line (credit limit), update date, minimum payment, records of the money return, etc.
(3). Inquiry: (a). Hard inquiry: It is the inquiry from the banks or credit card companies, authorized by you. This kind of inquiry has a negative impact on your credit score. (b). Soft inquiry: When the credit card companies wanna do some promotions, they can run a soft inquiry on your credit report. This type of inquiry has no negative impact on your credit score.
(4). Collection information.
(5). Public records. (bankruptcy, mortgage, frozen assets, decree, etc)
3. Who is interested in my credit report?
Banks and credit card companies, cell phone comapnies, insurance companies, employers, landlords.
4. How do the 3 credit bureaus get the info on my credit report?
You credit report info is provided by these: banks, credit card companies, insurance companies, collection companies, government, court.
5. How long do they keep the info in my credit report?
Usually, it is 7 years.
bankruptcy: 10 years.
>$75000’s work: forever.
criminal record: forever.
>$150,000’s life insurance: forever.
inquiry: 2 years.
6. How to get my credit report?
If you are rejected when applying for a credit card or loan, you will receive a letter. This letter will tell you how to get your free credit report.
You can also contact the credit bureaus directly.
7. What can I do if I find something wrong with my credit report?
You can dispute if you find something wrong in your credit report.
8. I did not find anything about the employers and insurance in my credit report, why?
It is possible that your employers or insurance companies do not provide any information to the credit bureaus.
9. How long does it take to update the credit report?
For the inquiry, it is the real-time update. The update speed of other records depends on the related corporations. Usually, the credit card records can be updated every month. If you are planning to get a housing loan or car loan, you’d better start to improve your credit score earlier. Because it takes time to update your credit report and to improve your credit score.
10. What should I do if my personal info is stolen?
1). Call your bank and credit card company.
2). Call the fraud department of the credit bureau to place a fraud alert on your credit file.
3). Close your stolen accounts.
4). File a police report.
5). File your complaint with the FTC.
11. Whats my credit score? (info about the credit score)
Currently, the most common credit score is the FICO credit score. It is calculated from the credit report. Because the 3 credit bureaus have different credit reports for you. Your credit score can be different for these 3 credit bureaus.
12. I can not find the credit score from my credit report, why?
You need to purchase your credit score. It is not free.
13. Whats a good credit score? ( loan credit score, credit score mortgage )
Usually, the credit score is between 350 and 850. You will have a better chance to get the best offer when applying for the loans if your credit score is very high. For the housing loan, you can get a good offer if your credit score is above 650. For the car loan, it is 720.
14. What affects my credit score?
Negative factors: bankrutcy, collection, default payment, late payment.
Credit history (the longer the better).
Open accounts with balance.
Credit usage (the best ratio of Balance/Credit Limit is 1-2%, >50% is negative)
Inquiry (Hard inquiry will have a negative impact on your credit score, especially the hard inquiry within 6 months)
15. How to improve my credit score?
Pay your bills on time.
By Shane Lee. Date: 05/25/2009.
Copyright belongs to Whats My Credit Score Dot Travel2ChinaInfo Dot COM . You can find more information about whats my credit score, loan credit score, credit score mortgage from our web site.
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SAMMIE
Sep
23
Simon Burgess asked:
If you have loan repayments to make each month then it could be wise to take out loan payment protection to cover the possibility that you might find yourself unable to work. If you should have an accident, suffer an illness or become unemployed through such as redundancy then a policy would provide a monthly tax free sum to cover your monthly loan commitments.
Loan protection insurance can work but you have to ensure that you check the terms and conditions of a policy before rushing into taking it out. There are exclusions which are to be found in all loan cover and there are also ones that can be added by particular providers. Those individuals who are working on a part time basis, who are self-employed, suffer a pre-existing medical condition or who are retired would probably find a policy not suitable. Reading the wording of any policy is essential as the terms and conditions can vary as can the amount you pay for the cover.
The premiums charged will be based on how old you are at the time of applying and the amount of your loan repayments. Historically, a standalone provider will always offer cheaper loan protection insurance than the high street lender.
Consumers should note that while cover is usually offered at the time of borrowing this can be very costly. High street lenders are thought to make around £4 billion in profits when selling payment protection insurance cover. However this is not quite clear and the Competition Commission are going to do everything in their power to force lenders to open their books and reveal their profits.
In 2005 several high street names received fines when the Office of Fair Trading received a super complaint from the Citizens Advice. Fines were handed out for mis-selling which focused on the poor advice given to the consumer at the time of taking out a policy. Loan payment protection was sold to individuals who could not possibly hope to claim against the cover.
In March 2008 it is hoped that the introduction of comparison tables will lead to making loan insurance more transparent. The tables will highlight how much a policy will cost, show the exclusions and help the consumer to choose the right type of cover. Until then an independent provider can be relied upon to provide the answers to any questions you might have regarding the cover. They provide FAQs and of course give the essential information needed for the consumer to make an informed decision regarding the suitability of a policy.
When taken out with your circumstances in mind loan payment protection insurance can provide you with a tax free income with which to continue meeting the repayments for your loan each month. Once you had been unable to work for a period of between 30 and 90 days the policy would start and the majority are backdated to day one. Cover would then continue providing peace of mind and security for between 12 and 24 months dependent on the terms of the provider.
DUDLEY
If you have loan repayments to make each month then it could be wise to take out loan payment protection to cover the possibility that you might find yourself unable to work. If you should have an accident, suffer an illness or become unemployed through such as redundancy then a policy would provide a monthly tax free sum to cover your monthly loan commitments.
Loan protection insurance can work but you have to ensure that you check the terms and conditions of a policy before rushing into taking it out. There are exclusions which are to be found in all loan cover and there are also ones that can be added by particular providers. Those individuals who are working on a part time basis, who are self-employed, suffer a pre-existing medical condition or who are retired would probably find a policy not suitable. Reading the wording of any policy is essential as the terms and conditions can vary as can the amount you pay for the cover.
The premiums charged will be based on how old you are at the time of applying and the amount of your loan repayments. Historically, a standalone provider will always offer cheaper loan protection insurance than the high street lender.
Consumers should note that while cover is usually offered at the time of borrowing this can be very costly. High street lenders are thought to make around £4 billion in profits when selling payment protection insurance cover. However this is not quite clear and the Competition Commission are going to do everything in their power to force lenders to open their books and reveal their profits.
In 2005 several high street names received fines when the Office of Fair Trading received a super complaint from the Citizens Advice. Fines were handed out for mis-selling which focused on the poor advice given to the consumer at the time of taking out a policy. Loan payment protection was sold to individuals who could not possibly hope to claim against the cover.
In March 2008 it is hoped that the introduction of comparison tables will lead to making loan insurance more transparent. The tables will highlight how much a policy will cost, show the exclusions and help the consumer to choose the right type of cover. Until then an independent provider can be relied upon to provide the answers to any questions you might have regarding the cover. They provide FAQs and of course give the essential information needed for the consumer to make an informed decision regarding the suitability of a policy.
When taken out with your circumstances in mind loan payment protection insurance can provide you with a tax free income with which to continue meeting the repayments for your loan each month. Once you had been unable to work for a period of between 30 and 90 days the policy would start and the majority are backdated to day one. Cover would then continue providing peace of mind and security for between 12 and 24 months dependent on the terms of the provider.
DUDLEY
Sep
21
Reverse Mortgage FAQ’s
Filed Under Loans | Leave a Comment
Jeff Bangerter asked:
The reverse mortgage is starting to become more preferred among older voters who would like to pay down their liabilities and increase their retirement cash. It is envisioned that as the Baby Boom generation moves towards retirement, use of the reverse mortgage will become more frequent. Reverse mortgages differ from a normal mortgage in that there are no standard payments. The funds can be paid out as a monthly earnings, taken as an one-off sum or withdrawn as needed. This mortgage guarantees a retiree can stay in their home until she passes away or moves out.
The bank gets none. Reverse mortgages are not without their failings, and they do not appear to be for everyone.
While rates are comparable to typical mortgages, there are high start up costs. Part of this is to insure the loan, that has an inclination to be riskier than standard mortgages, as the borrowers must be at least 62 years of age. Reverse mortgages may become more favored in Texas and reverse mortgages will immediately permit line of credit paymentsThose seeking a reverse mortgage or mortgage in Texas were long disappointed, as Texas was one of the last states to allow such lending. Mortgage laws dating to the nineteenth century forbidden such lending, as the state’s founders feared that banks would exploit people and deliberately seize their homes thru foreclosure. This made it unheard of for Texans to use their home equity for desires of debt consolidation, home improvement, or other bonafide uses, as voters of other states may do.In 1997, the Texas legislature at last amended the state constitution to let home equity loans, but did so in an ungainly, poorly worded way that left many questions unanswered. Reverse mortgages have been fairly favored recently, particularly in areas like California, where high property costs have left many householders short of cash but equity rich. These people have been prepared to pay for their retirements using the equity in their houses, purchasing vacation homes, recreational autos, or taking long-desired vacations. Nationally, virtually 90 % of those that take out a reverse mortgage do so by employing a credit line.
This enables them to use the money when and how they see fit, and no interest accumulates unless the cash is essentially used.
It is an awfully convenient product, and it costs the home-owner much less in interest than an one-off sum payment. Sadly for voters of Texas, an one-off sum payment is the only option, and as a effect, few reverse mortgages have been offered to date.This may at once change, however. The Texas Legislature has lately authorized a change to the state constitution which will permit homeowners who take out a reverse mortgage to accept payment in the form of a credit line.
Texas law demands that this change be put on the ballot for a vote, and it is forecast to be voted on this autumn. Folk who work in the lending industry expect the vote to pass, and say that it’ll lead to a superb increase in the amount of reverse mortgages offered in the state.
With over 20 million people, Texas ranks second only to California in population, and there are plenty of folks in Texas who would qualify for a reverse mortgage.By dumping laws that have been on the books for more than a hundred and fifty years, Texas may at once join what’s left of the states in having fair and equitable home lending laws.This could be interesting to those worried about California adjustable pay mortgagemastersonline.com and that is the reason why we have included this info.
.
ORLANDO
The reverse mortgage is starting to become more preferred among older voters who would like to pay down their liabilities and increase their retirement cash. It is envisioned that as the Baby Boom generation moves towards retirement, use of the reverse mortgage will become more frequent. Reverse mortgages differ from a normal mortgage in that there are no standard payments. The funds can be paid out as a monthly earnings, taken as an one-off sum or withdrawn as needed. This mortgage guarantees a retiree can stay in their home until she passes away or moves out.
The bank gets none. Reverse mortgages are not without their failings, and they do not appear to be for everyone.
While rates are comparable to typical mortgages, there are high start up costs. Part of this is to insure the loan, that has an inclination to be riskier than standard mortgages, as the borrowers must be at least 62 years of age. Reverse mortgages may become more favored in Texas and reverse mortgages will immediately permit line of credit paymentsThose seeking a reverse mortgage or mortgage in Texas were long disappointed, as Texas was one of the last states to allow such lending. Mortgage laws dating to the nineteenth century forbidden such lending, as the state’s founders feared that banks would exploit people and deliberately seize their homes thru foreclosure. This made it unheard of for Texans to use their home equity for desires of debt consolidation, home improvement, or other bonafide uses, as voters of other states may do.In 1997, the Texas legislature at last amended the state constitution to let home equity loans, but did so in an ungainly, poorly worded way that left many questions unanswered. Reverse mortgages have been fairly favored recently, particularly in areas like California, where high property costs have left many householders short of cash but equity rich. These people have been prepared to pay for their retirements using the equity in their houses, purchasing vacation homes, recreational autos, or taking long-desired vacations. Nationally, virtually 90 % of those that take out a reverse mortgage do so by employing a credit line.
This enables them to use the money when and how they see fit, and no interest accumulates unless the cash is essentially used.
It is an awfully convenient product, and it costs the home-owner much less in interest than an one-off sum payment. Sadly for voters of Texas, an one-off sum payment is the only option, and as a effect, few reverse mortgages have been offered to date.This may at once change, however. The Texas Legislature has lately authorized a change to the state constitution which will permit homeowners who take out a reverse mortgage to accept payment in the form of a credit line.
Texas law demands that this change be put on the ballot for a vote, and it is forecast to be voted on this autumn. Folk who work in the lending industry expect the vote to pass, and say that it’ll lead to a superb increase in the amount of reverse mortgages offered in the state.
With over 20 million people, Texas ranks second only to California in population, and there are plenty of folks in Texas who would qualify for a reverse mortgage.By dumping laws that have been on the books for more than a hundred and fifty years, Texas may at once join what’s left of the states in having fair and equitable home lending laws.This could be interesting to those worried about California adjustable pay mortgagemastersonline.com and that is the reason why we have included this info.
.
ORLANDO
Sep
20
rpost52 asked:
I have a friend who got into some trouble paying his mortgage when his wife went on unpaid maternity leave. They got behind on their mortgage and ended up going into foreclosure on their house.
I have a friend who got into some trouble paying his mortgage when his wife went on unpaid maternity leave. They got behind on their mortgage and ended up going into foreclosure on their house.
They were able to scrape up the money they needed to pay it off, but they are still pretty strapped and 1 month behind on their mortgage.
The question is, they want to sell their house to downsize to a less expensive home that is more affordable, but their credit is basically shot. If they sell their house and try to buy a less expensive one will they be able to get a mortgage with their history?
Please be respectful, this is a genuine question that needs knowledgeable answers. So only reply if you have good advise. Thank you.
sorry, one more thing. they would be putting about 20% down on the next house, would this help the percentage rate?
ANDRES