Credit and Loan Blog July Archive

Forum to Knowing Your Credit

By Website Introductions at 07/30/08 12:31

Here is a forum for people to chat with one another regarding their credit woes and, perhaps, get answers from some knowledgeable and helpful people of the community.

Link: How soon does a missed mortgage payment show up on your credit report? - General Credit Issues - FICO Forums

Keep your Credit Score High

A basic blog entry emphasizing how to keep your credit in good standing by making your mortgage payment a priority. Communicate with your lenders in writing, especially if you get a foreclosure notice; eat ramen and drink tap water if you need to save money to pay the mortgage lender.

Link: Finance Watch: Missed mortgage payments and its impact on credit score

Why the Crisis?

When you open the news, do you not wonder why foreclosures are going up everywhere in the country, most especially in those residential states? You always hear that it has something to do with the economy--but what is it? And how are you going to be affected?

Washington Post has kindly made up this article for the sake of those who are not yet familiar to this phenomenon. It's here.

News: The Bubble - washingtonpost.com

Someone feels Bad About Reverse Mortgages

Cash-strapped, can you resist tapping hundreds of thousands of dollars in home equity? Probably not. You probably won't stop yourself from getting a reverse mortgages. You are not the first.

However, there is reason to be skeptical about this reverse mortgages. Even the FBI is warning us against fraud and scams involving reverse mortgages.

News: Editorial: Skeptical eyes on reverse mortgages

Scammers pop everywhere

More and more scam artists are showing up as they take advantage of the homeowners who fear their homes' nearing foreclosure. Some of these scams are quite easily noticeable while some others are subtle.

So how do they become a scam? These scam artists claim to act as intermediary between you and the lenders, getting fees upfront, and eventually doing things that you can do on your own for free. Be aware of these scams. Read this article to know more about them.

News: Scam artists target homeowners : SearchChicago Homes : News

What Land Patent?

In the despeartion caused by losing a home, anyone might be just be fooled to fall for a swindler's trick. I think it's our job to expose some of the tricks that supposed real estate agents employ.

One of them are land patents. With these, properties that are nearing foreclosure will be safe from foreclosures without the intervention of the government or any external institutions--or so it is claimed.

There isn't such a thing as a land patent.

News: I-Team Pursues Man Suspected In Land Patent Scheme - San Diego News Story - KGTV San Diego

Selling Mortgages: What Good is it for the Borrower?

Not all lenders keep their loans to themselves, as a lot of them are not multimillionaires. So what they do is to sell these loans to investors to make profit.

Sure, it does profit the lender. But how sure are you that the borrower's rights are protected? How sure are you that no violation was made against you? We'll try to answer that here in the Californian.

Link: Borrower protected if a loan is moved | thecalifornian.com | The Salinas Californian

Beware of the Hoax

With a lot of people nowadays falling into bad credit, it isn't unusual to see offers and advertisements saying that they can cure your credit problems with only a small fee.

Chances are, it's a hoax. You cannot possibly have a good credit standing without exerting so much effort. There are a lot of hoaxes out there. You should be able to find out if something is a hoax or not.

Link: Credit Repair: Self Help May Be Best