Archive for the ‘Credit Restoration’ Category


Tuesday, May 26th, 2015

Are you aware of why you’re constantly hearing this coined phrase, regarding any form of communication with the bank? “This is an attempt to collect on a debt, any information obtained will be used for that purpose!”  Let’s think about what that really means? The collector on the other end of the phone is paid […]

Battling Ocwen, NationStar and non-bank mortgage servicers

Sunday, November 23rd, 2014

The non-bank mortgage service industry is in the line of fire right now.  It is under pressure, politically charged, but also a huge money machine.  Regulating the industry is on the forefront of many Government Agencies.  However, the topic of regulation is both complex and controversial.  Ultimately, regulation of the industry crosses the lines of […]

What will it take to restore my credit and get ahead financially?

Tuesday, August 27th, 2013

As an economist and a guy that really follows statistical leading indicators, I felt compelled to write this article.  I have helped thousands of families save their homes and settled billions of dollars in debt for my clients.  I worked in the legal collection industry from 1988 to 2000 ~ for large mortgage banks and […]

Trying to settle a defaulted HELOC or second mortgage?

Monday, July 22nd, 2013

Since the great recession took a firm grip on the economy in 2007, many homeowners stopped paying on their second mortgage debt or HELOC debt.  At one point, there was an estimate that nearly 45% of this particular type of debt was in default.  The advice that was given by the banks & counselors during […]

Rising Home Values ~ The Good and Bad

Saturday, May 4th, 2013

Unless you have been living under a rock….you have realized that real estate values have been recovering rapidly.  The actual recovery started in Spring 2012 and has picked up a lot of steam.  I really think many home owners were in a state of shock….since prices declined consistently from the Fall of 2006 to Spring […]

Credit Restoration 101~ Part 1

Monday, April 9th, 2012

All of my clients have the same question ~ “My credit is destroyed and I have know idea how to start fixing it”.  The Great Recession left credit severe credit behind on an enormous amount of the population.  High unemployment, credit over extension and declining home values created the perfect storm.  In 2006 only 13% […]

Fixing Your Credit 101

Sunday, October 9th, 2011

This recent economic blow out ~ The Great Recession ~ started in early 2007.  It is hard to believe that we are nearly 5 years into this fiasco.  The financial scars that have been left behind are extreme.  Credit profiles have been destroyed.  Nearly 47% of the public has damaged credit ~ 640 credit score […]

The evil business surrounding mortgage deficiency balances

Sunday, October 2nd, 2011

I have written about this topic in prior posts.  However, I feel compelled to bring up this ugly topic again.  Ugly is a actually an understatement for the nature of the “mortgage deficiency” business.  I want to be clear on the definition of a mortgage deficiency ~ it is a bad debt that you owe the […]

Why the banks are not lending in the mortgage market

Friday, September 30th, 2011

Even thought the economy has been improving, it has been stuck in nuetral for the last 12 months.  The underlying factor for the weak economy is the housing market.  Banks essentially will not lend mortgage money unless you have a stellar credit score, low DTI and a good down payment.  The banks state that they […]

The real facts about the “Scrap Mortgage Debt Market”

Wednesday, September 21st, 2011

Your home is one of your most valuable possessions. When you begin to lose grip on the ownership of your home it can be both devastating and traumatic to both you and your family. This dreaded situation usually begins with unpaid mortgage on your behalf. Once you have fallen behind on your mortgage, it can […]

~Mortgage foreclosure deficiency collector cometh!

Monday, October 25th, 2010

Mortgage deficiencies ~ the next wolf at the door. Recent foreclosures have left the banks with massive deficiency amounts ~ and they are out to collect it. This massive “tidal wave” of collection activity has just begun. It could last for many years to come….causing massive controversy amongst the public & ruining credit scores for […]

~~Things will never be the same again

Sunday, July 25th, 2010

I counsel countless clients with serious financial issues daily. Many clients have fallen into hard times because of an income decline. Almost all are waiting for the “golden job” ~ waiting for the economic glory days to come back. News flash ~ things have permanently changed ~ the economy has shifted into a new mold. […]

Bringing back the housing market

Thursday, July 1st, 2010

I just don’t get it!! Housing sales have plummeted & everyone wonders why….ridiculous!! Are jobs the key? In a minor way. You must remember 90% of the country is working. Lets look at the 10% that are not working ~ they are a long way from qualifying for a mortgage….2+ years. We can’t wait that […]

Thinking of walking away from your mortgage?

Saturday, June 26th, 2010

Better think twice….the penalties and sanctions surrounding “walking away” are more severe than ever. Fannie Mae + Freddie Mac announced that they imposing two very strict rules. First, you walk away ~ no mortgage loans for 7 years. Second and most important, they will be in pursuit of assets to collect on all deficiency balances […]

Not quick enough for everyone~~

Sunday, May 23rd, 2010

The word is out….the economy is recovering….the bad times are over. However, most people don’t feel the improvement. Business is better for many firms….bottom line though ~ people are earning less money. The credit crunch has eliminated a large portion of folks that used to earn six figures…..reality has set in. Many people have been […]

~~110% Debt to income ratio

Saturday, March 20th, 2010

I heard a discussion forum on this topic last week on CNBC. This is a very critical number ~ 110%. It simply proves that people do not have enough money coming from income to pay back all of their debts. It also means that banks will be very hesitant to pick up lending to consumers […]

~~A man that represents himself has a fool for a client

Friday, March 12th, 2010

I never understood why anyone would want to represent themselves in tough complex scenarios. You are setting yourself up for failure. The emotion mixed in with lack of knowledge is a disaster waiting to happen. Many folks that choose to represent themselves in any loss mitigation / foreclosure prevention case ultimately lose. The bank knows […]

Jobs and a bad credit report!!

Saturday, March 6th, 2010

Landing a new job is tough enough in this economy….a bad credit report only adds fuel to the fire!! The recent “Great Recession” that we have experienced has forced many folks into the the bad credit zone….bankruptcy, foreclosure & late payments are now a common element in today’s society. The state govt agencies have established […]

~~Getting sued after walking away

Sunday, February 28th, 2010

I have a number of clients approaching me with some very serious problems ~ they are getting sued for big $$ ~ big $$ on a house they walked away from 3 years ago. They thought their problems were left behind….when they walked away from the old house….leaving the troubles to the bank. Well now […]

The bill collector cometh

Friday, January 15th, 2010

It is a pretty simple concept that will hold true for the next 2 to 3 years solid….banks have turned theselves into giant collection agencies. As the economy recovers gradually, banks will be prone to collect on past money instead of making money on new loans. Collections agencies and collection attorneys will be flooded with […]

A creditless recovery? Raising interest rates is a must!!

Wednesday, January 13th, 2010

Many economists have talked about a jobless recovery….I personally don’t see that happening. Companies have trimmed all the fat, fired everyone & can’t cut costs any more. It will be top line growth for the next 2 years…companies need to figure out how to increase sales….if you work in sales, you will soon have your […]

Stop bill collectors from harrasing you~~

Sunday, January 10th, 2010

This Great Recession has left many people with a huge mountain of debt. Many people could not pay their debt obligations due serous income reduction or drastic credit over extension. The current stats are mind boggling ~ average defaulted credit card debt amounts to nearly $37,000 per household. With the economy beginning improve, many people […]