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% […]

Why the Gov’t foreclosure counseling programs must end now.

Saturday, October 15th, 2011

This is a very controversial issue…on Capital Hill….on Wall Street & on Main Street.  The people have pleaded that we want a bail out….the banks received their bailout.  Now we want ours!!  What a mess.  Everyone wants a free pass in life.  When the real estate market melted down nearly 5 years ago, the Government […]

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 […]

Don’t be bullied by the banks!!

Friday, October 7th, 2011

It is game on.  The banks have eliminated any type of peaceful remedy with the Federal Govt ~ the Feds are suing the banks.  The banks are foreclosing at a much more rapid rate.  The banks will step out of bounds when proceeding with foreclosure activity.  They will take there chances on getting hit with […]

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 […]

Mortgage Lenders are accelerating the foreclosure process.

Sunday, September 18th, 2011

The banks have pushed the pedal to the floor.  Banks & mortgage servicers have elected to speed up up the foreclosure process.  They are at war with the Federal Government over mortgage fraud issues….things are bound to get really ugly very fast.  All of the broad based loan modification programs have failed….banks are having a […]

The Banks are being sued by the Federal Government

Wednesday, September 7th, 2011

We had a feeling this was coming down the line.  It has been nearly 4 years since the banks were bailed out….they have not cooperated with distressed home owners at all.  They have played games with the loan modification process…..denying loan modification applications left and right….trapping clients in foreclosure….misapplying payments.  They have used all of […]

Why won’t my mortgage lender cooperate with me?

Wednesday, August 31st, 2011

This is a question we are asked many times each day.  It seems very confusing to many home owners.  After all, it only seems logical that your mortgage lender wants to get paid….right??  They want to keep you in your house…..anything to avoid foreclosure….right??  Well….wrong.  There are three very distinct factors on why your lender […]

The new developing market ~ the dangerous “scrap mortgage debt” market.

Friday, August 26th, 2011

One out of every ten home owners is severely late on their mortgages.  Many have tried to complete loan modifications and they have been unsuccessful.  Many banks are denying the loan modification requests and opting to sell the mortgage debt into the scrap mortgage debt market.  The scrap mortgage debt buyers purchase the debt at 5 […]

Facing Foreclosure? Beware of the Banks!!

Sunday, April 17th, 2011

In today’s market, if you are facing foreclosure ~ you are facing a serious problem. You are going to lose your home. You need to speak with an attorney!! Beware of the banks and the tactics that they used to mislead. Beware of deceptive double tracking ~ processing your foreclosure on one track & your […]

**Foreclosure activity will be more aggressive than ever

Sunday, October 24th, 2010

Recent horrible press against the banks will have them pressing the foreclosure process harder and faster. They simply do not have much of a choice. Quite frankly too many people are abusing the system. Negating mortgage payments from your budget for 18+ months can lead to a nice nest egg in the bank. Then there […]

~~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 […]

**Job growth and upward market pressures

Saturday, May 8th, 2010

The economy added more jobs in April 2010 than any other month in the last 4 years. This is definitely great news. However, it does add some interesting upward pressures in the market. Primarily in credit markets. Banks have become less forgiving & more resistant when it comes to the loan modification process. They feel […]

~~Another 14 billion ready to go down the drain

Monday, March 29th, 2010

Well the Feds have launched round 2 of the loan mod / foreclosure prevention plan. I guess this one costs less….14 billon dollars in comparison to the 61 billion that was wasted on the last plan. Every senior economist in the USA is wondering why the Federal Government just can’t leave the this problem along […]