September 30, 2007

Learn How You Can Avoid Foreclosure

Broken Credit, LLC is pleased to present our free thirty-minute online seminar titled: “How To Avoid Foreclosure”.  Here’s a sample soundbite.  The following topics are discussed:

(1) Budgeting Strategies
(2) Repayment Plan
(3) Forbearance
(4) Loan Modification
(5) Loan Assumption
(6) Short Sale
(7) Deed in Lieu
(8) Hardship Letter
(9) Negotiating Strategies
(10) Bankruptcy
(11) RESPA
(12) TILA

Click here for the How To Avoid Foreclosure Seminar!

The Arbitration Fairness Act of 2007

Filed under: Judgment,Junk Debt Buyer

We’ve written about how unfair and lopsided Mandatory Binding Arbitration is in previous articles and how arbitration is a debt collector’s dream-come-true.  Unfortunately, at the present time, there’s still something smelly about arbitration

The good news is that Public Citizen is championing the fight for consumers against Binding Mandatory Arbitration (BMA).  Public Citizen is “a national, nonprofit consumer advocacy organization founded in 1971 to represent consumer interests in Congress, the executive branch and the courts”. From Citizen.org we found the following press release dates September 27, 2007: (more…)

September 29, 2007

Neighborhood Assistance Corporation of America (NACA)

Filed under: Foreclosure

NACA is a national non-profit advocacy and homeownership organization.

NACA’s Refinance Program offers new loans to eligible homeowners with unaffordable mortgages.

NACA’s Home Save program gives counseling and financial assistance to eligible homeowners who are at risk of foreclosure.

NACA’s Information and Refinancing Services line: 1-888-302-NACA

Website: naca.com/program/homesaveProgram.jsp

National Council of LaRazza (NCLR)

Filed under: Foreclosure

NCLR is the largest national Hispanic civil rights and advocacy organization in the United States.

NCLR’s Homeownership Network of 42 community-based organizations provide home ownership counseling and can intervene between borrowers facing financial crisis and the lenders and/or mortgage servicer.

Contact NCLR’s: 202-785-1670

NCLR’s Website: nclr.org

National Community Reinvestment Coalition (NCRC)

Filed under: Foreclosure

NCRC is a national coalition of more than 800 non-profit organizations that seek to increase the flow of private capital into underserved communities.

NCRC’s Consumer Rescue Fund works with victims of predatory lending to provide mediation, refinancing or renegotiation of mortgages.

Refinancing services are currently available in the states of: Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Maryland, Massachusetts, Nevada, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, Texas and Wisconsin.

NCRC’s Information and CRF Services line: 202-628-8866

Website for the CRF: fairlending.com

NeighborWorks

Filed under: Foreclosure

NeighborWorks is a national network of more than 240 community-based nonprofit organizations (located in 50 states) created by Congress to provide financial support, technical assistance, and training for community revitalization efforts.

NeighborWorks provides a variety of resources for preserving homeownership in the face of rising foreclosure rates including HOPE for Homeowners, a toll-free national hotline that offers free foreclosure prevention and counseling advice from a third party, HUD-certified, not-for-profit network of counseling agencies dedicated to helping homeowners avoid foreclosure.

NeighborWorks has teamed up with the Homeownership Preservation Foundation and the Financial Services Roundtable to provide this service.

HOPE for Homeownership Hotline (in English and Spanish): 1-888-995-HOPE

Find a HUD-certified NeighborWorks organization:

nw.org/network/nwdata/hudhousing.asp

Information on the Center for Foreclosure Solutions:

nw.org/network/neighborworksProgs/foreclosuresolutions/default.asp

HUD Approved Counselors

Filed under: Foreclosure

HUD provides a variety of resources for homeowners at risk of foreclosure.

The Department funds free housing counseling services throughout the country.

HUD-approved counselors can help homeowners understand the law and their options, organize their finances, and represent borrowers in negotiations with their lenders if this assistance is needed.

Telephone: 1-800-569-4287

Find HUD-Approved Housing Counseling Agencies in your State:

hud.gov/offices/hsg/sfh/hcc/hcs.cfm?weblistaction=summary

Additional HUD resources for avoiding foreclosure:

hud.gov/foreclosure/index.cfm

Help! My Mortgage Payments are Killing Me!

Hello Paul,

We can not longer make our mortgage payments. Thanks to a Thanks to a corrupt mortgage broker we end up with a 9.5 in the first loan and a 12.5 in the second loan. We have good credit scores.

Our payments are extremely high. We are trying to sell the house (by owner), but houses in the area are selling for about $100,000 less of what we owe. The home title is under both of our names. The loan is only under my husband name.

He also owns another property that is only under his name. That property has around $100,000 equity. He is currently renting it and we don’t want to sell it.

We own a small restaurant that lately is not making enough money to pay all our numerous debts.

My questions are: if we stop making payments in our primary residence, can they go after our rental property? Also, if we do a Short sale in the primary residence will it damage both of our credits, or only his? There is any other way out?

Marcia (more…)

Tax Lien Time Line

Hi Paul!

I have a question about liens on our report from an old state tax bill.

We paid it Oct 2000, and it was released. But the credit report is stating we paid it Dec 05, so it is going to be on our report for a long time.

I have tried to dispute it but they always come back to say that this is the correct information. I even called our state to make sure I was correct, she said yes, paid in 2000, not 2005.

How can I go about trying to get this off our report as it would be 7 yrs if reported correctly?

Thanks. Keep up the good work!

Deborah (more…)

September 28, 2007

VA Drama

My husband and I have been approved for a VA loan.  Today I got a letter from a collection agency. 

I called and paid the bill – it was from two years ago.  They said it had not been reported to the credit bureaus. 

If by chance it has been reported, would that prevent the loan from going through even if I show I paid it?  Will they run another credit report prior to closing? 

We close in two weeks.  Thanks.

Connie (more…)

Next Page »

Back to Broken Credit Blog