How long will a state tax lien (due to unpaid state income taxes) stay on a credit report?

Cheryl (more…)

heres the situation…my wifes mom died last month and had no will,however she took out a refi loan in 2000 with my wifes older sister (mentally and physically disabled) on the note. with this transaction the sister was added to the deed as joint tenancy with right of survivorship so by florida law she is the only person on this property. problem is no power of attorney was in place,nor guardianship for the disabled sister,but the mortgage lender (wachovia) wants to foreclose on the loan due to not being able to secure insurance,with payment raising from 675.00 month to 1450.00 +- with bank supplied insuance. the sister cant enter an agreement with any insurance company. what can be done to fix this situation?

Craig (more…)

Transunion and Litton Mortgage blame each other for inaccurate information on my Credit Report. 

Finally had some removed only having them added again plus 2 more months of late payments. 

Again, Litton blames Transunion and Trausunion blames Litton. 

I am trying to refinance but can’t due to false late payments on report. 

Can Transunion add the deleted items again?

Kris (more…)

I wish I would have found your web site before I started paying off on some collection accounts.

Sense listening to your seminar raise your credit score, I have asked the collection agency’s for them to delete for pay.

They tell me they can not do that because they are obligated to report all accounts that have new activity or not.. i.e. paid off..

What am I doing wrong? 

I was pre approved in Feb and I’m having a house built now.

My Leander told me not to obtain any new credit until after we close. But try to clean up some old accounts and maybe I would get a better rate closer to closing.

Long story short I paid on about 5 items and my credit score dropped down to 503. now I don’t qualify due to my credit score.

We are to close the end of May.

Is there something I can do?

Thanks for you time and a great website.

Carol (more…)

SEATTLE – Approximately 200 Washington consumers who paid for a service that they thought would help save their homes from foreclosure will receive partial refunds under a new settlement announced today by the Washington Attorney General’s Office.

The homeowners each paid $1,200-$1,500 to Foreclosure Assistance Solutions LLC, of Clearwater, Fla. More than 70 percent of homeowners who signed up with Foreclosure Assistance Solutions ended up losing their homes anyway. The company went out of business in fall 2007.

“We believe Foreclosure Assistance Solutions used coercive tactics to pressure consumers into paying for a service they really couldn’t afford and then doing little or nothing to actually help those consumers save their homes,” Attorney General Rob McKenna said. “Today’s settlement puts some money back into the pockets of those who bought into the company’s false promise of hope.” (more…)

Love your site! 

The short story is that my parents refinanced our home for us, credit is in their name and spouse and I make the mortgage payment. 

I bent the rules but am sure I didn’t break them when I made our mortgage payment at the bank which services the loan on the 31st of the month. 

Late fee assessed, but is this really 30 days late? 

Thanks,
Terri (more…)

The remedies under TILA include civil liability and damages. If any required disclosures are not given, the borrower’s right to rescind is extended from three days to three years after the date of consummation of the transaction. (15 U.S.C. § 1635(a) & (f); 12 C.F.R. § 226.23(a)(3) (2006).) Thus, “a single violation of TILA, whether it be substantive or technical, extends a borrower’s period for rescission. [Citations.]” (Wiggins v. Avco Financial Services (D.D.C. 1999) 62 F.Supp.2d 90, 94; see Semar v. Platte Valley Federal S & L Ass’ n (9th Cir. 1986) 791 F.2d 699, 704 [minor technical, as well as major, violations of TILA or Regulation Z entitle the borrower to rescind].) Lenders who fail correctly to notify the borrower of the right to rescind are also liable to the borrower for damages plus costs and attorney fees. (15 U.S.C. § 1640(a)(1), (a)(2)(A) & (a)(3).) Lenders who omit the disclosures under section 1639 are subject to liability in the amount equal to the sum of all finance charges and fees paid by the consumer, unless the failure to comply with the statute is not material. (15 U.S.C. § 1640(a)(4).)

As a consumer protection statute, TILA “is to be liberally construed in favor of borrowers.” (Wiggins v. Avco Financial Services, supra, 62 F.Supp.2d at p. 94; Riggs v. Government Emp. Financial Corp. (9th Cir. 1980) 623 F.2d 68, 71.)

Because TILA is to be construed liberally to effect its remedial purpose of protecting consumers who are inherently at a disadvantage in loan and credit transactions by assuring that they will not be easily misled about the costs of financing (Semar v. Platte Valley Federal S & L Ass’ n, supra, 791 F.2d at p. 705; Wiggins v. Avco Financial Services, supra, 62 F.Supp.2d at p. 94, citing Thomka v. A.Z. Chevrolet, Inc. (3d Cir. 1980) 619 F.2d 246, 248), we are adverse to reading into the statute an implicit basis for terminating consumers’ remedies that would only benefit lenders at the expense of borrowers.

Pac. Shore Funding v. Lozo, 42 Cal. Rptr. 3d 283, 287-288 (App. 2006)

Research Recap reports today:

Several lower-rated homebuilders survived 2007 merely because of the leniency of their lending groups. As 2008 unfolds, these same homebuilding companies will once again find themselves at the mercy of their banks, according to Moody’s.

But now the banks are facing increasing pressure to 1) take a harder line on covenants, 2) reduce their homebuilding exposure, which has not provided them with the same level of fees as in the past, and 3) deal with their own balance sheet issues. As a result, Moody’s expects to see a rising number of defaults amid this confluence of negative factors.

Broken Credit Blog reports: Bankrupt Builder

Reuters reports today:

Realtors in many U.S. states say lenders are demanding excessively high prices before allowing distressed borrowers to offload their homes in “short sales,” making the housing crisis worse.

“The system is broken,” said Ron Rosen, a Realtor in Lighthouse Point, Florida. “The only question banks should ask is can they make more in a short sale than in foreclosure.”

“The answer is that in nine out of 10 cases they will lose more money in a foreclosure,” Rosen aid. “But some banks seem to be asking a different question.”

The Broken Credit Blog reports: Locate Short Sale Expert!

Broken Credit, LLC is pleased to present our free thirty-minute online seminar titled: How To Avoid Foreclosure  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

Join us and learn How To Avoid Foreclosure Online for free in thrity-minutes!