May 7, 2007

Help me… help you. Help me, help you.

All of your Credit Repair, Mortgage, & Stump the Experts (although ‘experts’ is debatable) are in the HELP CENTER.

Read, learn, write, mail, negotiate, write, mail and Raise Your Credit Score!

December 12, 2006

How to Avoid Foreclosure

The guidance below (and in the “How to Avoid Foreclosure” pamphlet) is applicable to homeowners with FHA Insured loans. While a good deal of this information may apply to all homeowners in danger of losing their homes, not all of the foreclosure avoidance tools mentioned may be available to you if you have a VA or conventional loan. Additionally, HUD/FHA does not have any Loss Mitigation oversight over VA or conventional loans. Please contact your lender or a housing counseling agency. (more…)

September 29, 2006

Buying A Condo On Mars

Buying a Condo on Mars

This contract is for an astronaut to buy a condo on Mars. I think he qualifies, but I’m not sure who we can get to do the appraisal….

….is Han Solo available?

June 30, 2006

1, 2, 3%……Can you say Negative Amortization?

How about a mortgage with an interest rate as low as one or two percent?  Wow!  The payment on an adjustable rate mortgage may sound great but as the old adage goes: if it sounds too good to be true, it probably is.  (more…)

June 3, 2006

“Seller held seconds” are back!

The real estate market has been showing signs of slowing and more and more properties are advertised for sale; however, one real estate transaction type is gaining in popularity and that is the “seller held second”.  In such a scenario, the seller holds a second mortgage allowing the buyer to purchase the home with no-money-down.  The down payment is effectively financed with the “seller held second”. (more…)

March 24, 2006

Lease Option/Lease Purchase-Allowing Time To Repair Credit

In this current real estate market where there are more sellers than buyers with varying degrees around the country, old tried and true practices are back in vogue. When properties are sitting on the market with no activity, it is important for sellers to (more…)

March 21, 2006

Foreclosure Bailout


Lis Pendens (Latin for “suit pending”) is a written notice that a lawsuit has been filed concerning real estate.  A property that has a lis pendens filed against it in county records is about to become a foreclosure.  If you are the mortgagor on such a property then take courage; it is not too late to redeem your house with the help of a “Foreclosure Bailout”.  (more…)

March 2, 2006

Chapter 13 “Bankruptcy Buyout”

A Chapter 13 Bankruptcy involves making monthly payments to a trustee.  If you have filed for a Chapter 13 Bankruptcy and own a home, then you may be able to pay off that Bankruptcy using your equity.  This type of transaction is commonly referred to as a “Bankruptcy Buyout”.  (more…)

February 24, 2006

Unusual Loan Situation

Recently, I had a loan request from a borrower who lived in an owner occupied mobile home on land. He also owned a vacant lot worth $70,000. He wanted to get a construction/ perm loan to build a new home on the vacant lot.

However, through a bad divorce situation, the borrower’s credit would not allow for any of construction money, even though the borrower owned the vacant land free and clear. (more…)

Back to Broken Credit Blog