Owner: Broker Banker Blog URL:http://www.brokerbankerblog.com Join Date: Wed, 10 Oct 2007 03:15:40 -0500 Rating:0 Site Description: Updating you on the latest news in the Real Estate, Mortgage, and Financial Markets.
A group of industry experts giving you the most important information in an easy to read format. Site statistics:Click here
National Association of Realtors Forecast 2007-10-10 02:45:25 The summer has been tough – historically high temperatures in many parts of the country, Midwest floods, and almost everywhere major airline flight delays. Housing didn’t have such a great summer either, with home sales and price appreciation still waiting to recover. The subprime mortgage mess didn’t help either. So everyone wants to know: now that the summer is over, when can we expect the housing sector to get back to normal? There’s actually a sequence of events we should look for that need to happen before housing is back on track, and as each of these occurs, the closer the housing recovery will be. Let’s take a look at them.
Mortgage Rates Will Stablize Favorably
Despite the headline news coverage of turmoil in the mortgage market, mortgage rates have actually been falling for borrowers who take out prime conforming loans. Because these borrowers account for the majority of home buyers, affordability conditions for most buyers have improved. FHA loans – the traditi Read more:National
, Realtors
, Forecast
, National Association
Mortgage Forecast for the week of 10/07/2007 2007-10-09 21:06:12 This coming week should be another juicy one as far as the economic calendar is concerned, with several reports and releases that will have the power to move the markets.
Of special note, Tuesday brings the release of the "Meeting Minutes" from the last Federal Reserve Board meeting - and unlike the carefully crafted wording of the formal Policy Statement that is released just following the meeting - the Minutes are the "Fed Unplugged", including commentary and conversation during the meeting by all attending Fed Board members. Dallas Fed President Richard "Loose Lips" Fisher is often a loose cannon, sometimes blurting out off the cuff comments on the economy almost uncontrollably...so it will be interesting to see if the meeting contained any wild cards.
Remembering that when Bond prices move lower, home loan rates worsen - we can see in the chart below that Bond prices were slammed lower on Friday, shown by the large red "candle" on the right hand side of the chart. Bonds also were Read more:Forecast
, Mortgage
10 Things a New Homeowner Should Know.. 2007-10-09 20:02:22
Congratulations.. you just bought your first house... but there are some things you really need to know before you open the door. Most of us were renters before we bought a home. When you moved in you got a key and a number to call if you had any problems. Many landlords wouldn't make repairs and we lived in some bad conditions. Sometime we didn't call because we were afraid they would raise the rent if we had too many problems. Often we didn't realize there was a problem and just lived with a leaky tap or electric outlets that didn't work. Now that you are a homeowner you need to know more about owning a home then how to turn on the lights. Home ownership is wonderful but it can also be a lot of work. The biggest mistake new owners make is not knowing when there is a problem. The second mistake is not taking care of small problems before they become major problems. A leaky faucet may cost $40 to repair. A water leak that goes unrepaired and causes a mold problem could cost $10,
Bank Of America: Possible 1 Billion Loss 2007-10-09 18:38:05 Bank of America
Corp. may be the next big U.S. bank to suffer consequences from the subprime mortgage crisis.
According to analysts at Sanford Bernstein, Charlotte, N.C.-based BofA is looking at a $1 billion write-down of mortgage securities and leveraged loans when it reports its third-quarter earnings next week.
BofA is the largest bank in the Tampa Bay area with 24 percent market share and $15.3 billion in deposits as of June 30, 2006, according to the most recent figures available from the Federal Deposit Insurance Corp.
In a note to investors, analysts Howard Mason and Michael Howard write that BofA (NYSE:BAC) and JPMorgan Chase & Co. (NYSE:JPM) are expected to reveal a combined $3 billion in losses for the quarter.
BofA, JPMorgan Chase, Charlotte-based Wachovia Corp. (NYSE:WB), Washington Mutual Inc. (NYSE:WM) and Wells Fargo & Co. (NYSE:WFC) are all scheduled to report their third-quarter results between Oct. 17 and 19.
BofA's leveraged loan losses could be $700 million, t Read more:Possible
Interest Rates Can Make or Break Your Financial Security 2007-10-09 17:56:39 If you’re like 67 percent of Americans, you have more wealth in your house than in all your other investments combined. The question is, do you really understand how your interest rate is affecting your short and long term financial situation? According to “Borrow Smart, Retire Rich” author Todd Ballenger, a few concepts go a long way in securing your financial future. There’s a saying in the financial world that those who understand interest earn it, and those who don’t, pay it. If you’re looking to build your net worth or establish some financial security, it’s time to become more knowledgeable about interest, and specifically about how your home’s interest rate can be working for you--or against you--in your long term financial plan. If you’re like most Americans, you probably haven’t put much thought into how your interest rate will affect your long term net worth. That’s because most consumers lose focus at the point of sale. At the time you were getting a mo Read more:Interest
, Rates
, Break
, Financial
, Interest Rates
Annual Mortgage Reviews Bring Borrowers Closer to Achieving Financial Goals 2007-10-09 17:54:17 Annual Mortgage
Reviews Bring Borrowers
Closer to Achieving FinancialGoals
Yearly reviews are a great way to keep on track with your financial goals. You’re probably already meeting with your financial advisor and other asset manager for quarterly or annual reviews, and you should do the same with your Mortgage Planner as well. An annual mortgage check-up is an ideal way to make sure your mortgage is still having the maximum positive impact on your overall financial plan.
A lot can happen in one year. The market can take turns that can open up new opportunities, such as reduced interest rates, new loan products or changes in home values. Furthermore, your personal and financial situation could be mildly to radically different than it was just 12 months prior. Perhaps one or more of the income earners got a raise or lost a job. Maybe you received an inheritance. Even a minor, one-year change in one of your kids’ college plans could impact your financial situation in a wa Read more:Annual
Southern CA:.. So... Where are the Foreclosures? 2007-10-09 10:40:00
The figures in the media on California foreclosures are astonishing. Numerous articles seem to be saying that almost every home in California and Los Angeles County is now or will be in foreclosure. Many feel that the Beach Cities.... Manhattan, Hermosa, Redondo and El Segundo will soon see prices plummet by 40%-50% within the next few months.I'm not saying we won't see our share of troubles if the credit crunch continues but I'm not as sure as others seem to be that we are going to see massive foreclosures and prices dive through the floor in our little slice of paradise.. No question that sales volume is down and sellers are getting realistic about the value of their homes. At this time it appears that homes that were priced way too high are finally being priced at the level they should have been 6 months ago. That doesn't mean prices won't decline... they will as the market is changing and financing is more stringent but perhaps not to the level of many predictions.As far as Read more:Southern
, Foreclosures
Understanding Credit Scoring & Credit Repair 2007-10-09 05:02:16 Understanding Credit Scoring & Credit Repair
Credit remediation is a subject consumers often face with fear and trepidation, and for good reason. With the exception of recognizing that the best score wins, the average home shopper knows very little about the whole credit scoring process. Sub-prime borrowers who are eager to move into A-Paper territory often find themselves at a loss when trying to find ways to upgrade their credit history. The good news is there are ways to improve less-than-perfect credit scores and obtain a loan for the home you really want.
The first step in the process is making sure that you have a current copy of your credit report. Congress recently amended the Fair Credit Reporting Act so that consumers may now receive one free credit report annually. There are three major credit bureaus: Equifax, Experian, and Transunion. Since entries can vary across bureaus, you’ll want to request a free report from each of the three companies. (Go to www.annualcredi Read more:Understanding
, Credit Repair
Don’t Pay Points, Please! 2007-10-09 04:44:13 So you’re in the market for a mortgage. After hearing about all the options and products, your head is probably spinning. If that weren’t enough, after you pick your mortgage you then have to decide whether to pay points, and how many.
What is a point anyway? Points
are prepaid interest. One point equals one percent of the mortgage amount. One point on a $200,000 mortgage is $2,000.
People are often tempted to pay points because it will reduce their interest rate. And why not? If it saves you money in the long run, then it must be good. But in the real world, it usually doesn’t work out that way.
Let’s look at an example: You take on a $200,000 mortgage with a 30-year fixed-rate. Your lender offers 8 percent with no points, or 7.75 percent with one point, or 7.50 percent with two points, and so on.
Generally one point equals a quarter of a percentage point. It’s not a hard and fast rule, but it usually works out that way.
The 8-percent/zero point op Read more:Please
My thoughts on the Mortgage Meltdown 2007-10-09 04:42:08 Often times people ask me my take on the mortgage meltdown. I think that right now the lenders are really sitting back and waiting to see what happens. My crystal ball says that within the next 3-6 months the jumbo mortgages will be back on the market, and stated income loans will always be here. Once the prices drop a little more, I expect the market to bottom out within the next 24 months.
Don't get caught up in what the media is saying, they love to report bad news, otherwise they would not have a job. If you have any thoughts
on the matter, please post a comment. Read more:Mortgage
, Meltdown
Sherman Oaks Mortgage 2007-10-16 18:02:14 Sherman Oaks is an 8.1-square-mile district in the San Fernando Valley region of the City of Los Angeles, California. The neighborhood is roughly bounded by Studio City to the east, Van Nuys to the north, Encino to the west and the Santa Monica Mountains to the south.
Sherman Oaks is an affluent neighborhood, with several high-end fashion boutiques, and features many upscale houses and restaurants. One of the city's main claims to fame is the presence of the Sherman Oaks Galleria, a shopping mall identified as a meet-up place for the Valley girls, a 1980s cultural label which became widely known because of the 1983 movie Valley Girl and a song of the same name by Frank Zappa. In addition, a portion of the 1982 movie Fast Times at Ridgemont High was filmed there.
Since Sherman Oaks property have many different backgrounds but have one imporant thing in common, they are living in expensive houses. A Sherman Oaks mortgage professional needs to be familiar with the challenges involved Read more:Sherman
, Mortgage
What Are Points and When Should You Pay Them? 2007-10-16 14:36:23 Points are up-front fees paid by the borrower to obtain a better interest rate on a loan. One point equals one percent of the loan amount. And while a lower interest rate may result in a lower monthly payment, it is important to consider how long you intend to be in the loan and to compare current interest rates to historical market trends. This will help you to determine whether paying points is a worthwhile investment.
Let's look at a sample scenario. If you take out a $300,000 mortgage and decide to pay one point in order to lower your interest rate, this would translate into an up-front cost of $3,000. To keep things simple, we'll assume that paying this one point will save you $50 a month. This means it will take you 60 months to recoup the cost of that point. If you decide to refinance or sell the home before the 60-month mark, your money is lost – not to mention the opportunity cost of not having this money invested elsewhere. In this scenario, you would only benefit finan Read more:Points
Regarding Interest Rates, When is the Best Time to Lock? 2007-10-16 10:00:00 When it comes to mortgage loans and interest rates, it's never a good idea to gamble. That's why I typically advise my clients to lock in an interest rate at the earliest opportunity. This is just one step of the standardized system we have put in place to ensure the best possible loan experience for each borrower that we work with.
A mortgage loan cannot be closed without a locked-in rate, and there are three main elements to take into consideration:
Interest
Rate
Points or fees
Length of the lock
Locking in a rate does not obligate the borrower to commit to the loan until the loan is actually closed. The lock is merely a security measure designed to eliminate the risk of market volatility throughout the duration of the purchase or refinance transaction. As long as the loan is approved and funded before the end of the lock period, the borrower will receive the interest rate quoted.
When a lender permits an extended lock-in period, the borrower will likely face a higher interest Read more:Rates
What Lenders Look for in Home Loan Applications 2007-10-15 12:00:00 Once your loan application is filled out and sent to the lender for review, the first thing they will look for is your ability to payback the loan you are requesting. My team and I have a streamlined loan process to help you get your ducks in a row prior to this review. A grand slam loan package is in perfect order and answers all the important questions up front. We know what the lenders are looking for, based on long-term relationships with them and extensive knowledge of guidelines for a multitude of loan programs that are available today.
What is the lender looking for when they review the loan application?
The lender wants to know about your personal financial picture, including savings and credit history and your employment stability. The co-borrower's history is also taken into consideration. The lender also considers the loan amount and appraised value of the home you are looking to purchase. Not every applicant is approved the first time through the process. If the underwri Read more:Lenders
, Applications
Everybody loses when builders slash prices 2007-10-15 04:19:33 Last month, K. Hovnanian Homes, the nation's sixth-largest builder, showed just how low builders are willing to drop prices. It held what was called the "Sale of the Century" and dropped prices of its unsold inventory in nineteen states, including California, by jaw-dropping amounts: i.e., $300,000 off a $2-million model in Orange County. Some of the price drops were accomplished through financing incentives and "free upgrades", but the mere announcement of the three-day sale caused Hovnanian's stock to jump 9.2%. This was great for the builder, which had just posted a third-quarter loss and a 27% decline in sales. It sold 2,100 homes in the three days, compared with 2,579 homes sold in the three months ending July 31.
This desperation from the builders causes the market to drop in more then one way. Say you have a house on the market at $500,000 and the houses in the surrounding neighborhoods with similar values. If the builder drops the home price to $400,000, they essentially jus Read more:Everybody
, slash
Burning Real Estate Questions Answered 2007-10-14 09:48:26 Got a Real Estate
question? It’s Ask Gena in Sacramento time once again.
We have several Real Estate questions from our readers so let’s get right to them.
Buyer Question: I’m trying to understand this as a hopeful buyer…If an ad says “subject to short sale” and bank approval, owner motivated” if they are asking say $150,000, can I just offer like say $130,000? Will the bank take lower offers, or are you stuck with the asking price? I’m new a this and on an extremely limited budget. Thanks.
Dear Potential Short Sale Buyer, there is no quick answer to your question. All banks are different depending on how much is owed on the property in short sale and if there is a second on the property. Meaning if there are two different loans. One may agree and the other may not. Typically, whatever the house is listed for (in this case–$150,000), what is owed is more than likely much more. The bank has a bottom line that they will accept and if they don’t get it, then they F Read more:Burning
The EPA on Home Safety 2007-10-13 19:29:13 Don't wait for a discerning buyer to find faults in a listed property. The EPA website (www.epa.gov) has tons of useful information on possible hazards in a home, and you should at least check the following conditions as part of the listing process.
Radon Gas - In January of 2004, the HUD home inspection form for FHA loans (HUD 92564-CN) was modified to include information on radon content in indoor air. This form (updated again in June of 2006) is mandatory for all FHA-insured mortgages, which means a good portion of buyers may request a radon inspection as part of the home inspection process. To find a radon service professional, visit www.epa.gov/iaq/whereyoulive.html.
Asbestos - Asbestos may not be easily identified, so consult with a professional if you are unsure about a material in a home. The Environmental Protection Agency says that "Usually the best thing is to LEAVE asbestos material that is in good condition ALONE." If buyers have concerns, refer them to www.epa.gov/asbe Read more:Safety
Trigger Leads need to be stopped. 2007-10-13 02:44:38
Did you know that the major credit bureaus sell your personal information? It's true! Known as "trigger leads", the files of borrowers applying for a home loan are immediately flagged, packaged, and sold by the credit bureaus to the highest bidders.
For about $25 to $100 or more, your name and certain specifics about your credit report, including your address, phone number, mortgage history, and even your FICO score range, are sold to unscrupulous mortgage companies which then blindly solicit your business. This results in numerous unwanted phone calls and junk mail offers which are in no way associated with your real estate agent or loan professional.
Unfortunately, no legislation presently exists to prevent the credit bureaus from profiting at your expense. As a trigger lead, you are simply at the mercy of any number of too-good-to-be-true offers designed specifically to try and discredit the mortgage professionals you know and trust.
Don't be fooled! Ultimately, there are o Read more:Leads
Market Update 2007-10-13 02:28:58 "So far today, Bond prices remain relatively unchanged. Overall, they are still hovering near the important 200-day Moving Average, having touched it 12 of the past 16 trading days.
The Producer Price Index (PPI), which measures inflation at the wholesale or producer level, was reported this morning and showed some inflation pressure. Bonds initially traded lower on the news, but have since improved higher.
Bonds continue to trade sideways, bouncing back and forth above the 200-day Moving Average.
Hayden Gerson is the Branch Manager of America One Mortgage Group located in Sherman Oaks. His focus is on mortgage planning and equity managment. He can be contacted via e-mail or by telephone (323) 333-5004. His website is full of wonderful information Sherman Oaks Mortgage
Read more:Market
, Update
What does the FDIC do? 2007-10-13 00:24:37 The Federal Deposit Insurance Corporation insures deposits of virtually all U.S. banks and savings and loan institutions up to $100,000 per customer (individual or business) in the event of a bank failure. Retirement accounts are insured up to $250,000.
What FDIC covers
• Savings accounts that you can add to, or withdraw from, at any time.
• Checking accounts, Negotiable Order of Withdrawal, also called NOW accounts (checking accounts that earn interest), and Money Market Deposit Accounts, also called MMDAs (savings accounts that allow a limited number of checks to be written each month.)
• Certificates of deposit (CDs), which generally require you to keep funds in the account for a set period -- the maturity.
What FDIC doesn't cover
• Stocks, bonds and mutual funds.
• Investments backed by the U.S. government, such as Treasury securities and savings bonds.
• The contents of safe deposit boxes. Even though the word deposit appears in the name, under federal
Two-Year treasury bonds rise the most in 6 years = Speculation of lowered interest rates 2007-10-21 02:02:12
Treasury two-year notes rose the most since the Sept. 11 terrorist attacks as credit-market losses increased speculation the Federal Reserve will lower interest rates this month.
Futures traded on the Chicago Board of Trade yesterday suggested a 92 percent chance the Fed will reduce the target rate for overnight lending between banks a quarter percentage point to 4.5 percent on Oct. 31, compared with 32 percent odds a week earlier.
Bank of America Corp., the second-largest U.S. bank, said Oct. 18 that earnings fell 32 percent, while Citigroup Inc., the biggest, on Oct. 15 reported a 57 percent decline in profit. Wachovia Corp. yesterday said net income fell 10 percent after write-downs for mortgage-backed securities and loans for leveraged buyouts.
Anytime futures are suggesting a 92% chance that the fed will reduce rates, then it is a good call to assume that they are correct. As the amount of default on adjustable rate mortgages are increasing due to increased rates, one of the o
What Lenders are Looking For 2007-10-20 19:48:04
The lender considers your creditworthiness when deciding whether to extend a loan and how much of an interest rate you will pay. Your creditworthiness comes down to three simple things: your credit history, your income and the loan-to-value ratio.
Credit history and credit score:
The three credit bureaus collect data about the amount of debt you have and whether you pay your bills on time. This is put together and compiled as your credit report. This data is converted into a score between 3---850. The higher the number is the better score. That number is your credit score. This is also called your FICO score.
Income and DTI:
Lenders
want to know how much you you earn and how long you've been working at your job, as well as how long you have been working in your specific field. They will look at your total debt-to-income ratio (DTI) which is how much of your monthly income goes toward paying the mortgage, credit card bills, car payment and other bills, including the payments on the
California Foreclosure Assistance: WE CAN GET YOU OUT OF FORECLOSURE 2007-10-20 03:21:44
Many homeowners are facing a very difficult struggle, their home is at risk of being foreclosed on and it seems like there are no more options. Oftentimes people end up getting foreclosed on and losing all of their hard earned equity. We here at America One Mortgage group understand your situation and because of it we have developed a special program.
The Home Saver Program does the following:
* Allows you to stop the foreclosure process.
* Allows you to pull cash out of your property.
* Allows the title to remain in your name.
* Has no minimum FICO score.
* The equity in your home remains yours.
* Payment rates as low as 4.99%.*
* Allows for Stated Income.
* No Upfront Fees*
We here at America One Mortgage want you to keep your house and help you to STOP THE FORECLOSURE. We all know that California
Foreclosures are coming up all over the place and very few lenders are willing to help you out of your situation. California Foreclosures no longer force you to lose sleep as all yo
Commercial Financing in Los Angeles 2007-10-19 01:29:25
We have recently started a business relationship with a bank that will allow up to 90% CLTV financing on Commercial
Mortgages as well as stated income, stated assets. From a small business looking to expand, to a first time investor looking for a small apartment or mixed use property, we have the loan for you.
I have a degree in commercial finance and know exactly what it takes to get your Los Angeles
commercial mortgage closed. The possibilities are nearly endless for anyone looking for commercial financing in Los Angeles
or anywhere in California. We also finance Los Angeles and California SBA loans, as well as commercial financing up to 50 million dollars.
We also are partners with the most experienced commercial real estate Broker in Los Angeles. We offer free consultations and will see if we can help you will your Los Angeles commercial financing.
Hayden Gerson is the Branch Manager of America One Mortgage Group
located in Sherman Oaks. His focus is on mortgage planning and Read more:Financing
Courts,Bankrupcies and Confusion 2007-10-19 01:22:53 There is a provision that Bankruptcy Courts do not have the authority to change loan terms of first mortgages that are brought into bankruptcy proceedings.
To the rescue comes our Congress with a proposed gift that will keep on giving.
A bill have been brought forth in the House of Representatives by Co-sponsors Barney Frank-D Mass, Brad Miller-D North Carolina and Linda Sanchez-D California that will remove a provision that prohibits a Bankruptcy Court from modifying terms of a first mortgage. For many borrows caught in the sub-prime morass, their loans are facing rate adjustment and with many are also likely facing foreclosure or bankruptcy.
Barney Frank , who chairs the House Financial Committee, supports the authority of the courts to intercede and make these loan modifications for those facing a potential bankruptcy. The loan modification provisions promised by the lenders and servicing companies provide that the loan terms were to be made more favorable to these
Tesco: The British are Coming! 2007-10-18 19:55:49 Below is an article I wrote for the Motley Fool on August 3, 2007.
Tesco
: The British
Are Coming!
By Holmes Osborne, CFA
August 3, 2007
Bangers and mash, anyone? British supermarket behemoth Tesco is
making its foray into the U.S. this fall, with a grand opening in Los
Angeles and other western cities. Under the banner Fresh & Easy,
the 10,000-square-foot stores will cater to health-conscious shoppers,
people on the go, and a variety of budgets. Investors may want to take
a closer look.
Downtown Los Angeles -- once known for its poverty, but now booming
with the development of lofts -- will host one of the first stores. The
nearest competing supermarket will be several miles away.
While most markets carry up to 10,000 items, Fresh & Easy will
offer only about 3,000. Its focus will be on healthy foods and prepared
meals for busy people. How healthy? According to a Barron's article, the stores won't even carry cigarettes.
Los Angeles Area Foreclosures 2007-10-17 21:08:31 Foreclosures are a hot topic lately, but most of the news shows either national or statewide foreclosure statistics. Since real estate is somewhat local, it's more meaningful to see what's going on in your own back yard.
For the Los Angeles
area, the foreclosure hot spots are the Palmdale and Lancaster area, Sylmar, Long Beach, Pacoima, Norwalk, Granada Hills, Reseda, Hacienda Heights, Pomona, Westmont, Woodland Hills, Panorama City, and portions of the City of Los Angeles
.
The Palmdale / Lancaster leads the field in foreclosures, with 186 homes sold at auction for zip code 93550 alone during the 3rd quarter of 2007.
For details on the "Top 20" zip codes for Trustee Sales for the 3rd quarter of 2007, click here.
Linda Slocum is a Certified Residential Specialist at RE/MAX of Santa Clarita in Valencia, representing buyers and sellers in the Santa Clarita area. For more information on the Santa Clarita area, including real estate updates and neighborhood home searches, visit her we Read more:Foreclosures
Bernananke Talks, Markets Drop! 2007-10-16 23:29:16
U.S. stocks dropped for a second day after Wells Fargo & Co. and KeyCorp reported earnings that fell short of analysts' estimates and Federal Reserve Chairman Ben Bernanke said the housing slump may drag on through next year.
Wells Fargo, the biggest lender on the U.S. West Coast, and KeyCorp, Ohio's third-largest bank, both retreated the most in two months. D.R. Horton Inc. helped drag down homebuilders for a third day after saying orders plunged to the lowest in almost six years last quarter.
Bernanke said in a speech last night in New York that
"it's too early to gauge how much the housing recession will affect spending by consumers and businesses."
Wells Fargo lost $1.40, or 3.9 percent, to $34.55. Per-share profit rose to 68 cents from 64 cents. The bank reported net credit losses of $892 million, up 35 percent from a year earlier. About half of the increase stemmed from home equity loans, where lower home prices caused steeper-than-expected losses, the company said.
Read more:Markets
Walking Away from a Mortgage: Is it a Good Idea? 2007-10-16 23:07:20 With foreclosures and short sales on the rise, it's clear that many homeowners are opting to walk away from their homes (and mortgages) instead of negotiating work-outs with their lenders. What many of these people are not considering is the potential income tax bite that they may face as the IRS attempts to take its cut of the "forgiveness of debt", or the difference between the fair market value of the home and what was owed on the home at the time of the sale.
For those who have not refinanced and are still in their intial mortgage(s), there may be some relief in sight with H.R. 3648, or the "Mortgage
Forgiveness Debt Relief Act of 2007". H.R. 3648 attempts to give some relief to those who purchased their homes with "toxic" mortgages, or those that had a low initial intro rate that later escalated to the point where the homeowners could no longer afford the payments. What is currently excluded from the H.R. 3648 wording is debt acquired after the initial purchase of the home, as w Read more:Walking
, Walking Away
Quick Tips to Improve your Credit 2007-10-16 22:49:41
1. Accuracy = The first step is to make sure that the information on your report is accurate. Often times you will find accounts that do not belong to you on your report, or accounts that are not reporting the correct data. Although it is extremely difficult to fix inaccuracies there are some companies out there that can get this fixed for you for a nominal charge. If you would like to get your credit repaired by a reputable credit repair company, click here Credit Repair.
2. Pay Down Credit Cards: Never have your credit cards above 40% of their limit, doing so can drop your score tremendously. If you have one card almost maxed out, and lots of room on another card, consider a balance transfer. Keep your outstanding revolving debt low as it accounts for 30% of your credit score. Your outstanding debt and payment history account for 65% of your credit score.
3. Pay your bills ON TIME: Since paying your bills on time is the largest factor in determining your credit score (35%) you n Read more:Quick
, Improve
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