How To Get Your Credit Cleaned Up After This Mess

M

MRCHASE

Guest
One of the First things I have clients do is to get 1 copy of their Tri Merge credit report. (how you do that is up to you, I usually would have people call their old Mortgage Broker and have him send you a copy of the one he used to close your loan) ANd after you do that, PORE over your credit report for any more misinformation, derogatories, collections that were paid, and any medical collections that you may have that your insurance company should take care of. This isnt called the "Credit Crunch" for no reason.

THose of you who have mortage lates who can refinance or can pay off your back payments should call your lender and negotiate a term with them saying that if you pay the back payments in full either by a Refi or just Pocket cash, to have them contact the credit bureaus and remove the late from your credit report. It sounds hard and like a far stretch, but banks now are hurting too. Too many bad borrowers, too many bad loans. Those folks who are able to get that done will be better off in the long run. I just negotiated this with a borrower of mine who was in a SUPPOSED FORECLOSURE with Countrywide. He just sent them the 10k they "WANTED" to reinstate his loan and BRING HIS CREDIT CURRENT.

He actually never missed a payment and Countrywide was trying to say that he WAS LATE...Well after myself and Our attorney got involved, this issue was straightened out in 1 WEEK. His credit should take 30-60 days, but going froma 550 FICO toa 600 FICO can make all the difference. THis is a Credit Economy, not a Cash Economy, thats why when the credit markets seize up, so does the fear that the rest of the economy will. Everything these days is FINANCE THIS, FINANCE THAT...And that is becuase of what I call the Mafia rule..."Pay me now, good for you...Pay me Later, good for me...because I am going to charge you a vig!" ANd thats really all an interest rate is, a "tax" on lended money to be paid over time. THe better reputation or "credit" scores you have and more documentation you have to support your borrowing habits, the lower the "vig" or rate on your loan.

Stay on top of your credit reports and use the RAPID RESCORE feature at the bureaus. ITs a little known fact that errors and updates can be achieved in as little as 36 hours with proper documetation and the right channels. ANd remember you have 3 Scores, Transunion, Equifax, and Experian. Your goal should to get all 3 scores within 10 points of each other. Rarely will all 3 be the same. Credit scores go from 300-850. Most banks and Mortgage Lenders nowadays want at least a 650 or better.

If anyone needs detailed help where personal information will be shared, just email me and I will do what I can to help you for FREE. THe numbers to the credit bureaus should be on the credit report you recieve. DOnt fall for the scam of signing up for those "freecreditreport.com" scams they have running. They will charge your credit card $30 or more a month until you cancel, and cancelling is harder than trying to get a straight answer from your mortgage lender.


Know your credit.

Thanks all,

MRCHASE
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,827
463
1,000
48
Southern California
www.loansafe.org
Now that's what I'm talking about. Lets offer help to homeowners that need it! Thanks Mr. Chase!
 
M

MRCHASE

Guest
Thats what I came to do. Let these folks know that, I still close loans, and that I want to help them. Many borrowers are left in the cold with no one to turn to who is an actual member of the lending community. Brokers get a bad rap because 99% of them dont do what I am doing here. How many other mortgage brokers and banks do you see on your site offering ANYTHING. And I know a man like you MOE would not allow for dubious advertising from the same crabs that helped put people in these messy loans. Alot of homeowners true, took out bad loans and were chasing the pot of gold at the end of the rainbow. But that wouldnt have been the case if TV had advertised PAYMENT instead of RATE. I know that most of you borrowers out there chased that little leprechaun called the "Lowest Rate" and got yourself at the bridge now with the little Troll who wants to make you a "sweet" deal...Well Im here as the 3 Billy Goats Gruff to kick that Troll right in the you know what, and help you get to the other side. I made money doing mortgages I felt helped people, and lost money when I didnt bend to someones Stupid Request for the lowest rate and Unrealistic fees. So now Im back with a new suit on, to help you folks oout there who HOnestly dont have a choice. THE BANKS TOOK AWAY YOUR PROGRAM. There is nothing YOU OR ME, OR ANYONE CAN DO ABOUT THAT. But what I can do and everyone else on this board can AND SHOULD DO, is not only give you information on how to do it, but actually PUT THE TIME AND EFFORT IN TO DO IT. Thats what IM HERE TO DO, I have alot more free time now!!!

Thanks folks and again, GET YOUR CREDIT, LEARN YOUR CREDIT, & CLEAN YOUR CREDIT. An ounce of prevention is better than a 1 pound of cure.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,827
463
1,000
48
Southern California
www.loansafe.org
Trolls and leprochans, you just kill me with your little analogy's and one liners. :D

Anyone can join and help out here but remember there is NO ADVERTISING and we are here to help. If someone wants to email or call you fine.

This just does not go for you Mr. Chase but anyone who is a member here. If you are messaged or someone wants to charge you a fee to do a loan workout or loan modification, then please email me right away.

THAT IS STRICTLY PROHIBITED FOREVER!

And violators will be banned indefinitely.

Like I mentioned, yes Mr. Chase you are a great guy and 100% legit but this is a forum for homeowners and not mortgage brokers. But I thought bringing in someone like you would bring some broker knowledge to the table.

What I would like to do is maybe set up a section for mortgage questions and answers? Not sure yet. But remember it's about paying it forward here and that's it.
 

Yanqui

LoanSafe Member
Oct 14, 2008
172
0
0
Mr Chase, I don't know if this question can be answered. I believe that I'm stuck no matter what. This might not even be a question you can answer. It maybe more of a statement on my part.
I did not start out to own two properties in Arizona. I moved there to keep and eye on my daughters. I had a credit score of 745 and a history of over ten years of paying on time.

The realtor I used in Arizona talked me out of the incentive for my home which made the payments higher and then offered me a job as her assistant to do PR and web promotions. This is where I went wrong and I admit that this is why I'm in the trouble I am in. I have contacted the FBI mortgage fraud team an I am turning myself in for falsely saying I was her VP earning two hundred and fifty thousand a year to open a line of credit with her for an unsecured credit fifty thousand dollars. Her idea to be ableto pay me back the twenty one thousand I had saved to buy the second home with her as a silent partner and she would pay me eighteen thousand when we closed on the home because she received a forty percent co-broke.

Long story short. she never paid me for the seven months of work I did for her and she never paid me for the second home or payhalf of the bills associated with our (partnership) She cashed out all of the fifty thousand on the unsecured card. There is another loan with my name attached from another bank. I had a surgery last december and looking another this week and have been unemployed and living with my mother in California after renting both properties to try and make the payments. On second thought I probably should have stayed in my home but I wanted to at the time keep them and use the second home to pay off my debt in the future.

Not going to happen, and my credit score is now 545, and I will have to file for bankruptcy, and possiblly go to jail. I'm hoping for probation, and leniency because of the circumstances. I'ts a very long story but I believe that the realtor had a good story and was trying to help me and that i would have been making the amount of money she said but that's why I got suckered. It was to good to be true, and now I will not recover from this mistake for ten years.

I guess I have no question other then what I've said, do you agree? Nothing can be done to rectify my stupidity.
 

goodyphilips

LoanSafe Member
Aug 5, 2010
107
1
0
Mr.Chase indeed a great post about how to go about getting our credit ratings right when our payment becomes late and you put up very specific information. thanks a bunch. i was not aware of lots of these details.
 

shayl475

LoanSafe Member
Sep 10, 2010
185
1
0
We had a foreclosure a year ago, redemption period ended and it became final a couple of months ago. We have worked on our credit score and already are at 730. Initially after the foreclosure we dropped to the 650's. We were in the 790's before the foreclosure.
 

wolfcry

Banned
Nov 21, 2011
1
0
0
Las Vegas
www.lvvr.com
The best way to clean up your credit is to clear up any debts you might have, have a few different types of credit out and build on it for a while, always paying the payments on time and never being late. Another thing is to make sure not to borrow too much over your credit limit, as that hurts your credit. It doesn't take that long to rebuild your credit if you do it right.
 

WalkedFromGVNV

LoanSafe Member
Oct 11, 2011
31
2
8
Reno, NV
shayl475:

That is good to know about rebuilding your credit after a FC. We are staying current on everything except the first and the second. Another thing that should help in our situation is the fact that my wife is not on either the first or the second, but she is on all of the CC's and auto loan.