Question: Any probs w/ Colorado State Business Group/CSBG/Core Realty? I'm sgl mom w/2 kids!! I WANT 2 KEEP OUR HOME!

Please let me know if you have! I need similar stories! I'm in the middle of trying to get SOMEONE to look into the fact that Im a victim of fraud under a rent-to-own scheme by Colorado State Business Group aka CSBG aka Core Realty. There's alot of web info about rise in mortgage & appraisal fraud & articles on how all these various politicians intend to do something about it, meanwhile, I cant get ANYone to look into my particular case. I "bought" a house from CSBG (Chris Stiebler, Andy Klein, owners) which I was to rent from them for 1 year, paying 1% of THEIR purchase price (claims paid 140k but I found out they paid 112k) which was $1400/mo. (I was to get 1/2 back for down pymnt- DIDN'T).At the end of the year I was to buy the house from CSBG for 15% above THEIR purchase price OR the appraised value, WHICHEVER WAS LESS. The appraiser THEY hired appraised at 165k. I found out @ refi later that appraisal was inflated & value @ the time was closer to 130K. I WAS SCREWED! HEEEEELLP!

Answer: Wow. That is so unfortunate. I would love to help you, but you say you want to keep your home. What is stopping you from keeping your home? I need more information. For future references, use your own appraiser or one that you both agree on...

Real People, Real Stories: Avoid Foreclosure Rescue Scams

Mortgage Fraud Stories is a post from: Upside Down Mortgage

Question: Does any know a lawyer who has the guts to go up against a mortgage company?

We believe the mortage company that we were dealing with has commited fraud. They have falseified paperwork, increased the purchase price of the home to substanciate a very large closing cost, and backed out of a closed contract 6 days after closing, and left me, my husband, and my 3 month old baby out on the streets on 4th of July weekend. All the hotels and cabins are all booked up through the weekend and some throughout July.

Answer: I would suggest that you consult a real estate attorney through the standard family legal plan at www.legalserviceplans.info . For your situation this is a very affordable service as you would get unlimited attorney consultations and documents review for only $16 per month. I've been consulting with the legal firm in the state of Texas and, so far, all my questions on legal matters from tax law to home ownership issues have been answered. If you feel that you would need more than the attorneys' consultations, you can hire the law firm to represent you at a 25% discount from their attorney rate. I hope this service would help you.

The Increase in Mortgage Fraud | White-Collar Crimes

Mortgage Fraud Lawyers is a post from: Upside Down Mortgage

Scams and frauds are prevalent in the contemporary world most especially in the real estate sector. Even though countless regulations have been legislated to provide financial assistance to potential home buyers, there are still an increasing percentage of people who experience financial constraints due to being victimized by scams such as mortgage frauds. Hence, it is with utmost care and caution that the federal government and other agencies are continuously reminding home buyers to have the right information in order to avoid falling prey to such opportunistic activities.

How do mortgage frauds work?

Here are some of the most common and simplest things to do to ensure your safety from scams and frauds associated with home loans.

• Attend courses on homeownership education. There are innumerable non-profit agencies which provide courses and programs to give counsel to potential home buyers before they make their home acquisition. You will definitely find helpful information in these courses which are also approved by the Housing and Urban Development department of the United States. You are not only given the chance to know how to purchase a home from beginning to completion. You are also informed of the different mortgage frauds and how to keep yourself away from such untoward situations. Invest wisely on real estate and start it with putting your time in proper use.
• Shop around for the best lending company which can provide you with the most suitable mortgage program that best fits your financial and payment capacity. There is definitely an overwhelming number of lenders out there, hence be very careful in assessing the right one for you. You must also check the costs they impose on their borrowers as well as the different terms and conditions of their company. You have the right to compare each mortgage provider to come up with the best decision. If there are those who try to convince you to stick to only one lending company, then you better stay away from them because that is one sign of a steaming fraud.
• See to it that you provide only accurate and complete information when filling up forms of your loan application. If you have forged or lied in your statements that is actually considered fraud and you are amenable to legal penalties. Thus, if you are going to provide information about your true financial and credit standings, your source of income and stability of your employment, make it very precise and without any error. Furthermore, never let anyone persuade you into borrowing an amount that is beyond your capacity to pay. This is a sure step towards losing your home and finding yourself in deep financial trouble.

There are different signs and mechanics that scams on home loan are materialized and operated. The common victims are those who have apparently no sufficient education about such matters. For instance, potential home buyers who are making their home purchase for the very first time are primary candidates for this mischief. Seniors who also aim to make a good investment for their retirement benefits are often lured and fall in mortgage fraud traps. Thus, it is basically important that you know all possible information that are essential in securing a mortgage in a legit and hassle-free way.

About the Author:

Residential Real Estate in Fountain Hills and Fountain Hills Houses for Sale can offer you a whole deal of information about the real estate market. Whether you want to sell your house, buy a property or rent one, getting all the information that you need will give you a great advantage.

Article Source: ArticlesBase.com - Don’t be a Victim of Mortgage Fraud – Important Information for Home Buyers

Low Interest Credit Cards

Mortgage Fraud Definitions is a post from: Upside Down Mortgage

Debt Settlement Stipulation

A debt settlement program or debt arbitration is considered successful when both the debtor and the creditor reach an agreement. The agreement is that the debtor will pay a lesser amount than is owed and this will be considered payment in full. This will not work as long as you continue to make the minimum payments due, as many do regularly in their credit card debt. But if you stop making any payments at all when the late fees and interest start to add up you will be able to discuss a settlement on the original amount.

Do It Yourself or Hiring a Debt Settlement Company?

There are companies that can do this for the debtor. Many people prefer this because they are not sure enough of their ability to negotiate the right amount or they may feel ill at ease dealing with these problems. Some of the settlement companies will charge an upfront fee while others may charge a monthly fee. There are also those who charge after the settlement of the debt. They may get a percentage of the debt that is negotiated off the entire amount.

A debt settlement program differs from a debt consolidation program. The consolidation program will require that you take another loan to pay off the bills that are causing your financial problems. While this is beneficial for consolidating all your loans into one loan there are often stipulations to which you may not want to agree. Committing to an agreement to allow a foreclosure of your home to pay the loan if you default is one such stipulation.

This is because typically to get the loan you have to put up collateral which is often your home. Yes, you should get a lower interest rate but in the end if you cannot make the payments on this loan, you stand the chance of losing your home. Debt consolidation may be a good idea for some, especially with the state of the economy today. But jobs are not 100% secure and the possibility of losing your home is very real.

Is Bankruptcy An Option?

Bankruptcy is another alternative if you have gotten yourself in so deep there seems no way out of debt. However, the type of bankruptcy you declare is important. Chapter 7 will sell your assets such as your home to pay off your debts. So, you may end up losing your home using this method. Chapter 13 will allow you to keep your home and any other assets such as a vehicle if you make your payments to the bankruptcy court and the lender of your mortgage. If you default on these payments, the creditors can ask for a lift of the bankruptcy and file foreclosure or for repossession of a vehicle.

The disadvantage of a bankruptcy over a debt settlement program is the bankruptcy will stay on your credit report for 7 to 10 years. While in bankruptcy the debtor may not apply for credit cards or credit from any source without asking for permission from the bankruptcy court. This is not likely anyway because most creditors are leery about lending to someone who is in bankruptcy.

When it comes to debt consolidation, the impact on your credit may not be good. As a matter of fact, not all loan consolidation companies report your payments to the credit bureaus. So deciding between the options that are open to you can take some time and thought. With a debt settlement program normally the payments you make will show on your credit report even if they are settlement payments, it does show you made an effort, which is a positive thing when viewed by future possible lenders.

For more useful information on a debt settlement stipulation, please visit Debt Relief Adviser.

About the Author:

John is a DJ and radio producer by trade who has performed in the U.S., Russia, Turkey, Macedonia, Serbia & Kosovo. Through a strange twist of fate he found himself working in the debt consolidation and debt settlement field in Chicago. John has a great interest in charity work as well.

His other interests include fitness, science & technology, modern medicine, poltics, world events and pop culture.

Article Source: ArticlesBase.com - Debt Settlement Stipulation

Sample Mortgage Default Letter is a post from: Upside Down Mortgage

Greed, ignorance, and good intentions are the various starting points for mortgage fraud. Whether a person is looking for a home to live in that's nicer than he can legitimately afford, or he's looking to flip a property to make a quick buck, mortgage fraud entails lying or hiding information from the bank to get more favorable loan terms.

There are two main types of mortgage fraud: "fraud for profit" and "fraud for house." While "fraud for profit" schemes are fairly clear-cut in their dubiousness, "fraud for house" is often committed by people who aren't aware of the seriousness of their actions. Some truly don't think of what they're doing as wrong.

"Fraud for house" is committed when a person falsifies her income or credit information in order to qualify for a home loan that she knows she couldn't qualify for based on her true financial circumstances.

Oftentimes this type of fraud seems innocent—after all who'll get hurt if I fudge the numbers just a little bit? However, as we've seen with the record number of foreclosures happening in recent years, too many people have gotten themselves involved with real estate deals that they simply couldn't afford.

A single foreclosure can reduce the property values for everyone on the street, which can lead to entire neighbourhoods with slumping real estate values. Thus, one little lie on an application can have serious consequences: for the bank who never recoups their money, for the homeowners who lose their homes, and for the rest of the economy that takes a hit right alongside the real estate market.

"Fraud for house" cases commonly involve a buyer exaggerating their income on the application form, or in some cases, by getting financial aid from the seller without notifying the lender. This type of loan is known as a "silent second," where the seller offers to help the buyer come up with the down payment, while keeping the bank in the dark. This is problematic because the bank gets a false picture of the buyer's financial resources. The bank then authorizes a loan based on inaccurate information, and risks not ever getting their money back.

Another popular form of mortgage fraud involves what's known as a "straw buyer" or a "nominee loan." In this type of fraud, a buyer uses someone else's credit and income information on their loan application. He may decide to pay a person to use their information, or he might steal somebody's identity to get their data.

The person whose financial information is being used is known as the "straw buyer." She is simply the buyer on paper, and has no intention of ever living in the home or of making the mortgage payments.

For the bank, this situation is very risky. There is a person that they don't know that's living in the home. They could have very low income or a poor credit history, which means that the bank's chance of getting their payments is very slim. Fortunately, if the bank doesn't receive its monthly payments, it's within their rights to go after the straw buyer for remuneration.

Lenders check borrowers' financial information for a reason. They want to make sure that you get a home that you can actually afford. Buying beyond your means can result in a financial disaster for you, and major losses for the bank. While you may have your eye on an upscale property, if it's beyond your means, it's beyond your means. Lying to the bank to get the financing you need is illegal and unethical, no matter how sincere your intentions were.

About the Author:

Complete Calgary real estate listings search: View all Southwest Calgary homes including Signature Park homes for sale. Access photos, virtual tours, neighbourhood info, maps and more at JustinHavre.com.

Article Source: ArticlesBase.com - "Fraud for House" Mortgage Scams

JKCH-5 Part 1of 6

Mortgage Fraud Risk is a post from: Upside Down Mortgage

Federal Reserve Board Chairman Ben Bernanke has confirmed the Housing Predictor forecast that more than 2 million homes will be foreclosed as a result of the sub prime lending crisis.

In a hearing before the Congressional House Financial Services Committee in Washington D.C., Bernanke essentially confirmed the Housing Predictor forecast issued in early June, saying more foreclosures will occur as a result of fall out from the sub prime debacle.

However, he differed with one congressional committee member's estimates that 1.5 million foreclosures would occur alone in 2007. Bernanke conceded that the rate of foreclosures caused by the nation's sub prime crisis would worsen in 2008 and 2009 without citing any figures, but agreed the figure would go into the millions.

Bernanke made his comments in semi-annual testimony before a congressional committee, which is looking into ways to assist the nation's lending economy to help resolve the sub prime crisis. The Chief Fed Chairman deplored "abusive lending practices and outright fraud" in the wake of near record foreclosures caused by the sub prime crisis.

The Housing Predictor forecast was based on an analysis of the nation's largest metropolitan real estate markets conducted over a one month period by a team of researchers and journalists. Housing Predictor forecasts more than 250 local housing markets in all 50 U.S. states.

The web site is regularly consulted by many of the nation's foremost Wall Street investment houses, mortgage and real estate companies, and consumers for its forecasts, which are updated regularly as local market conditions demand.Foreclosures are at near record levels in Michigan, Minnesota, Ohio and Colorado. Other states that are experiencing the highest number of foreclosures include California, Alabama, Indiana and Mississippi.

However, the fall out from the sub prime meltdown is not extending into all of the nation's housing markets on a widespread scale. Foreclosures are occurring more commonly in lower middle class and poorer neighborhoods. Many housing markets, including vacation and second home markets and higher priced areas are immune from the fall out of foreclosures.

Eighteen states real estate markets are appreciating and an additional 10 states housing markets are showing signs of stabilizing. Many of the foreclosures are occurring as a result of increases in adjustable rate mortgages, and unethical lending practices on the part of some mortgage borrowers and lenders.

About the Author:

Mike Colpitts is the Editor of Housing Predictor. To read the entire foreclosure forecast, check local market forecasts and search real estate listings visit

http://www.housingpredictor.com

Source - Fed Chief Confirms Housing Predictor Forecast

Couple Sentenced In Mortgage Fraud

Mortgage Fraud Mississippi is a post from: Upside Down Mortgage

Two bills designed to address some of the problems resulting from the economic crisis have been signed by President Obama. The first deals with mortgage fraud and the other with helping families who are involved in a foreclosure situation save their homes.

Look out rip-off artists, enforcers of the new mortgage fraud bill means serious business. Almost half a billion federal dollars has been authorized to spend on targeting charges of mortgage fraud. Agencies the likes of the Secret Service, U.S. Postal Service and HUD are all getting additional funding to increase their security measures.

The Fraud Enforcement and Recovery Act now sanctions the government to go after companies or individuals currently out of reach. Currently, an incidence of mortgage fraud can result in investigation, prosecution, civil penalties and prison time at a federal level, opposed to the prior gentler state penalties previously enforced. This new Act applies to all types of mortgage fraud, no matter how minor the offence.

In the past, these schemes defrauded home owners, realtors, lenders and builders out of billions of dollars each year. The FBI intends to send a message that mortgage fraud will not be tolerated and it is expected that offenders will receive stiff penalties in order to set an example to others.

The second bill, simply entitled, "Helping Families Save Their Homes Act," is intended to simplify the process for homeowners to receive foreclosure financing and modifications to existing loans. It also makes it easier for the lender to offer these types of options and hopefully prevent an impending foreclosure.

The new law also offers protection for renters who find themselves living in a home whose owners are facing foreclosure. Under the old rules, tenants would have to move immediately following foreclosure, now they have the option to continue renting for a term negotiated with the lender. This makes sense on so many levels. Now hundreds of families who otherwise would have found themselves on the street, still have homes. Lenders no longer have to deal with the problems associated with the upkeep of an empty home. Hopefully this will reduce occurrences of complete neighborhoods of foreclosed houses sitting vacant and facing ill repair and vandalism. In many cases, reliable tenants are happy to stay on and maintain the property.

The law provides additional homeless relief, makes better use of local organizations in this role, and allows them more latitude when allocating federal funds for assistance.

Part of the reason that mortgage fraud became so widespread was attributed to the lack of a single watchdog affiliation to oversee the the sketchy subprime loan offerings, underwriting and lending schemes. Instead there were a number of small agencies, each only seeing part of the problem, but no single unit had the power to actually deal with the issue as a whole. Currently, the Obama administration has a plan in the works to establish a single federal agency designed to watch over everyone involved; from the small brokers to the major lenders.

About the Author:

Search Sandy Springs GA condos at TinaFountain.com, the home of Sandy Springs real estate experts.

Source - Mortgage Fraud Bill Signed, Sealed & Delivered

FREE ENERGY - Air Powered Vehicles

Mortgage Fraud Prosecutions is a post from: Upside Down Mortgage

Question: What access to CDN assets does a US mortgage company have when a Canadian citizen defaults on a US mortgage?

We own a property in Florida that unfortunately does not make financial sense to try to keep. We will likely walk away from the house and default on the mortgage. What access will the mortgage company have to my assets here in Canada, and what are the possible repercussions?
Thanks very much.

Answer: I would ask an attorney this question. Typically, most states have laws that require a mortgage company to only one solution for the mortgage. If they opt to foreclose on the home, then any other option may not be viable. For example, here in California that is what happens. A home can either be foreclosed on as the only remedy or the mortgage company can release the lien on the home and go after the owners other assets, but not both options together.

Again, contact an attorney about this. I would not give advise on this and certainly would not accept any with the person holding a valid law degree, specifically in real estate and foreclosure laws and preferably in both American and Canadian Law.

Good luck

Chris Newell's 'Your First Home' Liz Sanchez Clip 2

Mortgage Default Canada is a post from: Upside Down Mortgage

In a sweeping change of opinion, more than 1 out of 3 homeowners say that if housing prices continue to slide they'll walk away from their mortgages, according to a new Housing Predictor survey. The poll demonstrates major changes in the way Americans feel about the U.S. banking system and their own financial well being.

Americans have historically felt responsible to fulfill financial commitments made to banks and mortgage lenders. Business models tracking foreclosures have figured that defaults would be limited to less than 6% of all home mortgages. The foreclosure epidemic has grown to become the nation's worst financial disaster coupled with the credit crunch since the Great Depression damaging the entire economy.

Respondents to the survey are demonstrating they are fed-up with the way the economic downturn is affecting their lives. Some 36% surveyed said they would walk away from their homes if housing prices fall for a number of years.

The credit crisis on Wall Street quickly spread to Main Street as more than 4-million homeowners from every corner of the economy had homes foreclosed.

Wall Street traders developed a series of new financial instruments to trade mortgage backed securities to fill a record supply of home mortgages, many of which were to subprime borrowers at first and then to conventional mortgage borrowers.

A year after the crisis began a new national record high number of homeowners had shrunk to a record low.

Growing unemployment and worsening consumer confidence have led to an increasing number of foreclosures, despite efforts by the new Obama Administration in Washington and Congress to slow the epidemic of foreclosures.

Housing Predictor forecasts more than 250 housing markets and surveys visitors on real estate related topics. Check your market forecast, real estate news and get the latest on the foreclosure epidemic at http://www.housingpredictor.com

About the Author:

Mike Colpitts is the Editor of Housing Predictor, which provides housing market forecasts in all 50 U.S. states. Check on your market at http://www.HousingPredictor.com

Source - Survey Shows Homeowners Will Dump Mortgages

Developing New Models for Forecasting Mortgages in Mathematica

Mortgage Default Modelling is a post from: Upside Down Mortgage

Identity theft professionals are becoming greedier and more proficient at their "game." Identity theft is no longer limited to unpaid credit cards, small credit loans, but with the booming real estate market there is fast cash there for the conniving individual to make.

Mortgage fraud through identity theft is the second most common mortgage fraud scheme. The FTC reported in 2004 that $429 million dollars in damages for home mortgage fraud hoaxed and approximately $1.1 million dollars lost on commercial loans.

Mortgage fraud through identity theft occurs in several different ways. First a person may apply for a loan for a new home or for a home equity loan using your personal and financial information. The home equity loan is most often on the house that you are residing in, thus making this the easiest hoax to commit. Knowledge of an individual's date of birth, social security number, as well as address makes it easy for victimization to occur.

Secondly, mortgage fraud may occur in a fake sale of your home. One thief will assume your identity and "sell" the property to another thief. With mortgage loan money in hand, both thieves get away and no real sale occurs. However, there have been instances where the homeowner's identity was stolen and the home was sold to a legitimate buyer and the thief gets away with the money, the buyers have no new home and the original homeowner is left with the messy business of re-establishing his identity and his credit.

In most cases, the banks are the ones most damaged by these types of schemes. A legitimate homeowner did not take out the loan, so may not be held liable, but they don't get off with out any damage at all. Many hours and much money may be required to correct the credit problems that are a result of identity theft, particularly when the theft results in large sums of money being stolen. Then there is the additional effort to protect their future credit and personal information.

Those most likely to be victims of mortgage fraud are the elderly, established homeowners, and those who have a great deal of equity in their homes. Equity information is readily available through an online title search and the use of tracking property values in the area.

Homeowners need to do the following to protect their homes and their credit.

- Monitor your credit report, receive regular updates, and stay informed;

- Immediately contact any lenders that provide information on your credit report when you discover pieces of information that are mistakes of fact or that you don't know or recognize;

- Read your social security benefits statement when it comes in the mail to determine if anyone has already claimed your benefits.

- Be wary of communications regarding your home, real estate, personal or mortgage information including special "offers" to help you with your mortgage or interest rate.

- You may need to educate your parents or other elderly individuals with their credit protection plans.

- Install an anti virus and spyware software system on your computer to protect your personal and financial information.

Early detection and reporting of mortgage fraud schemes is important. With mortgage fraud, consumers may lose their property, their savings, and their credit rating. Secondly, lenders are affected by the loss of money, security, and assets in their company, not to mention the lack of trust resulting from these types of rackets.

If a victim of this type of crime, it should be reported to The Federal Bureau of Investigation (FBI) http://www.fbi.gov/ (202) 324-3000 - National FBI Financial Institution Fraud Unit. However, there are a possible 18 other government agencies, banking, consumer, and fraud reporting agencies as well as other consumer resources available to consumers depending on the type and method of mortgage fraud that occurred. For a complete list of resources, visit Mortgage News Daily http://www.mortgagenewsdaily.com/Mortgage_Fraud/National_Resources.asp

Consumers can try to stop identity theft before it happens by being forewarned and vigilant. If you are a victim of identity theft, in particular mortgage fraud you will have the information you need to correctly and quickly report the theft and take the steps necessary to begin to repair your credit.

About the Author:

Lisa Carey is a contributing author for
Identity Theft Secrets: prevention and protection
. You can get tips on Identity theft protection, software, and monitoring your credit as well as learn more about the secrets used by identity thieves at the
Identity Theft Secrets blog

Source - What Every Homeowner Should Know About Mortgage Fraud And Identity Theft

Mortgage Fraud: Save the Homeowner Save the World HD

Mortgage Fraud For Housing is a post from: Upside Down Mortgage

Question: How do the following affect your credit?

Foreclosure vs. notice of default vs. missing two mortgage payments, vs. short sale after notice of default. Does a short sale where a person with a loan convinces the lender to take less than what is owed have a larger negetaive effect on credit than curing the loan? And to what extent?

Answer: If you have the ability to "cure" the loan that is the best route to travel. Even if you cure the loan and then sell so you don't get yourself into the same position again. You do not want a foreclosure to go through. If you do not have the ability to cure the loan, then you will want to try to work a short sale. However there are deadlines on a short sale so make sure that if you decide to go this route that you move quickly.

DIY Mortgage Loan Modification Homeowners BEWARE

Mortgage Default Notice is a post from: Upside Down Mortgage

If you're in debt, your credit rating is extremely important because it represents a significant part of your ability to get out of debt. The better your credit rating, the easier you'll find it to refinance your debt, cutting your monthly repayments and leaving you more money to pay off your debts in a shorter period of time.

However, there are so many credit myths doing the rounds that it's difficult to know what might affect your credit rating. In fact, the gap between what people think and what actually affects credit ratings has grown to an unprecedented level.

For example, more than 50% of people don't understand what a credit rating is, how it affects their ability to borrow, and more importantly, how it affects their ability to get out of debt. So here's the biggest credit myths and the real truth behind them.

Credit Myth 1: If You're On A Credit Blacklist Your Credit Rating Will Be Poor

This is one of the most popular credit mistakes. It's also the myth that's furthest from the truth. So let's get this straightened out right from the beginning. There is no credit blacklist. It just doesn't exist.

Yet that doesn't stop millions of people from believing in it. More than 40% of people who are refused credit blame their situation on some mythical list that bans all lenders from granting them a loan.

If you are refused credit, the only reason is that your credit rating displays a financial history that makes lenders nervous about your likelihood of repaying their money.

Lenders like continuity. They like lending to people who have a history of making regular loan repayments on time because they can be more confident that they will get their money back. That's why credit reports carry historic details of the loans that you've applied for, been granted, paid off, any defaults, previous addresses etc.

The practice of red lining, where lenders discriminate against individuals or whole communities on the grounds of gender, religion, ethnic origin, race or sexuality, is illegal in many parts of the world, and due to competition among lenders is less of a problem than in the past.

So if you want to increase your chances of being granted a loan at better rates, you don't have to escape from a blacklist, just provide some stability to your credit history. Try to stay at the same address for a number of years, show lenders that you have the ability to repay a loan to completion, and make sure that you're registered to vote.

Your credit report will state whether you're on the electoral register and lenders place great emphasis on this fact as it helps them to double check who you are and where you live.

Credit Myth 2: Your Credit Rating Is Set By The Credit Reference Agencies

This is also another credit myth that's complete and utter rubbish. But more than 50% of people believe that credit reference agencies set credit ratings.

No, no, no, no, no and just to make certain, no!

Credit reference agencies just collect information about your financial history and present the facts in the form of a credit report. This includes information about your existing sources of credit (personal loans, credit cards, mortgages), your repayment history and whether you have any payment defaults, court judgements or bankruptcy orders against your name.

Then, when you apply for a loan, your chosen lender can request this information from one of the credit reference agencies and decide whether you meet their lending criteria. In most cases the lender will use your information and their own mathematical formula to calculate a credit score. If your circumstances generate a certain number of points you get the loan. If your score is too low, they will reject your application.

Credit reference agencies only report facts from your financial history. And if you dispute any of these facts, there are various procedures to resolve the situation.

Credit Myth 3: Previous Occupants Of Your Address Can Affect Your Credit Rating

More than 70% of people believe this extremely convincing myth. And it's easy to see why. The general belief runs like this - You ask for a loan, the lender checks your credit report, your current address causes alarm bells to ring because it's the same address that already appears on one of the mythical credit blacklists. The lender becomes panic stricken and their computer spits out a loan rejection letter. End of story.

Rubbish!

From a lender's point of view, it doesn't matter who used to live at your address. Credit is a personal matter. All that lenders are concerned with is your ability to repay the money that you've applied to borrow. So they'll look at your individual circumstances. For example, if you've changed address in recent years, they'll want to know your old address so that they can check that you were living where you said you were, and not to find out whether the previous or subsequent owner is a bankrupt.

About the Author:

For more information on how to
get out of debt
, visit Stuart Laing's website at
icanhelpyougetoutofdebt.com
.

Source - Credit Myths - Mistakes That Will Make Your Debts Worse - Part 1

Holtz-Eakin on McCain: MSNBC 09/08/08

Mortgage Default By Race is a post from: Upside Down Mortgage

Question: NC Mortgage/Deed Question?

I posted a similar question but left out some details so let me try again...I live in NC. My husband and I purchased a house after we married but my husband wanted it only in his name due to his credit being better than mine.

BUT the deed is in both of our names.

So, my name is not on the mortgage because my credit would have brought us down:( BUT now the marriage is not going well and he is threatening me that if he defaults I have to pay for it.

SO - right now his name is on the mortage - mine is not. Both names are on the deed.

Who is responsible for the mortgage? If he defaults on it am I responsible? Will it show up either good or bad on my credit report?

If someone can help me understand the legal ramifications I would greatly appreciate it. THANK YOU!!

Answer: I agree, that's messed up. He does the "family" a favor and you want to stick it to him and save your own hide. I hope you do the right thing and pay your half. Maybe you two should think about selling the home and going your separate ways.

Bad Credit Receive Payday Loans with Bad Credit Unsecured Personal Loans NO Collateral Repair Bad Credit Report Home Loans Car Loans Mortgages Refinance and All Types Of Loans Guaranteed Approval In 60 Seconds Visit Now

Mortgage Default On Credit Report is a post from: Upside Down Mortgage

Question: who is responsible for a fraudulent appraisal?

Our mortgage was approved based on a fraudulent appraisal. We signed the note believing we had 50 thousand in equity, now we find out that we actually owe more on the home than it is worth. Does anyone know of a lawsuit that has gone in favor of the homeowner in this circumstance? I believe the broker shoud be held responsible, as they are the ones that hired the appraiser, who, by the way, is not allowed to renew his license due to another case of fraud.
appraisal saying home is worth 185 thousand, new appraisal? 95 thousand, sorry I know the market is bad, but my house did not depreciate 90 thousand dollars., the comparable photos do not match the addresses, my home is 100 yrs old, the comparables say they are the same age, when upon my investigation, the homes are actually brand new. I signed these papers believing I had 50 thousand in equity, when in reality, I have $0.

Answer: Sue everybody in this order: The Appraisal company, the appraiser themselves, the Broker, and the Mortgage company. Go to your state's Attorney General's office and file a complaint for everyone of these entities. There appears to be so much fraud in your case that you need to pursue this.

Depending on your area, the value of your home may have dipped, even significantly, but not 90 k...

Good Luck...

FHA Shady Mortgage Fraud National City Part 2

Mortgage Fraud Lawsuits is a post from: Upside Down Mortgage

Question: Realtor/Mortgage lender fraud? PLEASE HELP!!?

I had a very bad experience with the mortgage lender and realtor. I believe I got screwed on my house. I'm young, and they knew it. I want to post my story but its too long. Anyways, this has been eating me up for so long, and now i'm ready to take action. Does anybody know of any resources where I can look up illegal/legal lender/realtor practices in TEXAS. I don't need the code of ethics. I need solid law. I'm about to lose my house and this gave me enough courage to move forward. I've googled and looked at so many places and can't find anything. Please help. I have no money or time for legal consultation right now. I'm very depressed. I work 2 ft jobs, have a baby, and cant pay my bills anymore. Please help me!!!

Answer: There is a huge difference between fraud being committed by a Lender or Realtor and a Buyer who didn't have a clue as to what they were doing getting in way over his or her head.

The fact that you are young has nothing to do with anything. There are plenty of young people who research what they are doing before they do it so that they don't enter into a deal that isn't in their best interests.

The Texas AG's Office has a Mortgage Fraud Task Force that you can contact if it indeed was fraud.

Here is a link to the Texas Office of The Consumer Credit Commissioner that lists what is considered predatory lending practice in Texas, along with the Texas Code that addresses the issue:

http://www.occc.state.tx.us/pages/agency/strat05/pred.html

I hope you work things out. Good Luck.

Rocky Delgadillo, Fighting Mortgage Fraud 5

Mortgage Fraud Resources is a post from: Upside Down Mortgage

When banks foreclose on a home, the owners are commonly puzzled by the language used in the numerous legal documents. One of the terms that causes the most perplexity is'default.' There are at least 2 other ways that this word is utilized during the foreclosure process, neither of which have good implications for the borrowers almost all of the time. However homeowners should know the way the word will be utilised by the bank.

The first way that banks use the word'default' is when they allege the owners are in default of the mortgage contract. The borrowers sign the mortgage, cash advance or deed of trust to establish the terms in which they will make payments to the lender or servicing company to keep the contract prepared. Once payments are missed, the payment terms of the contract have been breached and the homeowners are in default.

So a default of a mortgage contract means that the owners have not managed to meet one of the conditions for holding up their end of the contract. While there are more ways to fall into default of a loan, the commonest breach of the contract is when borrowers fail to make payments on time and the lender starts the foreclosure process. In the lawsuit paperwork, the bank claims the owners are in default.

The second way that banks use the word'default' is when they file a motion with the court during the foreclosure. This motion might be called an order of default, motion for default judgment, or some other similar term. For the needs of this article, the motion will be referred to as an'order of default.' however homeowners should remember that the same sort of legal document can have a different name in their state.

An order of default means the bank is making an attempt to get a judgment against the homeowners for foreclosure without needing to go through a trial or other court techniques. Naturally, this cannot be done just below any circumstances, but it is typically done in foreclosure cases because of the ignorant nature of most borrowers. The bank can begin some steps of the process and then get a judgment without having to prove its case.

This is generally done when homeowners do not show up at a preliminary foreclosure hearing or file an answer to the lender's complaint. The borrowers' silence is taken by the courts to mean that they don't have any objection or argument with the bank's allegations of breaching the mortgage contract, nor do they challenge the lender's ability to bring a foreclosure because of bad credit loans into court in the 1st place.

So, if the house owners did not file an answer to the legal action or show up or request a hearing on the problem, then the bank will request that an order of default judgment be entered by the court. Most courts will have small problem entering this order, as they figure the homeowners were given sufficient time in which to hire a counsel, obtain a law degree, or learn the court procedures competently enough to file a solution.

An order of default isn't the end of the line as householders can try to have the default judgment left or dismissed. This requires that they file the suitable motions in court in time. If the order to leave the default judgment is granted, the bank will have to follow the legal action more carefully. It won't be able to depend on house owner ignorance of the process in order to have the home sold at a policeman sale.

It is a little tragedy that most foreclosure cases are decided by default judgment. This is due to so many borrowers not filing an answer or showing up to foreclosure hearings. Thus, it is important for more borrowers to teach themselves on at least a few simple steps they can take to make it much harder for the bank to declare them in default of the contact and then get a default judgment against them.

About the Author:

Instant approval loans for bad credit and cash advance loans. If you need a fast loan with no credit check look no further.

Source - Learn the Difference Between Mortgage Default and Default Judgment In Foreclosure

SF Press Conference Regarding Foreclosures on 11/29/07

Us Bank Home Mortgage Default Counseling is a post from: Upside Down Mortgage

Question: Is this a mortgage Fraud?

I reside in FL, I purchased a house about a year ago in November, before I got the house I got an estimate on my taxes and it was used to create my good faith estimate.
During the closing, I noticed that my PMI has increased but the total payment for the mortgage was less than the good faith estimate, I asked my loan officer about that and she explained something about a lower percentage which led to higher PMI but my overall mortgage was about the same so I believed her.
A year later I discovered there was shortage in my escrow account by $2000 which increased my monthly payment by $200 because the taxes they used was less than the amount on my good faith estimate.
I confronted the lender, who sent me to the loan officer and they blamed the title agency, and the title agency said they entered the value given to them by the loan officer.
At this point, I don’t know if I should get an attorney or report this as a fraud. I really don’t know what to do to resolve this issue.

Answer: I don't beleive the loan officer is to blame. The title company is the one that should be responsible (good luck with that.) The title company will and should not take anything for granted they are the one who has the properties taxation history not he loan officer. I don't think you have a case. Yes, there was and error in the tax amount and it was discovered and charged to you. Unfortunately it was discovered after you purchased the home and you cannot renegotiate your payment without refinancing the whole loan. But I definately would speak to your title reps. manager at the title company and make a formal complaint and also ask for the preliminary title report ( aka prelims) and check out what is documented on the report and you should get your answer.

Mortgage Fraud Attorney, John T. Floyd

Mortgage Fraud Attorney is a post from: Upside Down Mortgage

Mortgage financing is regarded as one of the soundest financial solutions that helps in getting rid of the existing loans, dents and mortgages. The prime advantage of the mortgage financing is that you can replace the current mortgages with it as it is sum of money that surpasses the standard limit set by the financial institutions.

These mortgage refinancing loans are also known as non-conforming loans and are generally issued to individuals seeking ways to repay their existing piled up loans. There are certain considerations to reckon with before applying for these mortgage financing loans and below are listed some of them:

o The company you are seeking to avail services must have expertise in this domain.

o The company you opt for must be able to provide apt financial solutions to debtors seeking mortgage refinancing options.

o There should be substantial saving on your part as far as interest rate is concerned.

Benefits attached with mortgage refinancing

There are numerous benefits linked with mortgage refinancing and some of them are given below:

ü This refinancing solution helps you in clearing all your pending mortgages and loans. Thus, it helps to lift off burden from your shoulders.

ü The refinancing solutions help you get your hand at an excess of money which is usually referred as cash out refinancing. This is basically larger amount of money you given to you against the existing loans taken.

ü Another main advantage that makes mortgage refinancing a good option is clearance of prevalent loans.

ü The added advantage is that you have to pay off fewer rates of interests as compared with the existing loans and mortgages. This feature simply lures more and more people to these payment solutions.

ü You can successfully slash the time period of mortgage payment.

Steps to be followed

If you are ready to take off your graph of payment of existing loans and mortgages at the earliest, follow these golden steps and simply learn about the techniques to be followed.

First of all, determine the money needed by you in mortgage refinancing in order to clear your existing loans. For this, make optimum utilization of mortgage calculators that work using current interest rates, and future interest rates, in case you have adjustable loans.

The next step includes checking out the credit scores and reports. This will help you asses the interest rate at which you can apply. all your order scores and credit scores will be counted. The next step you must take include fixing upon the stigmas attached with your credit scores. These stigmas may include defaulted loans, high balances of credit cards and recent collections. Undoubtedly, you will have to spend a little extra in order to rectify all the defaults at the earliest so as to improve your credibility factor.

This assessment has to be carried on with the step of researching about current interest rates and fees structure. Thereafter contact the mortgage refinance lender and get your work done without any inconveniences as this solution is worth saving your reputation.

About the Author:

Louis Meyer is the author of this article on Credit Repair. Find more information relating to Bad Credit Repair, and Credit Repair here.

Source - Mortgage Refinancing – an Introduction

Increasing mortgage default rates

Mortgage Default Rate Graph is a post from: Upside Down Mortgage

Question: Collection agency suing for default on mortgage loan??

A house I owned went into foreclosure in 2007. It was auctioned for 366K but mortgage loans were for 320K and 80K=400K. I received a letter from a collection agency Dyck O'neal stating: "enclosed are copies of the documents that support the debt owed to Dyck O'neal. The amount owed as of the date of this letter which includes principal, interest, and fees is 94K." The loans were first with Chase, then I guess they transferred this account over to collections. The situation I'm in is too long to explain and very complex, but I do not have that kind of money to pay these people back. What are my options? Do I need a lawyer and if so, what kind of lawyer should I get, a real estate lawyer or what? I have no idea what to do and I'm very worried as I have no money for something like this. I claimed Bankruptcy back in 2000 due to my exhusband maxing out all my credit cards that were in my name. I'm not sure if I can claim that again, or if that will help with this 94K debt.

Answer: i know this does not help much but there are hundreds if not thousands in the same boat as you are.

b/k may be an option but that can only be determined by a bankruptcy attorney in your local area. Unfortunately I know this does not help much but in the eyes of the law and the agreement you signed you still owe the balance due for the money you borrowed to purchase the property.

To: America From: Ron Paul Re: Bailout, Rescue Plan, etc...

Mortgage Default Letter is a post from: Upside Down Mortgage

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About the Author:

Hi I'm Shane,I like being online and helping others out whenever I can.

Source - Help4All

Mortgage Fraud- BB&T Bank @ www.lendhaven.com

Mortgage Fraud Videos is a post from: Upside Down Mortgage