Upside Down Mortgage

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Mortgage Fraud Detection And Prevention

If you are applying for a credit card, mortgage, car or personal loan, you should be familiar with the information included in your credit report. You are issued a number, known as a FICO score, which is calculated based on your previous payment history, number of debts with a balance, recent credit inquiries, and balance to available credit ratio.

Many consumers are aware that they can obtain a credit report, for a fee, from the three major credit reporting agencies. These include TransUnion, Experian and Equifax and they provide your credit report to loan officers, credit card companies, financial institutions and anyone whom you give permission to obtain a copy of your credit file. While many consumers know that credit reports can be obtained for a fee, many do not know that everyone is entitled to a free copy of their credit report from each of the 3 credit bureaus each year. Once every 12 months, you can visit http://www.AnnualCreditReport.com and gain instant online access to your free credit report.

When looking at a copy of your credit report, you will be able to view payment histories as submitted by each of your creditors, current and previous addresses along with any information included on public record. This may include civil judgments, bankruptcy or foreclosures, etc. If any of the information contained in your credit file is incorrect, you have the right to dispute that information directly with the credit bureau. At the time a dispute is submitted, the credit reporting agency will investigate and correct any errors that are made.

Additionally, if you are turned down for credit at any time, the creditor must provide you with a written reason for the decline. At that time, you may request a free copy of your credit report from the agency that provided the information to the creditor. By sending a copy of the denial letter to the credit reporting agency, they are then required to provide you with a copy of their entire file relating to you and your credit history.

It is recommended that consumers check their credit file every 6 months to ensure that information is accurate and to prevent or detect identity theft. If you notice an invalid address or credit line that you never applied for, this is an indication of possible identity theft and should be dealt with immediately by calling the credit bureau and having a fraud alert placed on your file. An informed consumer is a happy one.

About the Author:

Daphne is a Writer, Business Owner, Motivator and Self-Starter and full-time Mom. She enjoys writing articles about small businesses and family and tries to motivate other women with the same desires. She can be reached at 1-877-TOY-DIVA http://www.daphnespassion.com

Source - How To Get A Free Credit Report

Pimpin' For Acorn 3

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I have a 1 yr. lease on a fairly new home with 2 other people on the lease with me. We are in the 8th month now and we all have plans to end it after the year is up.

Last week, and just today, we received in the mail a notice titled "Notice of HUD Rights" from a company called National Foreclosure Relief based in NV (addressed to the landlord/homeowner). At first, I thought this was some type of solicitation and threw the first one away. It states that the notice is not an attempt to collect a debt but that the time to enter into a repayment plan is running out.

On the back is states:
"As of Jan. 19, 2001, the US. Department of Urban Development mandated that all borrowers who had loans governed by their loss mitigation guidelines be informed as to their rights to repayment programs."...

The Homeowners have other properties they manage/lease aside from working in separate professions. I am almost certain that if a foreclosure is of concern then they would know about it.

My question is that if there is a foreclosure, do they have to give us a month notice or can they simply tell us to leave at any time? The agency would not tell me anything but instead tried to get me to go to a website and pay 29.95 to get information from 'legal experts' who could tell me what my options were. It all sounds like a gimmick to me. Can anyone clarify this for us?

Also, my question is do we have a right to know if there is a foreclosure, and do they have to give us a month notice or can they simply tell us to leave at any time? The agency would not tell me anything but instead tried to get me to go to a website and pay 29.95 to get information from 'legal experts' who could tell me what my options were. It all sounds like a gimmick to me. Can anyone clarify this for us? Thank you

Thanks in advance.

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