“The Wall Street Journal” published an article today how foreclosures will start ramping up because the temporary moratorium (on foreclosures) is over. Over the next few months the number of foreclosures will increase tremendously, because people will be unable to pay their bills.
If this is you, do not let this be the end of your credit.
People think, because they have a foreclosure, their credit will be impacted forever. This is NOT true.
7 Steps to a 720 Credit Score is designed to get people with a foreclosure on their credit to a credit score of 720, four to five years sooner than letting the foreclosure fall off your credit report. You are going to be judged by your credit score whether you like it or not. The foreclosure will have a significant impact; however, it doesn’t have to have a significant impact for long.
Money saving Tip: Go online & look for coupons for your holiday shopping. Give Family gifts not individual gifts so you only have to buy 1 per family.
That’s my tip.
Your message here…
In Nov. 2008, My credit score was close to 800 in all three reporting agencies. Due to some unscrupulous business companies talking me into investing in their programs, I soon found myself approximately $125,000.00 in credit card debt, and could not pay the monthly payments, and within a few months my credit score dropped to around 525-550, and I am screwed. I have worked out settlements with each of the four cards, and just a few days ago, made the last payment on the last card settlement with B. of A.
Thank you.
Whilshire CC held the mortgage on a rental property I purchased in 2005. The idea was to purchase some property and in 10 years when we retired we would sell this and the 4 others we purchased, one a year to supplement our retirement. I do not have a pension just some money in a 401K.
For almost a year we were doing well the mortgages on the five properties were being covered by the rents we were charging. People were working in the area of Edgewater FL and need a place to live. When the greed of the Finacial Institions set in we had to lower rents and then we got to the point no one was renting and if they did they did not pay the rent. Long story short, for the past two years we have been paying the
taxes, utilities and mortgage with no one around to rent to. Needless to say we went through our entire lifes savings of seveal thousands of dollars to stay out of brankrupcy and foreclosure. WRONG – here is our current status:
1- Wilshire said we cannot help you work the 11% morgage until you stop paying the mortgage and demonstrate that their is need. So we stopped paying they foreclosed and took the house and turned around and sold it for $100. They refuse to refinance or lend any other assistance to help us. Unlike the Feds did for them.
2- Another property was taken by another bank – I
Wilshire said we cannot help you unless you are not making pay
Whilshire CC held the mortgage on a rental property I purchased in 2005. The idea was to purchase some property and in 10 years when we retired we would sell this and the 4 others we purchased, one a year to supplement our retirement. I do not have a pension just some money in a 401K.
For almost a year we were doing well the mortgages on the five properties were being covered by the rents we were charging. People were working in the area of Edgewater FL and need a place to live. When the greed of the Finacial Institions set in we had to lower rents and then we got to the point no one was renting and if they did they did not pay the rent. Long story short, for the past two years we have been paying the