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credit score expert: The Mortgage Crisis and Your Credit Part Five: Loan Modification - 06/29/09 10:42 AM
Foreclosure, Deed in Lieu of Foreclosure, Short Sale, Loan Modification and Bankruptcy can all have long-lasting impact on an individual's ability to obtain credit. Homeowners need to get the facts before making critical decisions that will impact their lives for many years to come. In this series of seven blogs, I'll be examining each of these options in detail so you can get a better understanding of the myths and realities surrounding them and how they affect your credit.
One of the recurring themes in my book, The Big Score, and something I always emphasize to my clients is that being … (1 comments)
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credit score expert: The Mortgage Crisis and Your Credit Part Four: A Short Sale May No Longer Be a Better Option than a Foreclosure: Here’s Why! - 06/22/09 11:12 AM
For years, credit experts, including me, have told people that a foreclosure is the worst possible option for homeowners who are upside down in their mortgage and is something to avoid at all costs.
One of the alternatives to foreclosure that homeowners have is a short sale, which is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship that is usually related to the current real estate market climate and the individual borrower's financial situation. The homeowner sells the mortgaged property for less than the outstanding balance of the loan, and turns over … (2 comments)
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credit score expert: Recent Changes in Credit Scoring and Reporting and How They Affect You - FICO 08 - 06/12/09 01:05 PM
While the roots of the modern credit report can be traced all the way back to 1898, the numerical credit score wasn't devised until the 1950s and didn't become a major part of the American financial system until the last twenty years. In 1956, Bill Fair and Earl Isaac devised analytical tools that attempted to quantify the risk of loaning an individual money and launched a company based on this scoring system. Their company was called Fair Isaac & Co., better known by the acronym FICO. After several decades of success in Europe, FICO's system caught on in the United States … (1 comments)
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credit score expert: Divorce & Credit: What You And Your Clients Need To Know - 05/18/09 07:55 PM
Although the current credit crisis is causing more couples to stay together because they cannot afford to financial support two households, statistics still show that 1 out of every 2 marriages ends in divorce! That's a daunting statistic and one that brings with it an abundance of emotional and financial upheaval for more than half of all married people. It is also a statistic that creates an urgent need for all individuals to become aware of how they can protect their credit standing in the face of a major life change; a change that will surely impact their financial situation.
While … (0 comments)
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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