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fico scores: An Update on Credit Score Piggybacking: Your Scores May Tumble - 11/22/07 02:35 PM
Last June I wrote an article entitled Is This The End of Credit Score Piggybacking? That article discussed the renting or selling of credit scores by good borrowers to fake good credit scores for bad ones. The practice of piggybacking credit has been used by parents to help their kids develop good credit scores. When accompanied by some education in the matter of building and maintaining good credit habits, this promotes the responsible use of credit. However, the bad guys have been using credit renting to cheat the system and the credit bureaus are about to slam the door shut. Here … (3 comments)

fico scores: Short Sales vs. Foreclosures: Your Credit Will Suck Either Way - 12/24/06 10:44 AM
I get a lot of calls these days from real estate agents wondering what effect a short sale or deed in lieu of foreclosure (DLF from here forward) will have on borrowers’ credit.  That is a really important and interesting question, since the last real estate downturn preceded the widespread use of Fico scores and automated underwriting (AU) systems. 
Everyone now seems aware that debt cancellation creates taxable income.  In a short sale, the amount of the lender’s loss is reported to the borrower as income, creating an income tax liability for the borrower.   If the borrower is insolvent at the time, … (6 comments)

 

Marc Brinitzer

Sacramento, CA

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Big Valley Mortgage

Office Phone: (916) 791-3760 x 340

Cell Phone: (916) 761-3760

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