I'm sure you've heard the statement,
"Nothing in life comes free"
Well, a blog I read today, written by fellow mortgage lender Joe Petrowsky on ActiveRain, reminded me of the wisdom and important lessons contained within this statement.
Joe had started the mortgage process with a new client by running the client's credit report. His client had sought out the services of a credit repair company to help him improve his credit and credit scores prior to seeing Joe, so the scores reported on his credit came as no shock to him.
The credit repair company had promised the client that they'd remove the issues showing on the report ... all bills and payments that the client did in fact owe. The cost to perform this service? HALF of what was owed to creditors! The outstanding obligations mounted up to $5000, so they'd given the credit repair company $2500 upfront to perform their magic. Problems solved, right?
Well, I'm betting you know where this story is going. Yep! The only thing that disappeared was the client's money!
I've seen and heard quite a few stories much like this one. But for me, the lessons gained from them don't so much revolve around being "ripped off" by fraudulent credit repair companies or any other servicers. (Although the "when it sounds too good to be true" ... or ... "if it walks like a duck and quacks like a duck" lessons are both valid and important to remember.)
No. For me the lessons revolve around work ethic. Trying to reap benefits too easily ... too quickly ... or when you really haven't done much to earn them. This client thought they could throw money at their problems and make them disappear.
Now let me be clear ... I certainly don't wish this client's misfortune and outcome on anyone. No one deserves that what happened to them. But the real and long term solution to their credit problems will only be found in their own willingness and dedication to solving them and their personal investment in hard work, attention, and time. That fact can't be escaped.
The truth regarding this matter is:
- Building good credit
- Maintaining good credit
- Keeping up-to-date, detailed records
- Filing your documents safely, in an organized manner
- Making Mortgage Application
- Navigating successfully through Mortgage Processing
- Following the directions and advice provided by your real estate and mortgage professionals during the home buying and mortgage process ...
and many more things in life aren't always easy. You typically don't find great success when you take shortcuts. And you typically don't pull solutions out of a hat. Nope.
"Nothing in life comes free" just like the old saying goes. Most things worth having or doing demand an investment of your time, attention, and hard work. And that includes improving your Credit, Buying a Home or obtaining a Mortgage. Just ask Joe's client ...
* Hoping to Buy a Home or Refinance in New Lenox, Joliet, Will/DuPage County, or elsewhere in the Chicagoland area? Contact me today! I'll put my 36+ years of mortgage experience, dedication, and expertise hard to work on your behalf.
I can be found at any of the following:
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