The Top 10 Reasons Collections, Property Taxes, Income Taxes, And Liens Must Be Paid Before A Mortgage Can Close
1. In most instances homes usually can have two mortgages placed as a lien against a property. Under normal conditions you can have a first mortgage and a second mortgage. Some companies during the refi boom were putting a third lien against the property. Local banks and credit unions were the ones that did the third lien.
2. When people are trying to refinance their home the mortgage company will look at their credit report and will contact the local city or county government office to pull up who is on the title of the home and any outstanding liens against the property. If you default against anything including credit cards or if you are behind with taxes these can be put as a lien against the property.
3. What these companies do is register the lien with the county and it is recorded. If you ever plan to refinance the home or
Click here to continue readingThe Top 10 Reasons To Never Use A Credit Counseling Service
1. Credit counseling is an industry that has popped up because of a lack of one very simple thing, education. Its the thing that is not taught in our schools which is causing all of this financial crisis the country is jammed up in. All that a credit counselor really does is say to you to pay your bills on time. The best part is that you are going to pay them a fee to tell you to do that. Doesn’t that sound a bit backwards. You are getting bills from creditors telling you to pay your bills by a specific date, you can’t figure it out without hiring somebody to tell you how to do it.
2. Some of the other features credit counselors do is tell you what balances you need to be working on to get them paid down faster. You will usually be told to do something like
Click here to continue readingThe Top 10 Reasons You Can Still Get A Mortgage With Bad Credit Scores
1. If you have bad credit you are probably worried about getting approved on a mortgage to buy or refinance a house. Many people with poor credit histories should be concerned about this because it is going to determine what kind of loan you are going to get approved on. With all of the changes going on in the mortgage industry there still is hop for you to try to get approved on a mortgage, but you are going to need to know how to do it.
2. During the refinance boom of 2002-2007 every single mortgage company was doing every single loan they could get their hands on. The mortgage companies had two kinds of loans, a desktop underwritten loan and a manually underwritten loan. Both were very similar in their guidelines but one had more restrictions than the other. A desktop underwritten loan was a system that the mortgage
Click here to continue readingThe Top 10 Reasons Why You Should Never Pay For A Credit Report
1. Paying for a credit report is something that a lot of people get told they need to do every six months or so. They go to a website that has the latest catchy jingle on the television and go there and buy a merged credit report from Equifax, Experian, and Trans Union.
2. The credit report is going to cost you probably $30 and you might even get told that you need to sign up for a credit watch thingy that costs you $25 a year or something. Stop wasting your money.
3. You already know what is on your credit report, or at least you should. What do you get bills for every month? Do you get a credit card bill? Yup, then it will be on there. Do you have a mortgage, car lease, boat loan, time share or any other monthly payments? Yes. Than guess what they will
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