Since I live in the Phoenix AZ area, I have lots of friends who have applied for mortgage modifications (a.k.a. loan restructuring). Due to the apparent backlog at the banks, I’ve had an unfortunate ringside seat at the miserable sagas of friends who are desperate to do the right thing and pay off their home [...]
Entries from July 30th, 2010
Raise Your Hand if You Received an Unsolicted Mortgage Restructuring Offer
July 30th, 2010 · 1 Comment · Mortgages
Tags: HAMP·loan modification·loan representitives·Making Homes Affordable Program·mortgage refinance·mortgage restructuring·Mortgages·unsolicited offers
Creditors Offering Cash Incentives to Pay Off, Down Debt
July 29th, 2010 · No Comments · Consumer Info, Credit Cards, Debt Settlement
Late payments and defaults on credit cards are so common these days that creditors are doing something out of character – actually encouraging card users to pay down or pay off their balances!
Tags: budget·Credit Cards
FTC Warns 18 Websites for Violating New Rules for Free Credit Reports
July 28th, 2010 · No Comments · Consumer Info, Credit Bureaus and Scores, Credit Reports
The federal government has sent warning letters to 18 websites for failing to follow a new law requiring a link to AnnualCreditReport.com on pages that display ads for “free” credit reports.
Tags: annualcreditreport.com·credit report·Equifax·Experian·Free Credit Report·FTC·transunion
Second Mortgage Shows Open Balance on Credit Report After Foreclosure
July 27th, 2010 · 2 Comments · Credit Reports, Mortgages
Q. Arizona is an anti-deficiency state, so purchase money lenders cannot seek repayment of any deficiency between the trustee sale price and the mortgage owed at time of default. There are also many scenarios where the second position non-purchase money (HELOC for example) and even short sale deficiency fall under the anti-deficiency protections. So my [...]
Tags: anti-deficiency·anti-deficiency laws·arizona·credit report·dismiss the case·HELOC·open balance·purchase loan·second mortgages
