All posts by admin

Jim Krage is auditor at AmericanLoanAudits.com. Author of BeatForeclosureFast.com, and editor for over 10 years at WaMuFraud.com to show Fraud by Lenders, Jim Krage now brings you ZeroOutYourDebt.com to repair your credit.

Fight Your Mortgage Lender with a Securitization Audit

Fight Your Mortgage Lender with a Securitization Audit

The Banks and other Mortgage Lenders have committed Fraud in many cases. In many cases, they have lied about who actually made the loan, they have lied about who owns the loan, and they have forged recorded documents and failed to file other required documents. From about 2002 to 2008, most Mortgage Loans were pooled and transferred into Securitization Trusts on Wall Street. Most of those Securitization Trusts were REMICs (Real Estate Mortgage Investment Conduits) so the Trust didn’t have to pay taxes, but they often failed to do the paperwork right, and violated their REMIC status, and, if you complain, you could get their REMIC status revoked and cause them to pay $ Billions in back taxes. By failing to do the paperwork right, they also violated their Pooling and Servicing Agreement, which violated New York law as a result. At AmericanLoanAudits.com we can analyze your loan documents, recorded documents and analyze your loans status in the Securitization Trust with analyses of Bloomberg’s database for the Trust your Mortgage Loan was pooled into. We can provide you with a full Securitization Audit for only $1,500 in most cases (about half of what others charge). The Audit should provide you with the ammunition you need to assist a lawyer to help you either in court or by other methods.

Consolidating Credit Card Debts Is Part of Credit Repair

Overspending is an easy mistake that many people make. That’s because people feel that as long as their credit is approved, they can keep adding to their credit until it maxes out. You just can’t keep it up, because you eventually won’t have the money to pay for what you purchased. Consolidating credit your card debts can be a good first step towards repairing your credit.

Overspending with credit is not just happening in the US, it’s now worldwide.

Credit card consolidation is actually quite easy. You simply combine all the debts you owe to various creditors, so you end up paying just one creditor every month.

There can be many benefits to credit card consolidation.

First, you often can pay off your debt at much lower interest rates than what you were paying.

Once you consolidate all your debts into one, you will re-age your account. That means that your account becomes current and active so long as you keep making the payments you agreed on.

Whereas card companies charge you late fees when you are late on your payments, most credit card debt consolidation programs waive late fees, so you only pay what you actually owe.

Debt consolidation plans buy you time so you can choose whether to finish paying in a few weeks or spread it out over months.

Once you consolidate your credit card debt, you next need to get the money to pay it off. You should work to reduce your expenses as much as possible. You could also try asking for a raise, or get a second job, or sell off some things you own.

You can apply for credit card consolidation through a bank, or you can go to private and non-profit organizations that offer similar services. Search for the right one to work with and then work with them to consolidate, then reduce your debt.

While looking for an organization to work with, check on them before signing up, because there are a lot of scams.

Once you start reducing what you owe, you’ll feel much better and it soon you’ll be able to repair your credit.

One good way to repair your credit is to work to improve your credit score. You can try to open new lines of credit, and if the big credit card companies deny your application, get a credit card offered by a local supermarket, grocery store or major department store chain. You can also try through your banks. Always read the fine print, because some credit cards have high fees and interest.

Then, try to pay your bills on time, because all that hard work you did to improve your credit will go to waste if you miss a payment.

The debt you owe to creditors took a long time to grow, so it may take a while before you get debt free. Remember, you created this situation yourself, so you only have yourself to blame.

Of course, credit card consolidation is just one part of credit repair. Once you start it, keep working on it, because that is the only way you can improve your credit score and again get good standing with your creditors.

Do It Yourself Credit Repair

How do you correct bad credit scores? It doesn’t help to panic. You just need to work to fix the problem. You can either hire a credit cleanup expert or you can do it yourself.

How can you clean up your credit and get a better credit score? First, get a copy of your credit report. Read it to find anything that is incorrect. If there are errors, send a letter to the credit agency with evidence that it’s incorrect. Often, they will make the necessary changes your credit report will get better.

If nothing is wrong with the report but you have a problem paying your creditors, call them and try to make arrangements. They will often cooperate with you, because they would rather get something each month rather than nothing.
They know that even if they take the matter to court and win, they still may not be able to collect on the judgment.

Make sure that any agreement you make with them is in writing, so you have evidence of the agreement, in case there are any problems in the future. Then, just make sure you keep your part of the agreement.

One good place to start improvement is to create a budget in order to save more money to pay what you agreed to. You will have to cut your expenses and not eat out as much. Your income should be used just for essentials like bills, gas and groceries.

Either stop using your credit card or use it to pay needed expenses and pay it off at the end of the month to avoid interest. Otherwise, pay with cash. If you have to use your credit card, pay off recent expenses at the end of the month, and pay down previous amounts owed, so the money you already owe goes down.

If you have more than 4 credit cards, consider cutting them down to only two. The ones you consider cutting out are the ones that have high interest rates and that are less than 6 months old.

While you are paying off your debt, it’s a good idea to get a secured credit card to build your credit history. This type of card is differnt because you put funds in the bank in advance, and the money is just deducted every time you pay with the card.

Banks won’t give you a loan, if you need cash, so you might join a credit union if you need help.

If you stick to it and work at it, you should get a good credit rating in a few months or years. Remember, your payment history has the biggest impact on your credit score.

Credit repair, which is paying what you owe gradually, is better than filing for bankruptcy, because a bankruptcy will be on your credit report for 10 years. Why ruin your credit for 10 years, when you can just work to change it now. You just need will power and guts to face your credit problem head on.

Remember, you put yourself in this situation and it’s not that hard to dig yourself out.

Easy Quick Steps for Credit Repair

Nowadays, where credit transactions are every day, bad credit can make your life miserable. Without good credit, you can’t get a good apartment, you can’t qualify for a low interest mortgage, you can’t get an apartment, and you may not get a good job. This article will try to help you keep up whatever credit score you have and even make it better.

“Quick” is a word that is relative to your perspective. For some people, thirty days is quick, but for others, it might mean just a few days. In this case, quick credit repair is normally a few months to a year.

If you credit score is low, you may have suffered from health problems, loss of a job, theft, or other problems that lost you money and/or affected your credit. If you want to change your credit situation, you need to analyze your finances, examine if you have tried to resolve your problems, and ask yourself if you have the determination you need to correct your problems.

If you have the determination you need to correct your problems, there is still hope. Here are some ways to repair your credit and remove negative items on your credit report, to get you better credit:

1. First and most important: pay your bills on time or early from now on. 35% of your credit score is measured by whether you pay your bills late, on time, or even before they’re due. Late payments can lose up to 100 points on your credit scores. Late or early payments can either help or hinder your efforts to repair your credit scores. Bottom line: You need to pay all your bills on time or early.

2. Find out what is in your credit report. You can get free reports at AnnualCreditReport.com, but some allege that these free reports are tied to a technicality that increases time for reinvestigation when there is a dispute.

3. You hope to increase your credit scores, which will accelerate your credit repair process. You can increase your credit scores by making payments early, and cutting down your existing balances and debts.

4. Check your credit reports for inaccurate information. Mistakes can lower your credit scores. When you find inaccuracies, report them to the bureaus in writing ASAP. If the mistake was made by the credit reporting agency, it is his duty to correct such mistakes. If the error was by the creditor itself, then your dispute should trigger an investigation, and should eliminate the problem. Sometimes, you have to dispute an error multiple times, before it gets corrected.

5. You should also dispute entries made by credit bureaus multiple times if necessary, because they often fail to counter your dispute, because old debts aren’t worth verifying. If you try this type of dispute, don’t just replicate dispute letters you find in the internet. It’s much better for you to write your own letter. This show your claim is legitimate, not just parroted.

6. Finally, don;t dispute your open accounts, because these help build your good credit history. Just pay them on time and leave them alone.

Why is Credit Repair so Important

Your credit score is what banks, lenders, landlords, and others use to check whether they want to OK your purchase, loan, apartment rental, or job application. You can be approved or denied based on your credit score, and that’s why your credit repair is so important.

Credit repair is absolutely necessary if your credit score is 600 or below, and still very useful at almost any level. So you can understand how your credit score is calculated, everybody starts with a reasonable score but the instant you are late on a payment or a mortgage, your credit score drops.

This doesn’t necessarily mean you won’t be able to get a loan, but you will probably get an interest rate that is much higher than someone who has a better credit score.

The best way to fix a low credit score is by paying off old debts, contesting errors on your report, and not missing any more payments.

Fixing your low credit score normally can’t be done overnight, but usually takes at least several months or even years.

Bankruptcy shouldn’t normally be an option, unless you have a pending foreclosure or need to stop collection on a judgment, because your bankruptcy record will be kept on file for 10 years.

Of course, you can’t repair your credit unless you know what to repair. That;s why you first need to get a copy of your credit report by obtaining this from one or all of the three credit agencies, which are Equifax, Experian, and Trans-Union. You can get a free credit report from www.AnnualCreditReport.com, but buying a 3-in-1 report can make it easier to see all the reports all in one report.

As soon as you get the credit report, review it for errors. If any issues show on the report that have been resolved, send a letter to that credit agency with evidence of what happened, so your credit report can be corrected.

If you have outstanding balances, you need to make sure your payments are current or early, or pay them off to get a settlement letter which you can supply the credit agency, so they can correct the issue. Be careful not to close too many accounts, especially older ones, because that can also negatively affect your credit.

Meanwhile, you have to make enough money to make your payments on time or early. You can often get better terms by consolidating your debts into one package, which should buy you a little time at lower interest rates.

Some people borrow a little money to make their payments current, while they work on fixing their credit report, because your credit score may improve if you apply for a loan. You don’t need to borrow much because even a small amount like $500 can be enough to start some improvement. Of course, make sure that you make all payments completely when due or earlyl.

Hopefully, you now have a clearer picture of why credit repair is needed. You might have avoided the problem if you had understood how it works earlier, but what’s important now is just to move forward and repair the damage done..

Credit repair can be simple once you understand how to do it, but don’t be afraid to get help from a credit counselor at the beginning. Hopefully, you’ll get your credit back in good standing soon and you can again get a line of credit.

To prevent the need for credit repair again, keep your expenses down and try not to spend beyond your means.