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| *Loan,banking and credit>>>credit repair |
How do the credit repairs work? Are there any downfalls to it? |
I am getting a foreclosure on a home and they told me my credit could get repaired but need more info on that. http://www.nohasslebargains.com/loan/id6... Credit Repair Financial Services http://www.nohasslebargains.com/loan/id9... Foreclosure Prevention Financial Services http://www.nohasslebargains.com/loan/rea... Real Estate Services Financial Services Most (if not all) credit repair services are scams. The only thing you can really do is wait until the bad things go away (7 years). If your home is in danger of foreclosure, you best first step should be to go to the lender and ask for assistance (advice) on what options are available to you to save the home. This advice does not originate from me, but it's what I read from professionals in this field. Credit repair companies can provide a useful service, and some are scams (as mentioned above), but most individuals can do the same thing as a credit repair business, but for free. I will reference the below web page for more on that: http://www.ftc.gov/bcp/conline/pubs/cred... First- do anything you can to avoid foreclosure. If you ever want to buy another property, this is the single worst thing you can have on your credit report. Unless you are way upside down on your mortgage, there are plenty of people who would be happy to buy you out. If you can break even, or get out for minimal cost, you'll be ahead in the long run. With a foreclosure on your credit report, the interest on anything you buy on credit will eat you alive. And who is this "they" advising you? The only things you can get changed legally on your credit report are erroneous entries. This is considered "credit repair", but you can't remove factual info, only mistakes. You can do this yourself, by challenging the credit reporting agencies to prove the validity of any entry on your report that isn't yours. There is no way to repair a foreclosure, unless you dispute it and your lender fails to respond within 30 days. By the way, you can clean up your own credit for free. Just do a search on the internet. Your best bet is to either sell the place to an investor or do a short sale. Regards Satar Naghshineh satarnag@amirifinancial.com www.amirifinancial.com California Licensed Real Estate Broker and Investor |
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