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Bad Or No Credit

Avoid Foreclosure – Loan Modification Can Save Your Home – Part 2 of 2

This is the second installment of a 2-part series on mortgage loan modification.  Here’s what I said in the first part: “Most home loan borrowers don’t know that it is sometimes possible to obtain what is called a “loan modification” if they get behind on their mortgage payments.  When a lender agrees to provide a loan modification, your mortgage is modified to move the past due payments to the end of the mortgage loan term and often the loan is modified to allow for smaller monthly payments. “So, if you are behind on your mortgage payments and are faced with loosing your home through foreclosure… don’t give up hope quite yet.  You may still be able to save your home. […]

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Avoid Foreclosure – Loan Modification Can Save Your Home – Part 1 of 2

Most home loan borrowers don’t know that it is possible to avoid foreclosure by obtaining what is called a “loan modification” if they get behind on their mortgage payments.  When a lender agrees to provide a loan modification, your mortgage is modified to move the past due payments to the end of the mortgage loan term and often the loan is modified to allow for smaller monthly payments. So, if you are behind on your mortgage payments and are faced with foreclosure… don’t give up hope quite yet.  You may still be able to save your home. Before I go any further, I need to point out that when this happened to me, I live in the State of Ohio […]

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How To Establish Credit Through A Secured Credit Card

Most people look down on this and consider it to be a last resort as I mentioned in an earlier article.  This may be because normally, there is no local flavor associated with the deal and the interest rates can be exorbitant.  You will just be another in a loan portfolio of 25 million accounts so you are just a number to them. However, I like this approach because it is a very quick, easy way to establish credit.  And that is your objective.  Make your payments on-time in the amount expected or more for 6-months to a year and you should be well on your way to having a great FICO credit score. The downside on this approach is […]

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How To Establish Credit Through A Local Business

Local businesses are sometimes a good way to establish credit.  This is because they will usually “collateralize” whatever it  is that you are buying. “Collateral” is property that you put up in order to guarantee that you will pay back the money owed.  The savings account that I talked about in an earlier article would become collateral for your loan from your bank.  Collateral reduces the risk to the lender when they loan you money or let you buy something using credit. If you default on your payments, the business will repossess (take back) whatever you bought or, if you “pledged” something else to guarantee you loan, they may actually seize the property you used to guarantee the loan and […]

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How To Establish Credit Through Your Personal Bank

Remember I suggested in an earlier article that you should get a bank account?  And that I said you should get both a savings account as well as a checking account? This is why: If you have maintained your checking account in good standing (that means that you have not overdrawn it… not even once) and have a growing savings account, your bank is a very good place to start looking for your first credit experience. Here’s how I suggest that you go about it. Approach a loan officer at your bank and explain that you have not yet established credit. Explain that you are a customer of the bank and would like to discuss getting a loan or a […]

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