I understand what you have gone through. I am currently trying to repair my credit as well. Do you have any tips or recommendations as to how I can clear this crap up? What is your advice? Any help would be appreciated. Thank you in advance.

-Ben

So you think people with bad credit scores are not entitled to the “American Dream”? I refer to it as the American Nightmare. Do you have any idea how difficult it is to fix credit? (I imagine you do given your profession). Back in 2004 I discovered that my credit was screwed when I first tried to buy a property in Austin, TX. Was it something I did? No. Was I the victim of identity theft? No. I was the victim of a Credit Agency (Experian) who was reporting about 50 revolving trades in my name and one installment account (mortgage $130K). It was not until May 2006 that those items were removed at my persistent request. I still have one item that is an alledged debt that is a zombie debt (over 7 yrs old) item that an unscrupulous collection agency (Asset Acceptance LLC) has re-aged and Experian refuses to remove it even after I’ve informed them of this fact (it em is now scheduled to come off my credit report Jan 2011). On a side note: the FTC and FCRA are paper tigers. So, should I be denied a home or “the American Dream” because of another entity’s actions? Should I rent forever? Well regardless if I should the reality is that I was denied and continue to rent. I could have purchased a home with an 80/20 at 7.9% on the first lien with a second lien for 14.5% with no pre-payment penalty for either. That sucks. I absolutely refuse to pay double digit interest rates on any loan, so I’m excluded from the homeowners club. Also in my humble opinion 100% financing is horrible. My experience educated me and I’m continuing to learn more. I do not disagree that a person who can not manage their finances should not be purchasing a property. I disagree with the current credit scoring system as it is designed to cost people money, does not reward improvement, and offers limited means of relief to effectively and permanently repair a credit score/report. Like to hear your thoughts.

Buyer beware is critical. And as for the name of the realtor, I won’t call her out either. Salespeople are going to try and sell you on something: it is the consumer’s job to take what they say and evaluate it (especially on something of this size). For all I know, my husband said “this is what we need, how do we get it.” As I mentioned, not saavy. But it makes me sad to think how many people don’t ask questions in their interactions with people, who are interested parties or salespeople, in the misguided belief that their interests have been taken into account, or that the relationship is more fiduciary than it is.

have you seen this vid yet?

http://www.winknews.com/news/local/7896352.html?video=YHI&t=a

one could argue that an auction is not FMV, but i wouldn’t.

As for the foreclosures, none of them have gone to foreclosure. They get settled before reaching the courthouse. But still 4 notices is horrible.

As for Arms and an 2nd trust, they aren’t always a bad thing. But that is weird that they called it a traditional fixed loan. Can you email that to me?

Thanks!

Frank

who’s the DC-region realtor? we have to start naming names and calling these dirtbags onto the carpet. this guy was trying to get a hefty commission and stick you w/ a toxic mortgage, he deserves to be lambasted publicly.

My husband is, bless him, not the slightest bit saavy. I called him back and told him under no circumstances should he talk to either of these people again. We’re not subprime – my score is fantastic. But the realtor and the lender were trying to put my husband into more house than he could possibly afford. One, I might add, that we could rent for half of the cost.

There are some mighty unscrupulous people out there. Keep your eye on your wallet, and make CERTAIN that you read and understand everything that you sign at your closing, regardless of what you have been told. If the numbers on the papers don’t match what you were told, or what you saw when you reviewed the documents before the closing, WALK. In my limited experience, they push you to just sign those documents rather than reading them. Review it all. Make them wait. If you could get the credit cheaper on a credit card, why the heck would you EVER sign up for that much debt at those kinds of rates???

another foreclosure at Clarendon 1021 blah blah etc etc… okay, seriously, that’s 4 now.

from the WaPo legal notices today:

“…for sale at public auction at the entrance to the Circuit Court Building, Justice Center, 1425 Courthouse Road, Arlington, Virginia, on June 29, 2007 at 2:00 o’clock pm the property described in said deed, located at the above address and briefly described as: Unit #324, Claredon 1021, a Condominium, including garage space/parking space B3-32…”