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Florence Said:

Bankruptcy reversal, Mortgage advice.?

We Answered:

WARNING - there are many 'agencies' and 'consultants' who will CLAIM that (for a fee) they can 'sort out' his credit ...

Some are simply scams that take the money and do nothing --- however there are some that will get him to sign an "authority" that allows them to "act" (i.e. LIE) on his behalf ... some will LIE to the Courts to get 'adverse' Credit Ref. entries removed ... and maybe even get away with it .. however when the Courts find out (maybe years from now), he will be the one that ends up doing time for Perjury .. and the Mortgage Co.(and any other lenders who gave loans based on the lies) will do him for FRAUD ..

HE needs to contact the Companies who placed the adverse reports on his file and offer to 'pay up' any outstanding balances IF they will remove the adverse entries (or mark the loan(s) / account(s) as 'satisfied' ..)

The days of 'self certification' Mortgages are long gone .. the Self Employed will need to provide 3 years 'proof of income' (eg. Tax accounts)

Terry Said:

Is this the change we should believe in?

We Answered:

Give the guy a little credit. He bombed an ally, damned near set off an international trade war against the U.S. lead by Europe, is tripling the national debt. Americans taken hostage in Pakistan, has the most corrupt cabinet in 30 years.

Hussein had done in less than a month, what it took Jimmy Carter four years to do. That's quite an accomplishment.

Lois Said:

Why wont banks refinance - loan to value even?

We Answered:

Most banks are so bad they won't talk to you about Loan Modification/Refinancing until you are 3 months behind. Then they panic and call you everyday! Their loss mitigation department will ask you to fill out a package and a hardship letter explaining why you would not make the payment. Remember this, there are too many foreclosures congested the market...when they want your money they will do anything!

Another way is to contact a foreclosure lawyer, tell him what you want and he will negotiate with the bank to get you a better deal for you. Besides, it is your primary residence, you can do that! Look for the lawyer who charges a fix-fee instead of that charge by hours. You will find that they're well worth every penny.