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The Most Important Item On Your Credit Report
The single most most important item that will lower your credit score is a recent late payment. I have seen credit scores sink a hundred points in one day (from 690 to 590) because payment on one account showed up as being 30 days late. And size does not matter! Even if you miss one measly $50 payment, your credit score will drop drastically.
Lost Note Foreclosure Defense
There is a secret strategy for defending your home that the banks don’t want you to know about. When Washington Mutual took Joe to court to foreclose on his home, he asked them to produce the original note that he signed. But they had conveniently lost this note, which is his legal promise to pay the mortgage. Without this original signed document, the lender could not prove the debt, and so the judge threw out the case.
Credit Dispute Myths Revealed
Have you disputed an item on your credit report, only to be ignored by the Credit Bureau? While the Fair Credit Reporting Act legally requires them to give you a chance to dispute an item on your credit report, Credit Bureaus do whatever they can to make it difficult for the average consumer to exercise their rights. They are counting on you giving up. You lose unless you fight for yourself.
Beware Of Foreclosure Short Sale Scams
When you sign a deed in lieu of foreclosure in a short sale, the foreclosure may still show up on your credit report! Always get the bank to put it in writing.
Facing Foreclosure In Court
If you play in a baseball league, and you don’t show up for a game, the other team wins by forfeit. It works the same way in the legal system.
If you fail to defend your foreclosure simply because you did not answer the complaint, then the judge will automatically give the plaintiff (lender) a “default judgment”. Here’s how you can defend yourself.
