Replies to This Discussion

Permalink Reply by Carrie Haymond on February 11, 2010 at 5:27pm

Quite the opposite Wells Fargo is the leader in the industry. I am married to a lender for Wells Fargo - who was an independant Broker prior to our market change. The FHA guidelines have not changed to my knowledge and my husband was in a week long class. Statisically speaking Bank of America has come to the aid of very few of there borrowers. I see a willingness on there part now to help - although I am wondering why in 2009 the stats show very little success in there willingness to do much? Does anyone else see anything different?

Permalink Reply by Sean Wilder on February 15, 2010 at 10:28am

In response to your comment about any individual being able to do any of these things themselves.... Couldn't you say the same thing about a short sale? Technically the seller could do it themselves, just like a loan mod. But the real truth is the average person, though they could do it, cannot do it because they do not have the knowledge, experience and in many cases the will to put the effort in. Just because someone "Can" do something themselves, doesn't mean they are the best person for the job.

Thomas McCombs said:

I keep hearing about those who say that they can take advantage of the "100's" of the provisions in the law about the need for credit reporters to provide data accurately and in compliance with these provisions. And the claim is that most of the time the requirements are not being met properly, so the credit dings must be removed.
I have never seen anyone document any of this. As far as I can see, there is nothing that anyone can do that can not be done easily by the individual him/herself.
As a matter of fact anyone utilising one of these services would, IMHO, be raising a red flag to a potential creditor.
I would like to read about even 15 of these "100's" of provisions. I don't think they are out there, and I have read and studied the laws.
Pls, show me where I have gone wrong here. Pls reply on this forum as I am not the only one interested in this.

Permalink Reply by Laura Marshall on February 15, 2010 at 1:29pm

If your client is current, they can get an FHA loan immediately after closing. I just received the information from one of my lenders. The purchase price of the new property can not exceed the sales price of the old property, and must be within the FHA loan limits. I actually closed a short sale with Wells Fargo, where the seller was current. Also, VA loans can be obtained quickly after a short sale, even if it was delinquent. I'm not sure about those timelines. He is telling me for delinquent borrowers, FHA financing can be anywhere from 18 months to 3 years depending upon circumstances.

Permalink Reply by Dominique Van Ryckeghem on February 17, 2010 at 3:20pm

Thomas McCombs said:

I keep hearing about those who say that they can take advantage of the "100's" of the provisions in the law about the need for credit reporters to provide data accurately and in compliance with these provisions. And the claim is that most of the time the requirements are not being met properly, so the credit dings must be removed.
I have never seen anyone document any of this. As far as I can see, there is nothing that anyone can do that can not be done easily by the individual him/herself.
As a matter of fact anyone utilising one of these services would, IMHO, be raising a red flag to a potential creditor.
I would like to read about even 15 of these "100's" of provisions. I don't think they are out there, and I have read and studied the laws.
Pls, show me where I have gone wrong here. Pls reply on this forum as I am not the only one interested in this.

Hi Thomas and all interested in this,

The way it works is that the individual does take all the steps.
Where I come into play is know-how and consulting.
The "hammer" that is used to getting accounts removed from credit is FCRA, FTC staff opinions and the body of case-law that is out there. It's very much pro-consumer.
With a systematic approach with respect to creditor and credit reporting agencies (CRA) of sending threatening letters and settlement agreements removal can be and is done. For example, the first inquiry allows the creditor and CRA 30 days to respond. After that the account holder sets the time-lines.
In essence it's like this:
- dispute
- provide them with a settlement
- file lawsuit
- last chance settlement
- move forward with lawsuit
It's pretty bullet proof provided you motivate them the right way and make it a win-win because they honestly just want you to "go away" at some point.
No different than negotiating credit card debt and subsequent reporting in some ways.

So, the individual does do this him/herself with some help.

Hope this clarifies things a little more.

Permalink Reply by David Dee on February 17, 2010 at 6:32pm

Dominique, not to take anything away from what you've stated but I've gone to seminars where the same thing has been said. I asked for testimonials and they could not provide to me proof of such 'outstanding' results being claimed. For this matter, I am very weary of credit repair companies making such absolute guarantees. Maybe you can prove me wrong otherwise but based from what I've seen I have not encounter one such company delivering these results.

Dominique Van Ryckeghem said:

Thomas McCombs said:

I keep hearing about those who say that they can take advantage of the "100's" of the provisions in the law about the need for credit reporters to provide data accurately and in compliance with these provisions. And the claim is that most of the time the requirements are not being met properly, so the credit dings must be removed.
I have never seen anyone document any of this. As far as I can see, there is nothing that anyone can do that can not be done easily by the individual him/herself.
As a matter of fact anyone utilising one of these services would, IMHO, be raising a red flag to a potential creditor.
I would like to read about even 15 of these "100's" of provisions. I don't think they are out there, and I have read and studied the laws.
Pls, show me where I have gone wrong here. Pls reply on this forum as I am not the only one interested in this.

Hi Thomas and all interested in this,

The way it works is that the individual does take all the steps.
Where I come into play is know-how and consulting.
The "hammer" that is used to getting accounts removed from credit is FCRA, FTC staff opinions and the body of case-law that is out there. It's very much pro-consumer.
With a systematic approach with respect to creditor and credit reporting agencies (CRA) of sending threatening letters and settlement agreements removal can be and is done. For example, the first inquiry allows the creditor and CRA 30 days to respond. After that the account holder sets the time-lines.
In essence it's like this:
- dispute
- provide them with a settlement
- file lawsuit
- last chance settlement
- move forward with lawsuit
It's pretty bullet proof provided you motivate them the right way and make it a win-win because they honestly just want you to "go away" at some point.
No different than negotiating credit card debt and subsequent reporting in some ways.

So, the individual does do this him/herself with some help.

Hope this clarifies things a little more.

Permalink Reply by David Dee on February 17, 2010 at 6:33pm

Laura, just curious which lender have you used that has been able to do this?

Laura Marshall said:

If your client is current, they can get an FHA loan immediately after closing. I just received the information from one of my lenders. The purchase price of the new property can not exceed the sales price of the old property, and must be within the FHA loan limits. I actually closed a short sale with Wells Fargo, where the seller was current. Also, VA loans can be obtained quickly after a short sale, even if it was delinquent. I'm not sure about those timelines. He is telling me for delinquent borrowers, FHA financing can be anywhere from 18 months to 3 years depending upon circumstances.

Permalink Reply by Dominique Van Ryckeghem on February 22, 2010 at 6:07am

David Dee said:

Dominique, not to take anything away from what you've stated but I've gone to seminars where the same thing has been said. I asked for testimonials and they could not provide to me proof of such 'outstanding' results being claimed. For this matter, I am very weary of credit repair companies making such absolute guarantees. Maybe you can prove me wrong otherwise but based from what I've seen I have not encounter one 3468065Comment16225 such company delivering these results.

You're right in the sense that there are no absolute guarantees and I really don't know what these credit repair companies claim to be doing or how successful they are. Alarm bells should go off if in some shape or form if they try to get money upfront.
I have been surprised myself on how powerful a letter with the *right* kind of verbiage in it is.
And often times you do have to file a lawsuit (that is quite specific by the way).

I am not here to convince anybody or sell anybody anything. I've found something that works and I will continue helping however I can.
I don't know about you guys but the number of people in trouble around me has gone up in the last year. It seems like the recession is finally catching up with a lot of people.

Permalink Reply by Dominique Van Ryckeghem on March 2, 2010 at 6:53am

The way I understand it is that a short sale homeowner can get financing again after 2 years for conventional financing and 3 years for FHA. I'm sure a certain credit score minimum is going to be one of the requirements (like min 620 for FHA), but I don't do loans so I don't have a precise idea of pre-approval guidelines.
A foreclosure will have people wait 5 years.

Permalink Reply by William C. Black on April 23, 2012 at 9:19am

It makes sense why a CW post player would throw FNMA under the bus- this article came out a few weeks after but there was also information that stated Fannie is the one that pulled the trigger on B of A due to them NOT paying the claims that have continuously been coming to fruition. B of A continues to be the "bottom" of the barrel for what America stands for. 

http://www.nytimes.com/2012/02/24/business/bank-of-america-breaks-w...

Bank of America, once the nation’s largest bank by assets, has been steadily shrinking its balance sheet, and now ranks second to JPMorgan Chase. Many of its problems stem from the disastrous 2008 decision to buy Countrywide Financial, a subprime mortgage lender that caused Bank of America to record more than $30 billion in losses.

Investors are concerned that Fannie and Freddie, along with private investors, will force Bank of America and other giant mortgage lenders to repurchase tens of billions in mortgages that later defaulted, arguing they were not made with adequate documentation or proof of income, or otherwise failed to conform to proper underwriting standards.

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