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I'm a licensed / bonded mortgage broker with over 15 years of experience ... In the over 1000 loans I've written / closed, I've never once written a bad or potentially harmful loan for a client & I never will ..
With our economy in the crapper, and people losing their homes at epidemic proportions, I've discovered another way to help consumers, and also make a decent income in the process ..
Credit Repair .. Just as an FYI, I do only legit work & operate within all legal guidelines,,,
I'm not trying to promote or solicit business .. I want feedback from other professionals regarding the subject
Tell me your thoughts (pro & con) share experiences, etc..
Thanks
Last edited by EdatGenesis; 05-10-2008 at 08:11 PM..
Reason: typo's
I'm sorry...many of the posts I've seen / read are from other professionals like myself - I was under the impression that was it's purpose - I apologize if I've posted incorrectly
Credit Repair .. Just as an FYI, I do only legit work & operate within all legal guidelines,,,
I'm not trying to promote or solicit business .. I want feedback from other professionals regarding the subject
Tell me your thoughts (pro & con) share experiences, etc..
Thanks
I got out of it because people are in just too much of a hurry and expect instant action instantly and get pissed off if it doesn't happen in 3 seconds.
I was a moderator on a forum years ago and this wench was whining because they found their "dream home" and wanted to get a prime mortgage. I told her she had to wait 8 months. She didn't want to listen, and disputed a charged off credit card ($14,000) bought by Accept Acceptance. Asset immediately sued and won judgment, so now she can't buy any house at all until she pays off the judgment, and even then she's stuck in sub-prime land for 10 years.
If she had waited 8 months, the statute of limitations would have expired, and Ohio is a statute of repose state, so the debt is annulled and can't be reported at all. She'd have gotten a prime loan then. Too bad.
I got tired of people like that, and the ones who try to cheat the system.
1. How did Asset win a judgement in 8months?
They would have to 'serve' the borrower first, then setup a court date.
I have NEVER heard of this happening to someone when they were disputing a debt.
2. If she pays off the judgement, she can get an FHA loan. Current FHA rates are 6.25% average with most lenders.
3. Ohio state laws for SOL have nothing to do with Federal Laws concerning how long a debt should be on your credit report. State Laws do not supercede any Federal Laws. In FL the SOL is 3yrs, and once the 3yrs come up the creditor can't 'legally' win in court. This doesnt mean that it will come off your credit report after the 3yrs are up. Federal Law states that it can stay up to 7yrs from the 150-180 mark of when it was charged off.
Quote:
Originally Posted by Mircea
I got out of it because people are in just too much of a hurry and expect instant action instantly and get pissed off if it doesn't happen in 3 seconds.
I was a moderator on a forum years ago and this wench was whining because they found their "dream home" and wanted to get a prime mortgage. I told her she had to wait 8 months. She didn't want to listen, and disputed a charged off credit card ($14,000) bought by Accept Acceptance. Asset immediately sued and won judgment, so now she can't buy any house at all until she pays off the judgment, and even then she's stuck in sub-prime land for 10 years.
If she had waited 8 months, the statute of limitations would have expired, and Ohio is a statute of repose state, so the debt is annulled and can't be reported at all. She'd have gotten a prime loan then. Too bad.
I got tired of people like that, and the ones who try to cheat the system.
I'm a licensed / bonded mortgage broker with over 15 years of experience ... In the over 1000 loans I've written / closed, I've never once written a bad or potentially harmful loan for a client & I never will ..
With our economy in the crapper, and people losing their homes at epidemic proportions, I've discovered another way to help consumers, and also make a decent income in the process ..
Credit Repair .. Just as an FYI, I do only legit work & operate within all legal guidelines,,,
I'm not trying to promote or solicit business .. I want feedback from other professionals regarding the subject
Tell me your thoughts (pro & con) share experiences, etc..
Thanks
Wow, you must be one of the greatest LOs in the US.
What do I think of "credit repair"...it is a complete bunk ripoff. Here is my version of credit repair....pay your bills and pay them on time.
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