REM-CONSULTANT.COM

FYI: foreclosure

2009-07-09T17:15:00Z

Work only with a nonprofit, HUD-approved counselor.

If you are looking for help to prevent foreclosure, be sure the counseling agency is on the Department of Housing and Urban Development's list of approved agencies. Visit HUD's website for an easily searchable list of HUD-approved housing counseling agencies, or call 877-HUD-1515 (877-483-1515) for more information. If you are approached by foreclosure counselors--by mail, phone, or in person--make sure the counseling agency is HUD-approved before you do business with them.

Don't pay an arm and a leg.

You should not have to pay hundreds--or thousands--of dollars. Most HUD-approved housing counselors provide no-cost counseling services and many more provide low-cost counseling. Do not agree to work with a counselor who collects a fee before providing you with any services or who accepts payment only by cashier's check or wire transfer. In general, do not pay money to anyone unless you know exactly what services you will receive.

Be wary of "guarantees."

A reputable counselor will not guarantee to stop the foreclosure process, no matter what your circumstances. Working with a legitimate counselor can certainly increase your chances of keeping your home--but be wary of people who promise a sure thing. Again, get the details of your transaction, along with any promises, in writing first.

Know what you are signing--and be sure you sign it.

Don't let a counselor pressure you to sign paperwork you haven't had a chance to read through carefully or that you don't understand. Don't sign any blank forms or let "the counselor" fill out forms for you. Be sure to talk with an attorney before signing anything that transfers the title of your home to another party.

If it sounds too good to be true, it probably is.

If you feel you may be the target or victim of foreclosure fraud, trust your instincts and seek help. For tips on spotting scam artists, visit the Federal Trade Commission's webpage on foreclosure rescue scams. Report suspicious schemes to your state and local consumer protection agencies, which you can find on the Federal Citizen Information Center's Consumer Action Website.

68 years young

2009-07-09T17:06:00Z

My Father is 68 years old and wants to purchase his first home. Can he get a loan?

Under the Equal Credit Opportunity Act, a creditor may not discriminate on the basis of sex, race, color, religion, national origin, marital status, age, or source of income in any credit transaction.

Credit Dispute Sample Letter

2009-07-03T22:17:00Z

Date
Your Name
Your Address, City, State, Zip Code

[Credit Bureau Name]
Address
City, State, Zip Code

Dear Sir or Madam:

I am writing to dispute the following information in my file. I have circled the items I dispute on the attached copy of the report I received.

This item (identify item(s) disputed by name of source, such as creditors or tax court, and identify type of item, such as credit account, judgment, etc.) is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that the item be removed (or request another specific change) to correct the information.

Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records and court documents) supporting my position. Please reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible.

Sincerely,
Your name

Enclosures: (List what you are enclosing.)

Credit Dispute

2009-07-03T22:04:00Z

What can I do if a company won’t correct information I dispute on my credit report?

If an investigation doesn’t resolve your dispute with the consumer reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the consumer reporting company to provide your statement to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service.

If you tell the information provider that you dispute an item, a notice of your dispute must be included any time the information provider reports the item to a consumer reporting company.

Free Credit Report

2009-07-03T21:57:00Z

The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months.

TIP: Recognize Phone Fraud And Report it

2009-07-03T21:51:40Z

From the FTC:

Recognize Phone Fraud

Every sales call you get by phone is an opportunity for a gut check: Ask yourself these questions — and if the answers give you some doubt about the caller’s intentions or methods, end the call.

Who’s calling — and why? Telemarketers must tell you it’s a sales call, the name of the seller and what they’re selling before they make their pitch. If they don’t, say “no thanks,” and get off the phone.

What’s their hurry? Fast talkers who use high pressure tactics could be hiding something. Take your time. Most legitimate businesses will give you time and written information about an offer before asking you to commit to a purchase.

If it’s free, why are they asking me to pay? Question charges you need to pay to redeem a prize or gift. Free is free. If you have to pay, it's a purchase - not a prize or a gift.

Why am I “confirming” my account information — or giving it out at all? Some callers have your billing information before they call you. They’re trying to get you to say “okay” so they can claim you approved a charge.

What time is it? The law allows telemarketers to call only between 8 am and 9 pm. A seller calling earlier or later is flouting the law.

Do I want more calls like this one? If you don’t want a business to call you again, say so. If they call back, they’re breaking the law.

Report Phone Fraud

Recognizing fraudulent callers is important; reporting them to the appropriate law enforcement authorities is critical, too. When you report, you can help stop telephone scammers. Report telephone hucksters to the FTC and your state Attorney General so they can prosecute fraudulent telemarketers who try to steal your money.

If your number is on the National Do Not Call Registry, you should get calls only from those companies with which you do business — or those that have your permission to call. If you get calls from a company you don’t have a relationship with — or from a company you have told not to call you — report it. Jot down the name and number of the caller, and the date and time of the call.

To report phone fraud, visit FTC.gov or call 1-877-FTC-HELP.

To report violations of the National Do Not Call Registry, visit DoNotCall.gov or call 1-888-382-1222.

Your complaint is entered into the Consumer Sentinel Network, a database that is used by law enforcement agencies across the country and around the world. It can help them track down scam artists, detect patterns in their calls, find other victims, and ultimately, stop the fraud.

Register Your Number

You can limit the number of telemarketing calls you receive by placing your phone number on the National Do Not Call Registry. Once your number is registered, feel free to hang up if you get a cold call from a company with which you don't already do business — or report it!

You can register your phone number at DoNotCall.gov, or by calling 1-888-382-1222 (TTY: 1-866-290-4236) from the number you wish to register. If you register online, you must click on the confirmation email you receive to complete your free registration.

Your registration will not expire. Your number is on the list until you take it off, or your number is disconnected and re-assigned to someone else.

Placing your number on the Registry stops most telemarketing calls, but not all. Once your number has been on the Registry for 31 days, you still may get calls from, or on behalf of:

Political organizations, charities, and pollsters
Companies with whom you have an existing business relationship
Companies you’ve given permission to call

Companies that you do business with may call for 18 months. If you ask a company for information, it may call for three months.

The Registry accepts personal cell phone and home phone numbers. Federal Communications Commission regulations prohibit the use of automated dialers to call cell phone numbers, so most telemarketers won’t cold-call consumers on their cell phones – despite urban myths and emails to the contrary.

Telemarketing fraud is a crime.

Professional criminals posing as legitimate telemarketers try to worm their way into your wallet. They are very good at what they do: their “pitch” is perfect, their tone is friendly and sincere, and their answers to your questions seem to make sense. It’s no wonder that consumers, regardless of their age, education or experience, can fall for telemarketing frauds.

By learning how to recognize and report telephone fraud, you can help stop some scams – and if you put your phone numbers on the National Do Not Call Registry, you can reduce the number of unwanted telemarketing calls you get.

Check ftc.gov/phonefraud for information about:

Buying Club Memberships
Charities and Fundraising
Credit & Loan Offers
Government Grant Scams
Identity Theft & Telemarketing
Medical Discounts Plans
Reloading Scams
Sweepstakes & Lotteries
Travel Scams
Work-at-Home & Business Opportunities

To learn more about how to recognize and report phone fraud, and how to place your phone number on the National Do Not Call Registry, go to ftc.gov/phonefraud.

The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters consumer complaints into the Consumer Sentinel Network, a secure online database and investigative tool used by hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.

Did You Know?

2009-07-03T18:10:00Z

Did You Know?

The new credit card law that was passed requires credit card companies to apply any payment amount that exceeds minimum amount due to balances with higher interest rates first. This applies if you have a credit card that has different rates for different type of purchases.

It use to be that most credit card companies would take the amount after the minimum payment and apply it to the balance with the lowest interest rate.

To Pay or Not To Pay, Rent?

2009-07-03T17:16:00Z

I rent a condo and my landlord is going into foreclosure. Do I have to pay rent?

I will say this, you cannot live rent free. I know you can evict a tenant if he/she stops paying rent, no matter if the property is under foreclosure. The landlord still has the right to collect rent and is owner of the property until it is sold. Depending when the lease was signed and when the property went into foreclosure, the lease could be null and void. Which gives you the right to move out without penalty or violating the terms of the lease not the right to live rent free. Two wrongs don't make a right

This is not legal advice. We do not give legal advice. We suggest that you seek legal advice from an attorney or any other professional qualified to give it.

How Long Will You Be Staying?

2009-07-03T17:10:00Z

How long will a foreclosure stay on my credit?

A foreclosure stays on your credit report for seven years. It will take about two to three years after the foreclosure for you to obtain credit. After saying that, I have witnessed that rare occasion of individuals getting credit within one year of their foreclosure. Just keep your fingers crossed, I guess.

Received Foreclosure Letter?

2009-07-03T17:07:00Z

I receiveda letter from my lender stating that my house will be foreclosed on. What do I do?

Don’t ignore the letter. Reviewit and call your lender to discuss options available to you. If the letter is from a third party do notcall them, call you lender to verify that it is affiliated with the party thatsent the letter.

The only real options you have are Foreclosure, Short Sale, Deed-in-lieu(voluntarily returning the property to the lender), start making payments, orloan modification.

If there is no chance of your financial situation changing Irecommend a short sale. I know of acompany that buys them and negotiate with the bank on your part, so you won’thave to deal with them.

Do I Have Options?

2009-07-03T16:59:00Z

I can no longer afford to make my mortgage payment. What are my options?

Before you make any decision you need to determine whether your short- and long-term financial situation will allow you to make the mortgage payments.

Housing counselors’ are a good resource to help. A counselor will review your financial status, recommend a financial plan, contact your lender with you on the phone on your behalf, and will also provide other information that could be helpful. You can visit www.HUD.gov to find a counselor.

If there is no chance of your financial situation changing I recommend a short sale. I know of a company that buys them and will negotiate with the bank on your behalf, so you won’t have to.

Did You Know?

2009-07-03T02:55:00Z

2009 Tax Credit Info

Who is eligible for the tax credit? First-Time Home Buyers who purchase a home between 1/1/2009 and 12/1/2009. Neither spouse may not have owned a residence during the three years prior to the purchase.

How much will the credit be? Maximum allowable is $8,000.00. The credit is equal to 10% of the purchase price of the home.

Are there income limits? Yes. Single buyers with income limits up to $75,000.00 and married couples with incomes up to $150,000 can receive the maximum tax credit. If you income exceeds the limit for the maximum tax credit allowed, you may still be eligible for the credit.

Does the Tax Credit need to be repaid? Not if the buyer lives in the home for three years or more. If the house is sold with-in the three year period, the credit will be recouped on the sale.

Lender Not Helping!!

2009-07-03T02:52:00Z

What Should I Do If You Think a Servicer Isn’t Following the Making Home Affordable Program Guidelines?

People have called asking what to do if they think that servicers are not following the guidelines for the Obama Administration’s Making Home Affordable Program for modifying eligible mortgages and refinancing Fannie Mae and Freddie Mac mortgages. Here are the recommended steps to take:

1) First, go to www.makinghomeaffordable.gov, the official Treasury website for the Making Home Affordable Program. At the site, determine whether the loan is owned or guaranteed by Fannie Mae or Freddie Mac by clicking “Loan Look Up” on the ribbon on the top of the home page. Only the holder of the loan is allowed to perform this , so do in the presence of your client or after obtaining their written permission.

If the loan is a Fannie Mae or Freddie Mac loan, call (1) 1-800-7Fannie or (1) 1-800-Freddie, as appropriate, describing the specific inconsistency. Do this whether the issue relates to the refinancing or the loan modification program.

2) Next, if the loan is not owned or guaranteed by Fannie Mae or Freddie Mac you can determine if the servicer is participating in the Home Affordable Modification Program (HAMP) by going to the website and clicking “Contact Your Mortgage Servicer” on the top ribbon. To date, 16 servicers are participating, covering more than 80% of all mortgages.

If the servicer is participating, the first step is to contact the servicer using the phone number or email address listed on the site so you can appeal the issue to a supervisor. Be sure to identify the specific provision of the guidance that you believe is not being followed. If the supervisor cannot or will not correct the problem, call 1-800-7Fannie to report the disagreement. Fannie is administering the program for the Treasury Department and will work to resolve the issue.

Obama Plan

2009-07-03T02:50:00Z

Making Homes Affordable

On February 18, 2009, President Obama announced his Making Home Affordable Program (MHA), designed to help up to 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages. In doing so, the plan not only helps responsible homeowners behind on their payments or at risk of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs. For more detailed information, visit MakingHomeAffordable.gov.

BAAAD Credit

2009-07-03T02:47:00Z

How can I fix my credit, its bad?

I really don’t like the word fix when talking about credit. Credit cannot be fixed it has to be re-establish. There are quick fixes (which I don’t like and recommend that people avoid them if possible) that will increase your score by a couple of points for a couple of months. I recommend that you work on re-establishing your credit, and let creditors trust you again. Get your credit report from all three credit bureaus (www.equifax.com, www.experian.com, and www.transunion.com, or try www.annualcreditreport.com for a free credit report) and find out which accounts are hurting your credit. The credit report will have numbers you can call for the accounts showing on your credit report. I suggest you call the companies that are reporting bad debt and try to negotiate a settlement.

FYI: When negotiating an uncollected debt with a collection company never send them a check first. Once both of you come to terms on a amount, have them send you a statement first with the amount agreed upon and then send them a check with a copy of the statement attached by certified mail.

Did Your Know?

2009-07-03T02:43:00Z

According to the FDCPA

Debt collectors MUST stop contacting you if you ask them to do so in writing. AWESOME, I thought so

New Credit Card Disclosure Act

2009-07-02T23:53:00Z

New Credit Card Consumer Rules

Sec. 108. Prohibition on universal default and unilateral changes to cardholder agreements. Prevents credit card issuers from increasing interest rates on cardholders in good standing for reasons unrelated to the cardholder=s behavior with respect to that card. Prevents credit card issuers from changing the terms of a credit card contract for the length of the card agreement. Allows penalty rate increases only for specific, material actions or omissions of the consumer specified in the card agreement. Requires issuers to lower penalty rates that have been imposed on a cardholder after 6 months if the cardholder commits no further violations.

Proceed with CAUTION

2009-07-02T23:43:00Z

Debt Negotiating Companies:

Debt negotiation differs greatly from credit counseling and DMPs. It can be very risky, and have a long term negative impact on your credit report and, in turn, your ability to get credit. That’s why many states have laws regulating debt negotiation companies and the services they offer. Contact your state Attorney General for more information.

The Claims

Debt negotiation firms may claim they’re nonprofit. They also may claim that they can arrange for your unsecured debt — typically credit card debt — to be paid off for anywhere from 10 to 50 percent of the balance owed.
The firms often pitch their services as an alternative to bankruptcy. They may claim that using their services will have little or no negative impact on your ability to get credit in the future, or that any negative information can be removed from your credit report when you complete their debt negotiation program. The firms usually tell you to stop making payments to your creditors, and instead, send payments to the debt negotiation company. The firm may promise to hold your funds in a special account and pay your creditors on your behalf.

The Truth

Just because a debt negotiation company describes itself as a “nonprofit” organization, there’s no guarantee that the services they offer are legitimate. There also is no guarantee that a creditor will accept partial payment of a legitimate debt. In fact, if you stop making payments on a credit card, late fees and interest usually are added to the debt each month. If you exceed your credit limit, additional fees and charges also can be added. This can cause your original debt to double or triple. What’s more, most debt negotiation companies charge consumers substantial fees for their services, including a fee to establish the account with the debt negotiator, a monthly service fee, and a final fee of a percentage of the money you’ve supposedly saved.
While creditors have no obligation to agree to negotiate the amount a consumer owes, they have a legal obligation to provide accurate information to the credit reporting agencies, including your failure to make monthly payments. That can result in a negative entry on your credit report. And in certain situations, creditors may have the right to sue you to recover the money you owe. In some instances, when creditors win a lawsuit, they have the right to garnish your wages or put a lien on your home. Finally, the Internal Revenue Service may consider any amount of forgiven debt to be taxable income.

Damage Control

Turning to a business that offers help in solving debt problems may seem like a reasonable solution when your bills become unmanageable. But before you do business with any company, check it out with your state Attorney General, local consumer protection agency, and the Better Business Bureau. They can tell you if any consumer complaints are on file about the firm you’re considering doing business with. Ask your state Attorney General if the company is required to be licensed to work in your state and, if so, whether it is.

Some businesses that offer to help you with your debt problems may charge high fees and fail to follow through on the services they sell. Others may misrepresent the terms of a debt consolidation loan, failing to explain certain costs or mention that you’re signing over your home as collateral. Businesses advertising voluntary debt reorganization plans may not explain that the plan is a bankruptcy filing, tell you everything that’s involved, or help you through what can be a long and complex process.

In addition, some companies guarantee you a loan if you pay a fee in advance. The fee may range from $100 to several hundred dollars. Resist the temptation to follow up on these advance-fee loan guarantees. They may be illegal. It is true that many legitimate creditors offer extensions of credit through telemarketing and require an application or appraisal fee in advance. But legitimate creditors never guarantee that the consumer will get the loan — or even represent that a loan is likely. Under the federal Telemarketing Sales Rule, a seller or tele-marketer who guarantees or represents a high likelihood of your getting a loan or some other extension of credit may not ask for or accept payment until you’ve received the loan.

You should be cautious of claims from so-called credit repair clinics. Many companies appeal to consumers with poor credit histories, promising to clean up credit reports for a fee. But you already have the right to have any inaccurate information in your file corrected. And a credit repair clinic cannot have accurate information removed from your credit report, despite their promises. You also should know that federal and some state laws prohibit these companies from charging you for their services until the services are fully performed. Only time and a conscientious effort to repay your debts will improve your credit report.

If you’re thinking about getting help to stabilize your financial situation, do some homework first. Find out what services a business provides and what it costs, and don’t rely on verbal promises. Get everything in writing, and read your contracts carefully.

Debt Collectors Cannot.....

2009-07-02T23:29:00Z

Under the Fair Debt Collection Practices Act:

Debt collectors may contact you only between 8 a.m. and 9 p.m.

Debt collectors may not contact you at work if they know your employer disapproves.

Debt collectors may not harass, oppress, or abuse you.

Debt collectors may not lie when collecting debts, such as falsely implying that you have committed a crime.

Debt collectors must identify themselves to you on the phone.

Debt collectors must stop contacting you if you ask them to do so in writing.

Report Collection Company Abuse

2009-07-02T23:18:00Z

You can report Collection Company Abuse to the FTC. The abuse must fall under the Fair Debt Collection Practices Act, which can also be found at the FTC website, www.ftc.gov.