Fix Your Debt, Credit and Finance Problems Helping you fix your credit and debt problems

A foreclosure will negatively impact your credit rating, and because of it’s negative impact on your credit rating, you should only do it as a last resort. A foreclosure can penalize your FICO credit score by as much as 200 or even 300 points. For example, lets say that you had 800 as your credit score, meaning you have excellent credit, then your going into foreclosure can bring that credit score down to a FICO score of 500. A FICO score of 500 is a very bad credit score.

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Posted under credit rating, credit score, fix bad debt, foreclosure, mortgage debt

The Wall Street Journal sees it as a “States Rights” case that will come before the Supreme Court on April 28, 2009.  But it has an unusual twist.  Normally states bring up the States Rights argument against the federal government when the fed wants them to do things (like civil rights, clean air and water) that they do not want to do.

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Posted under debt consolidation, fix bad credit, fix bad debt, mortgage debt

(May 2009) - Ask yourself…..How many attempts have we had to provide a foreclosure prevention program that actually works in the United States?  None of them have worked; for a variety of reasons.  But now we have the toughest hang-up of all.  About half of all mortgages in trouble have a second mortgage on the house, either a home equity loan, or a line of credit, or a down payment loan.

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Posted under bankruptcy, debt consolidation, fix bad credit, fix bad debt, foreclosure, mortgage debt

The front page of the New York Times (3/8/09) has a classic story of a foreclosure prevention scam.  It shows how easy it is to get sucked into these things.

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Posted under debt consolidation, fix bad credit, fix bad debt, foreclosure, mortgage debt