Fight Your Mortgage Lender with a Securitization Audit

Fight Your Mortgage Lender with a Securitization Audit

The Banks and other Mortgage Lenders have committed Fraud in many cases. In many cases, they have lied about who actually made the loan, they have lied about who owns the loan, and they have forged recorded documents and failed to file other required documents. From about 2002 to 2008, most Mortgage Loans were pooled and transferred into Securitization Trusts on Wall Street. Most of those Securitization Trusts were REMICs (Real Estate Mortgage Investment Conduits) so the Trust didn’t have to pay taxes, but they often failed to do the paperwork right, and violated their REMIC status, and, if you complain, you could get their REMIC status revoked and cause them to pay $ Billions in back taxes. By failing to do the paperwork right, they also violated their Pooling and Servicing Agreement, which violated New York law as a result. At AmericanLoanAudits.com we can analyze your loan documents, recorded documents and analyze your loans status in the Securitization Trust with analyses of Bloomberg’s database for the Trust your Mortgage Loan was pooled into. We can provide you with a full Securitization Audit for only $1,500 in most cases (about half of what others charge). The Audit should provide you with the ammunition you need to assist a lawyer to help you either in court or by other methods.

Counseling: Credit Repair Advice

If you have bad credit, you should repair your credit, and the fastest way to repair your credit is to consult with a credit repair counselor. A credit repair counselor know the ins and outs of handling credit and finances; he can help you get understand your credit report and your credit standing. And a counselor can also show you the areas to focus on to get a better credit rating.

Nowadays, credit transactions have grown very complex, so many people ask credit repair counselors and professionals to help them control their debt and credit situation. In the US, more than 90 million people now have debts amounting to 20 thousand or more, aside from mortgages. A lot of this is from improper credit card usage.

A credit repair counselor can work with your creditors to try to lessen your debt and arrange for an easier payoff. Often, they can arrange for a debt consolidation loan from a debt management company, so your payments and interest are lower, which makes it easier to pay them down. A counselor will work to try to lessen the amount that you are paying off and get you better interest. They often try to form a bond with your creditors to coax them to get you better terms for payment.

You need to visit with your counselor monthly to discuss all matters relating to your finances, from reducing expenses to managing bill payments to increasing income somehow . Even after you have paid off your debts, your counselor can stay with you guide you as you continue to put your finances in order.

Your credit counselor will try to guide you to make sure that you stay within your budget, and don’t get back into the rut you were in. He can help you put together a comprehensive financial plan for you, which involves reducing expenses, paying down debts, possibly raising income, and finally creating a budget that you can live with.

Choose your counselor carefully before you sign any contracts. Check the local Chamber of Commerce and the Better Business Bureau, and search online, just to check the reputation of the debt counselor that you are thinking of working with.

You can also check a counselor’s references to help you evaluate the counselor, to see how capable he is to help you with your credit repair. A good counselor will tell you their fees up front and they should give you an idea of what you can expect from their efforts.

It’s also very important to go with a counselor that you feel comfortable with, and feel you can trust.

Credit Repair On Your Own

You can manage to do your own credit repair. All that Do It Yourself Credit Repair requires is the proper knowledge of how to repair credit. Getting that information to know how to do it is the key. There is lots of information on the internet on how to do it, and of course books in the library. The more you learn about credit repair and financial management, the easier it will be for you to repair your credit and stabilize your credit life.

First, you need to get all your credit reports and study them. You can get a Free Credit Report from all 3 agencies from www.AnnualCreditReport.com or you can pay to get a 3-in-1 Report with all 3 agencies’ report side by side for easier comparison. After studying the credit reports, write to the 3 Credit Bureaus to correct whatever entries that you think are questionable or incorrect, and give evidence wherever possible.

Right at the start, you can correct and clarify entries on your reports, such as dates, credit limits, and the actual amount owed. When you find any inconsistencies, write a letter to the credit bureaus to show that the entries in your report are wrong. The bureau will usually inform the creditor and ask the creditor to either correct the information or confirm its correctness.

When you analyze your credit report, especially look at the last 12 months. Most of your credit score is calculated from the last 12 months in your credit history. The better you have been at making on-time payments, the better your credit score. Try not to default on any account – always make your payment on time or early. If you miss a payment, make a doable payment plan, but even one missed payment will lower your credit score some. If you have any accounts that were given to a collection agency, you can either dispute the debt, or try to work to pay it off. You might want to get touch with the original creditor instead of just dealing with the collection company to make sure that your payment records are straight.

After you get the credit reports and have worked to correct any errors, you can then proceed to other ways to repair your credit. Your credit score is key to getting a new loan, getting a good interest rate on a mortgage, finding an apartment, getting a good job, and many other aspects of your life. Even some simple purchases can be affected by your credit status.

Your credit rating affects your life in many ways. Your credit score can determine whether you can get a low interest rates and a longer term to pay it off. Even basic utilities, landlords, and employers now look at your credit rating.

To repair your credit score, make sure that you pay your bills on time or even early. Loans and credit card payments are the most important. Creditors examine closely how well you pay off other creditors, so make sure that you don’t miss even one payment, and pay early if possible. Even one missed payment can lower your credit rating.

If you are diligent, you can repair your own credit, even without a credit counselor.

Tips on Credit Repair

Credit repair is fixing errors in your credit report, making payments on time or early, and doing anything you can to raise your credit scores. Bad credit makes it difficult to get loans or to get loans at better interest rates and terms, and it can hinder you from renting an apartment, getting a job, or even buying some things.

First you need to see what’s being reported, so get a copy of your credit reports from one or all of the three credit agencies: Equifax, Experian, and Trans-Union.

Scour your credit reports for errors, then send a letter to each credit bureau for each creditor that has supplied erroneous information, and send any evidence you have.

When the credit report is correct, you have to work to improve your credit scores by making payments on time or early, and paying down your balances. Sometimes, you can talk to your creditors and get them to give you a deal allowing you to pay what you owe in easier payments. Another way is to consolidate your debts into one loan, with lower interest, so you have lower total payments.

If any creditors agree to this, make sure you get it in writing, so you have proof of the terms, in case they argue later..

If you have problems talking to creditors, you can hire a credit counselor or credit repair company to act as mediator. Credit arrangements can offer a lot of benefits like lower payments and lower interest.

Credit repair usually takes time and you should be ready to make sacrifices and cut your expenses. If you aren’t earning enough, you might have to sell some of your valuables and assets.

Sometimes it’s hard to pay loans, when you still have to pay for other things like a mortgage, utilities, food, transportation, insurance and other bills. You have to take care of everything at once, so it’s hard to focus on credit repair, but you really don’t have a choice because the situation will never get better unless you work on it..

While you’re repairing your credit, you can still use your credit card, but you should try to pay off new purchase at the end of the month, and cut down the balance, if possible. Just make sure you don’t max it like before, and try to reduce the balance every month, because your total debt contributes about 30% to your credit score.

Once you improve your credit score, keep making payments on time or early, whittle down balances, and keep your expenses down, so you have extra money for credit repair. Sometimes, applying for either a department store credit card or a secured credit card can improve your score.

Unless you house is about to be foreclosed on or you’re levied for a judgment, filing for bankruptcy is not a good option for credit repair. because the bankruptcy will stay on your record for 10 years and meanwhile, interest will accumulate and what you owe will just grow.

The credit repair tips mentioned above are simple to follow. Once you correct your credit reports and start paying down your debt with payments on time or early, keep working at it and you’ll soon see the benefits.

So, get your reports to analyze your situation, then work to make payments on time or early and pay down balances, so you can get better credit, then make sure you don’t make the same mistakes again.

How to Write a Credit Repair Dispute Letter

A Credit Score of 700 or above is considered good credit. If your credit score is below 700, or especially if it is below 600, you should work to repair your credit, because otherwise, you will pay more when you get a loan or buy things on credit. If you want to raise your credit score, you need to learn how to write a credit repair dispute letter.

Before you can write your that letter, though, you first have to get a copy of your credit report from one or all of the three credit agencies: Equifax, Experian or Trans-Union. You can get Free Credit Reports from all 3 Agencies from www.AnnualCreditReport.com or you can pay for a 3-in-1 report that shows results from all 3 agencies side-by-side on one report/

After you get your reports, review them carefully and check for errors. Write a letter to each of the Credit Bureaus, stating what is wrong and why, and include any evidence you have.

Write one letter to each bureau for each creditor that you find an error for. Don’t lump more than one creditor into one letter. Dispute each claim individually, so the credit bureau won’t think you’re faking it. After you send a letter, wait a couple of days to send a letter to that bureau for a different creditor, but you don’t have to wait for a reply before you send the next letter. Just separate them so each claim is handled separately and delicately, so the bureau can individually investigate each matter.

Then, give the credit agency some time to contact the original creditor and then either correct the mistake or tell you that the creditor doesn’t think there is an error. The credit bureau will conduct a investigation before they send you a reply. To facilitate their investigation, always explain what’s wrong and send evidence, if possible, when you write your dispute letter.

Oddly enough, hand-written letters may look better to them than typed letters.

You’ll often get better results if you use strong words like erroneous, outdated, misleading or unverifiable. You actually don’t have to explain in detail why you are complaining because the evidence and their own investigation will show the error.

If you’ve never written a dispute letter before, you can search for some samples, then you can change the name, the date and the details to fit your situation.

Just mail your credit dispute letter by the postal service and just wait. Usually, it takes just a few weeks for the credit bureau to evaluate your situation. If their investigation shows you’re right, you’ll get a new credit report in about 2 to 4 weeks, and your credit score should be better.

In 1970, the Fair Credit Reporting Act (“FCRA”) by the FTC was put into law to allow people to dispute wrong data on their credit report. If you think the report is reporting wrong information, don’t just accept it but force the bureau to change the erroneous information.

Now that you understand more about how to write a credit repair dispute letter, go and get copies of your credit reports and then review them and correct them if they are wrong, so you can start to improve your credit rating.