Credit Repair in Colechester CT

National Credit Fixers: 330 Roberts Street 4th Floor East Hartford CT 06108 phone: 860-282-6181. National Credit Fixers boasts of 13 years experience repairing low FICO scores. Whether your credit has been damaged by a foreclosure, bankruptcy, slow credit, collections, judgments, repossessions, etc. we can help. We are the experts in credit restoration and credit repair. We have helped numerous residents of Old Saybrook. We are experts in Colechester Credit Repair.

How do you pick a credit repair firm? Interview them! Please give me a try - I have been doing credit repair in Hartford County CT for 13 years! I will do a good job for you at a very reasonable price. Call me and come in for a free consultation. We can sit down and go over your credit report and determine if I can be of assistance to you.

:)
Matt

Toll Free: 888-NCFIXER (623-4937)
Toll Free Fax: 888-FAX-4020 (329-4020)
Local: 860-282-6181
330 Roberts Street 4th Floor
East Hartford, CT 06108

credit repair company

Back in April I wrote a blog about a loan that I was doing for a young man that was purchasing a Bank Foreclosure. Well I am happy to say that the loan finally Closed this morning. It took a 110 days, and a lot of frustration, but it finally Closed.

When I was Pre-Approving this young man for this loan I tried to prepare him for the frustrations that I new he was going to encounter along the way, and the Realtor also did the same. But what this Borrower has gone through in the last 110 days was beyond what either of us could have prepared him for.

As I wrote back in the blog in April this transaction was a difficult one from day one. Before the bank even agreed to accept the offer, the Realtor representing the bank contacted my Borrower's Realtor and proceeded to inform her that the bank would not accept his offer because it was a VA (this was a backed loan (this was a CHFA/VA Loan), and that VA would not allow for the transfer of title within six months of the bank foreclosing on the property (flip rules). This Realtor went on to tell her that he had to go FHA or Conventional in order for them to accept the offer. My Borrower's Realtor contacted me right away to inform me of this. and to ask me to Pre-Qualify him for a FHA or Conventional Loan. I told her that I would be happy to do that, but that this bank and Realtor were wrong about that being a VA condition. The Borrower' Realtor asked me to call the other Realtor and make him aware of this.

After three days of going back and forth, and getting him a statement from a VA Underwriter, the offer was finally submitted. We were told that we would know if the bank would accept the offer withing two days, well it was three weeks before the bank accepted the offer verbally, and another two weeks before we got a signed Sales Contract.

Once we had the signed Sales Contract the Realtor contacted a Home Inspector right away, but this also became a problem because the house had be winterized. The bank was contacted and the Realtor was told that they would have the house de-winterized right away, but apparently right away means almost three weeks. Once the house was de-winterized the Realtor got the Home Inspector in the house within a couple of days. but this still left the little matter of an appraisal. Anyone familiar with VA Loans knows that the Lender does not assign the Appraiser, the VA does, which means that the Appraiser does not respond with the same sense of urgency as the Appraisers on our list. However, we got lucky here, the VA Appraiser that the VA assigned was someone that was on my approved list of Appraisers, and the appraisal was done within a few days.

This should have been the end of the delays, but unfortunately it would not be. Once my Underwriter had received the appraisal from the Appraiser, she quickly finished Underwriting the loan, and the loan packet was sent to the Closing Attorney. The Attorney had already been made aware of what had been going on, and did the Title Search right away. This was when the next problem came to light. It seems that no one could find the Deed to this property to begin with, but that was not the total problem with the Deed. When they finally found the Deed, the bank was not on record as owning the property, so now that Deed had to be corrected on top of producing another one. This little last set of events took a month to correct.

How this Borrower ever put up with all the frustration that he went through on this transaction I will never know, but he did. I attended the Closing at 9:00 AM today, and the look of relief on his face was beyond words. Had this loan been any other type of loan besides one through CHFA we would of had even more problems, because the standard Rate Lock Period is 60 days on all loans except CHFA which is 120 days. If this had been a 60 day Rate Lock, we would of have an interest rate issue, because the interest rate went up during this time period. Now that would not have been a pleasant issue to deal with.

I was happy for this young man today, and glad that this nightmare was finally over, but I would caution others that this is not all that uncommon. Well maybe all of these issues at once was a little uncommon, but a combination of these issues are very likely on Foreclousers and Short Sales. As was evident with this loan, we can never prepare our Buyers/Borrowers enough.

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Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

Valvoline Express Care / Performance Tire of Colchester is running a fundraiser with RHAM High School Project Graduation.

During the entire month of May, RHAM Project Graduation will receive 10 percent of your total purchase for any product or service. No appointment is necessary.

All you need to do is mention "RHAM High School Project Graduation" at the time of your purchase. Valvoline is located at 240 Old Hartford Road in Colchester CT. For hours of operation, visit www.expresscareofcolchester.com or call 537-2515.

RHAM Project Graduation is an all-night drug and alcohol free graduation celebration for RHAM High School. The event is sponsored by AHM Youth and Family Services, Inc.

Credit Repair in Colchester CT

National Credit Fixers: 330 Roberts Street 4th Floor East Hartford CT 06108 phone: 860-282-6181 www.nationalcreditfixers.com National Credit Fixers boasts of 12 years experience repairing low FICO scores. Whether your credit has been damaged by a foreclosure, bankruptcy, slow credit, collections, judgments, repossessions, etc. we can help. We are the experts in credit restoration and credit repair.

We have helped numerous residents in Colchester CT repair and restore their good credit standings. We have corrected and or deleted every type of credit account. When you want your credit score improved in a timely and efficient manner call National Credit Fixers at 860-282-6181.

Average FICO score increase in 6 months: 50 points

Score increase in 35 days

10 points or more 93%

20 points or more 71%

50 points or more 20%

100 points or more 10%

Score increase in 90 days

10 points or more 97%

20 points or more 82%

50 points or more 35%

100 points or more 20%

There are too many factors that make up the credit score, so it is impossible to give you an accurate prediction of how much your score will increase. Since we do not know for sure which inaccurate items we are going to get removed, it is nothing more than a guess for us to tell our client how much their score will increase.

How do you pick a credit repair firm? Interview them! Please give me a try - I have been doing credit repair in Hartford County CT for 12 years! I will do a good job for you at a very reasonable price. Call me and come in for a free consultation. We can sit down and go over your credit report and determine if I can be of assistance to you. If you need to fix your credit then give us a try!

:)

Matt Listro

Toll Free: 888-NCFIXER (623-4937)

Toll Free Fax: 888-FAX-4020 (329-4020)

Local: 860-282-6181

330 Roberts Street 4^th Floor

East Hartford, CT 06108

credit repair company

FHA mortgages were all but unused until, the mortgage meltdown of 2007. Most consumers had ample funds to buy a home and opted to use conventional mortgage loan programs to achieve homeownership. Today, FHA insured mortgage loans have become a staple product for just about every mortgage lender and broker in the country. As one would expect, there has been a learning curve within our industry to master originating and closing FHA insured mortgage loans. Many of the nations biggest lenders had inexperienced FHA originators and were also understaffed with Direct Endorsed FHA underwriters. This resulted in some "less than perfect" FHA loans being delivered into the mortgage marketplace. Today most viable lenders and brokers have geared up and are more than adept at using FHA as a means to an end to financing both purchases and refinance transactions. One of the most valuable parts of the FHA mortgage loan is the fact that even with a minimum down payment of 3.5% (This is the new minimum borrower contribution beginning in 2009), a seller can contribute up to 6% of the purchase price towards the borrower's closing costs. This includes all costs such as real estate taxes,origination fees, attorney fees etc. A borrower can also acquire his or her down payment via a gift from a family member or in some cases a person who has a longterm relationship with a borrower. All in all, a new homeowner can get into a property with none of his or her own funds. In addition, a borrower purchasing a one or two family home does not need any additional liquid or non-liquid cash reserves in the bank. (An example of reserves would be checking, savings, or 401K for non-liquid reserves). A three or four family home purchase does require the borrower to have 3 months liquid or non-liquid reserves and these must be the borrowers own funds and cannot be derived through a gift. Although the FHA MIP costs (This is the mortgage insurance that insures against potential default) for new loans has risen slightly, it is safe to say that a multitude of home purchasers would benefit from using an FHA insured mortgage to purchase a new home. An added benefit of FHA loan is that in many cases borrowers with 580 credit scores or higher can usually secure an FHA insured loan. More importantly for the real estate agents out there, it would be a great idea to educate your home sellers that if they are willing to contribute to a borrowers closing costs and accept FHA financing for the purchaser, they may in fact sell their property faster by opening up their property to more potential homebuyers. Sellers could then avoid any further deterioration of their homes market value. Thanks for reading!!