By Charlie Houssiere

For many people trying to avoid foreclosure, the process of renegotiating their loans can be difficult to understand. To ensure that you are adequately prepared and able to present your case in the best possible light, if you are considering contacting your lender to try and arrange for a loan modification in order to avoid foreclosure, get as much information upfront as you possibly can. I have compiled here a list of the Top 10 Questions about Loan Modifications to enable you to be better informed about the way the loan modification process works and what you should expect from it:

1.      What is a loan modification, exactly?

A permanent change to one or more of the terms of a borrower’s home loan which enables the loan to be reinstated and results in a payment the homeowner can afford is known as a loan modification.

2.      Can the Loan Modification include late charges inserted by the lender?

According to HUD, those late charges which have been accrued should be waived by the lender at the loan modification (depending on the type of loan), but make sure that you get a complete breakdown of all fees, and make your lender explain it to you.

3.      Is the bank able to force you into an interior inspection if the property condition is questionable?

Yes. In order to verify that the property possesses no physical conditions that could adversely affect the value, the lender could conduct any review it considers necessary.

4.      How do I determine whether of not I will qualify for a loan modification?

The primary consideration on the part of your lender is going to be whether you have the ability to make the new modified payment both now and in the future. You will have to show the lender proof of your income, along with a detailed financial statement showing your income and expenses to prove to them that if granted the loan modification, you will be able to afford the new, reduced payment.

5.      Do I have to already be behind on my payments to get a loan modification?

The majority of lenders have begun accepting applications for loan modifications from homeowners who are not yet behind on their payments, if these homeowners can demonstrate to the bank that they will not be able to afford their payments. 

6.      What constitutes a valid Hardship situation?

Lenders typically consider divorce or separation; the death of a spouse, co-borrower or family member; illness; loss of income; job relocation; or military service to be acceptable reasons to entertain a loan modification, although each situation which caused a homeowner to fall behind on their home loan is different. A very important part of a loan modification application would be a compelling letter.

7.      Can a foreclosure be stopped due to a loan modification?

Of course; that is the point of a loan modification. Figuring out a loan workout solution with your lender can bring your loan current and have the foreclosure process stopped.

8.      Is it possible to have missed payments added back into my new loan modification? Yes, past due payments can be added to the new loan principal and amortized over the life of the loan.

9.      Do I need to hire someone to help me or can I do a modification of a loan independently?

Since most loan modification companies require a substantial fee upfront, your current financial situation, along with your comfort level in dealing with your lender, will have to be considered when you make this decision. Regardless of the choice you make, your number one priority should be to learn everything you can about the process of loan modification, what is involved in getting a loan modification application approved, and what are your legal rights.

10.  What are the procedures to have my loan modified?

Do your homework - learn as much as you can about the loan modification process before contacting your bank’s loss mitigation department or a loan modification company so you can make informed decisions.

if you are in need of loan modification, Call today and find out the quickest and most

professional way to achieve your modication.

Charlie Houssiere, Mortgage Loan Credit Specialists with Secure Mortgage Company, is a nationally recognized expert specializing in helping release his clients from the “credit prison” that too many people find themselves in.  When you or one of your friends find yourself “Payment Pinched”needing real answers and real solutions to credit issues, you can confidentially contact him at  713- 33-1 1894  or at choussiere@comcast.net

Did you know that identity theft often occurs when you are obtaining your Government Free Annual Credit Report? Therefore, you must protect yourself before you become another victim of America’s fastest rising crime.

So How Is Identity Stolen With The “Free Credit Report” Scam?

1.  “Phishing” is the name of one of the primary scams. It has become increasingly popular. It happens when you receive emails requesting your contact and social security number from individuals pretending they are a legitimate company.  For instance, your bank will never request your social security number or private information so that they can verify your account or check your credit.

2.  Another popular way is to go to a website advertising a “Free Credit Report.”  It asks you for your name and social security number which you happily provide.  Well guess what….. If it is a fake website, you have just had your identity stolen. 

In either case, you may actually even receive a copy of your credit report, because they forward your information to a real website which in turn sends you a free copy of your report.  In reality, the identity thieves have started your nightmare and you don’t even know it.  This is a very good reason of why you should NEVER put your personal information into a form from an email.  If it is a link from an email, don’t share your info either.

Here are some obvious signs of Internet Identity Theft

·   Statements and bills are coming late or not at all to your home

·   Collection agencies or creditors will contact you about accounts you do not have or charges you have not made.

·   There are transfers or withdrawals that have not been made by you on your financial account statements

·   You have been denied credit or are being offered unfavorable credit terms (i.e. a high interest rate with no underlying explanation)

·   You are getting letters or calls from businesses or debt collectors about products or services that you did not purchase.

Identity Theft: How bad is it?

In the past year, 7 million people became identity theft victims.  The average loss to an American is thirty hours of their time and over $500 in financial losses.

In the last year, total personal losses have been over five billion (with a “b”) dollars.

On average, one out of every seventy-nine shopping sprees is one involving stolen identity.

What you should do if you become the victim of Identity Theft:

1.First, alert the fraud department of the three agencies which monitor credit. Tell them you are a victim of identity theft and ask them to put an alert on your credit information. (Unfortunately, you may be required to pay for this service.)

2.In addition, get your credit report from these three large credit bureaus Experian, Equifax and TransUnion and closely scrutinize your credit reports looking for credit cards you did not order, inquiries you did not make and other suspicious activities.

3.Next report your case, including all the details to your local police department.

4.To report identity theft to the central department of the American government for fraud protection, call the toll-free hotline at 1-877-IDTHEFT.

5.Close all accounts on the credit reports that you believe were opened fraudulently utilizing your name.

6.If your bank or checking accounts, or even your ATM card, have been compromised then shut those accounts down as soon as possible.

7.Your local postal inspector should be alerted, as they undoubtedly have used your personal address info, this address needs to be immediately terminated and you should create a new postal box.

8.Contact the Social Security Administration to make sure that your name and earnings are all correct.

When trying to get a credit report it is important that you know the possible scams and how to avoid them.  You can receive a free credit report today by calling me at choussiere@comcast.net.  Together we can review your report and help you avoid an identity theft nightmare.

Charlie Houssiere of Secure Mortgage is a nationally recognized expert specializing in helping release his clients from the “credit prison” that too many people find themselves in.  When you or one of your friends find yourself needing real answers and real solutions to credit issues, you can confidentially contact him at 713 331 1894 or at choussiere@comcast.net

There are times in our lives when circumstances may prevent us from paying our bills. Divorce, loss of job, medical bills or even the loss of a loved one can start a chain reaction that is difficult to stop. Bills mount, debts go unpaid and you get further and further behind. You owe money, but you just can’t pay. And then the phone calls start. Debt collectors are hired to recover money that creditors have lost and they use endless phone calls and/or threatening letters to contact you.
There are ways to deal with collection agencies, and if you want the incessant phone calls to stop, you need to know them. It can be quite taxing to deal with the problems associated with debt collectors, but if you remain calm and follow these guidelines, the stress can be reduced:

1) When speaking to collection agencies, make sure you know your legal rights.

• One of your rights is that your privacy must be respected and you should be dealt with fairly. Request that they not contact you at inconvenient times, such as when you are at work.

• The debt collectors should treat you respectfully; they must not abuse or threaten you, publish your name, or speak to you in an obscene manner.

• They should not do the following when collecting your payments: imply falsely that you have committed a crime, that they are attorneys or representatives of the government or that they work for a credit bureau.

• When collecting payments for your debts, the agency should not engage in unfair practices.

2) Keep very detailed records. When speaking with a representative of a collection agency, make sure you write down their information.

• You should ask for the following: the caller’s name, his/her agency’s name, the agency’s address and fax number as well and the lender’s name and the amount of money they say you owe.

• Keep a record of who you spoke with, their title, and a brief summary of your conversation. Unless you inform your caller, you are not allowed to tape the conversations you have. When conducting physical communications, make sure that you retain all copies sent or received.

• Write everything down. You’ll need to draw up a letter to send to the collection agency if you wish to dispute a debt or of you simply want to request that they stop calling you. Make sure any additional requests you make are also documented in writing.

3) If you owe any debts, pay them off. There is no other way that would be more effective for handling collection agencies. Once you have cleaned up your account, you should not hear from the collection agent again. If you are currently unable to meet your financial obligations, contact the agency to which you are in debt and explain the reason for your hardship.

4) Ask the agency if they will refrain from adding any more negative marks on your credit report if you make new payment arrangements. You can do so by making sure that the agency has reported all of your payments to the credit bureaus, and if not, keep reminding them until they do so. You have the right to request that the creditor give you any terms for payment in writing.

While facing debt can be extremely scary, it must be done, especially for those with large amounts of debt. Having the knowledge about your rights can be your best weapon. It’s not difficult to deal with collection agencies as long as you are aware of all of your rights. You and your family can stay sheltered from unnecessary harassments if you stay informed.

Charlie Houssiere, Loan Officer with Secure Mortgage Company specializes in helping release his clients from the “credit prison” that too many people find themselves in. When you or one of your friends finds yourself needing real answers and real solutions to credit issues, you can confidentially contact him at 713-331-1894 or at choussiere@comcast.net.

10 Facts You Must Know To Avoid Getting Ripped Off
 
As difficult as it may be to stay cool and collected when debt collectors hound you, knowing what to expect when dealing with these agencies will help you formulate a plan and lessen the chance of being taken advantage of.

Ten Rules for Handling Collection Agencies

1. Realize that Credit collection agents are usually working on commissions.  This is a JOB to them and the more they getyou to pay, the larger their paycheck.  They will be persistent, so be prepared.
2. Don’t argue with the agent, because you will lose.  This is what they do all day, every day and they have heard every excuse in the book.  They are prepared with an answer to everything.  State your case but don’t argue.
3. It usually doesn’t help to ask to speak to someone’s boss.  In this case, talking to the supervisor normally won’t help (in fact it could be worse).  Remember, he ended up with his job because he was good at what he did and was able to squeeze every dime out of past consumers who had disputes.
4. Never give information out over the telephone to a collection agency.  This includes your driver’s license number, social security number, debit card numbers, check numbers, credit card numbers, or bank account numbers. They should already have this information. 
5. Use a money order or certified funds to make all payments.  Make a copy of it and staple it to the bill.
6. Keep records of everything (including dates of phone calls and what was said), and make sure that anything sent through the mail has a return receipt.
7. Make sure you get written confirmation of any deals or negotiated payoffs.  Make sure you have something that says the collection has been satisfied.
8. Never take their first offer when negotiating a lower payment as they will always call back with a better offer.
9. Use powerful sentences like, “This is all I can afford to pay,” rather than “this is all I am going to pay."   This is a much better negotiation tactic when you are trying to lower the payoff with the collection agent.
10. When repairing your credit, it is a good rule to keep copies of all your credit reports.  That way you can track the process of what has been repaired and make sure that what you negotiated is coming to pass.

While it would be impossible to include everything there is to know about dealing with collection agents, these 10 tips will almost always result in more money in your pocket and less in theirs.

Charlie Houssiere, Loan Officer with Secure Mortgage Company, specializes in helping release his clients from the “credit prison” that too many people find themselves in.  When you or one of your friends finds yourself needing real answers and real solutions to credit issues, you can confidentially contact him at 713-331-1894  or at choussiere@comcast.net.

 The 12 Steps You Must Know

As the number of foreclosures continues to rise, buyers will find some amazing “garage-sale” priced homes.  While these deals may be hard to pass up, buyers do have opportunities to buy homes through a “short sale” before a home goes into foreclosure.

What is a “short sale?” A short sale is defined as the sale of a home at a price less than the existing mortgage balance.  The ultimate price of a short sale lies in the willingness of the bank to negotiate terms. This is a complicated process and, up until recently, rarely occurred. Short sales are becoming more frequent and there are some great buys because of it.

When you are looking to buy a home at bargain prices, consider hiring a professional to help you. There are so many legal loop holes that the average person could be taken advantage of during the negotiation process. Make sure the professional you hire is experienced.  A majority of lawyers and real estate agents have little or no experience in these types of sales.  Choose wisely as it could save you thousands of dollars in the long run and a lot of heartache. 

The most important point to consider is this: Going it alone when purchasing a home in foreclosure or that is listed as a short sale will significantly increase your chance for failure with the bank.

The steps in the process are:

1.  Locate homes which are in default, as early as possible, even possibly before the formal non-judicial foreclosure begins.  A knowledgeable Real Estate Agent should be able to show you a list in the Multiple Listing Service of tens of thousands of these.

2.  Search foreclosed homes with plenty of lead time before the Trustee’s Sale (you may need weeks or months of lead time.)

3.  Once you have created a list of such homes, narrow that list to only those homes you would have likely purchased for yourself, even if it wasn’t in foreclosure.  In other words, don’t buy the house just because “it’s a great deal.”  Look at buying it if you like the house AND “it’s a great deal.”

4.  Complete an accurate Comparative Market Analysis (CMA) using sold homes with similar features, via a good database such as the local Multiple Listing Service (MLS).

5.  Determine the exact mortgage balance and status of default or foreclosure.

6.  Be sure to find out if there is a second or third mortgage on the house.  This has foiled many potential buyers after they have spent weeks of time on the deal.

7.  Research the possibility of other liens (tax liens, mechanic’s liens, labor liens, state liens, etc.)

8.  Determine how best to talk and negotiate with the loss mitigation department of the bank or mortgage holder.  Do not take this step lightly.  It takes a trained professional to do this for you as it’s not like your standard negotiation.  You have to know what facts to present to them to get them to accept your offer.

9.  Determine whether or not purchasing via the short sale will negate any subordinate loans or liens (another trap for the unwary.)

10.  Know which costs and fees in addition to the mortgage balance can be compromised and by how much (experience is the best teacher.)

11.  Prepare a comprehensive package to present to the mortgage holder, which is the most critical step in closing a short sale. This should include the Purchase & Sale Agreement, and a thorough analysis of the home, prices, the local market, and justification of your offering price. Your offer must be prepared very professionally or the bank will merely overlook you, without giving your offer a second look.  You have to be able to make a case to the bank, as to why they should sell to you at this price, and they can smell a rookie a mile away.

12.  In order to close on a deal in a short sale, you must follow through with all parties involved.

The complexity and difficulty of closing short sales should never be underestimated, even under the best of circumstances. It is hard to find a buyer of foreclosure properties through the short sale process, despite what con artists would like you to believe. You should have some experience before purchasing foreclosure or short sale properties.

Buying a foreclosure can be a fast way to lose money if in the process you make major mistakes. On the other hand, because the purchase price is below the current market value of the home, it can be a great way to pick up equity immediately the day of closing.

Charlie Houssiere is a Loan Officer with Secure Mortgage Company and has helped hundreds of people buy their first “short sale home”. Call or e mail for his class on  “Short Sales, How to Avoid Getting Ripped Off.”   you can reach him at 713-331-1894  or visit his website, www.texasmortgagetips.com.

It is vitally important to have good credit today.  Not only does it determine the interest rate you will pay when you buy a car or a home, but a good credit history is also a factor when you are applying for a job, renting an apartment, obtaining car insurance rates or applying for a credit card.  What may seem like a tiny mistake to you, can actually drag you down for many years.  One late payment, maxed out credit cards, or taking out several loans at the same time all appear to be minor mishaps, however, the credit bureaus view them as a black mark on your credit report and creditors respond accordingly. 

It is not that hard to establish and keep good credit, especially if you are just starting out.  Follow these simple rules, and your credit will sparkle.

Check your credit report

Before anything else, you want to see what creditors are saying about you.  Do this by checking with the three major bureaus: Equifax, Experian and Trans Union.   Credit reports are used to create a credit score, which is a three-digit number lenders typically used to gauge your creditworthiness. Scores range from 350 to 850 and lenders respond best when the score is over 720.  Lenders also may look at the report itself, as may the landlords, employers and insurance companies who use credit to evaluate applicants.

Establish checking and savings accounts

Lenders view checking and savings accounts as signs of stability, yet many people overlook this simple thing.  Opening an account is also one of the few things you can do as a minor to start building a financial history. While you can’t get a credit card in your own name until you’re 18 and can be legally held to a contract, many banks have no problem letting you open a bank account.

Understand the basics of credit scoring

A basic knowledge of credit scoring will help you build your score.  Two of the most important factors in building your score are:

·     Whether you pay your bills on time.

·     How much of your available credit you actually use.

It’s absolutely essential that you pay all your bills on time. All it takes is a single missed payment to trash your credit score — and it can take seven years for the effects to completely disappear.

You also don’t want to max out any of your credit cards, or even get close. You will get the best possible credit score and prevent yourself from getting over your head in debt if you keep your credit balances to less than 30% of your credit limits.  (This means if you have a $3,000 limit your balance should stay below $1,000.)

And remember, you don’t need to carry a balance on a credit card to have a good credit score. Paying your bill off in full is the best way to keep your finances in shape and build your credit at the same time.

Piggyback on someone else’s good credit

The fastest way to establish a credit history can be to “borrow” another’s record, either by being added to a credit card as an “authorized” or joint user or by getting someone to co-sign a loan for you.  Keep in mind though it is a two edged sword.  You can gain good credit, however if either of you default, both parties suffer. (The co-signer has basically promised to make good on this account, so any delinquencies will show up on her credit report as well.)

Keep in mind that even if you get added to someone’s credit card, you may not be able to piggyback on his or her credit. Some credit issuers won’t report authorized users to the credit bureaus, particularly if the user is not married to the original card holder. If the point is to give you a credit history, the person who’s adding you as an authorized user should call the issuer and ask how (or if) your status as a user will be reported.

Apply for a secured credit card

If you can’t get a regular credit card, apply for the secured version. These require you to deposit money with a lender and your credit limit is usually equal to the deposit.

You’ll want to screen your card issuer carefully because there are a lot of bad guys in this particular niche of the credit world. Some charge outrageous application or annual fees and really high interest rates.

The first place you should look is your credit union if you belong to one. You can also check at www.bankrate.com for a list of secured credit card issuers.  You may also call my office for a list of cards I recommend.  Ideally, the card you pick would:

·     Have no application fee and a low annual fee

·     Convert to a regular, unsecured credit card after 12 to 18 months of on-time payments

·     Be reported to all three credit bureaus.

If the issuer doesn’t report to the credit bureaus, the card won’t help build your credit history.

Get a finance company card

Gas companies and department stores usually use finance companies, rather than major banks, to handle their credit transactions. These cards don’t do as much for your credit score as a bank card (Visa, MasterCard, Discover, etc.), but they’re usually easier to get.

Again, don’t go overboard. One or two of these cards is enough. If you get many more, you may find that later in your life these accounts could prevent you from getting the highest possible credit score. That’s not a reason to avoid them completely, because right now they’ll do you some good. Just don’t apply for half a dozen.

Get an installment loan

To get the best credit score, you need a mix of different credit types including revolving accounts (credit cards, lines of credit) and installment accounts (auto loans, personal loans, mortgages).

Once you’ve used plastic responsibly for a year or so, consider applying for a small installment loan from your credit union or bank. Keeping the duration short — no more than a year or two — will help you build credit while limiting the amount of interest you pay.

Apply for credit while you’re a college student

There’s no easier time to get a card than while you’re a college student.  Lenders are willing to take risks with you that they won’t once you graduate, probably because they know that your parents’ willingness to bail you out will end once you get your diploma.

Be careful, though. Look for a card with a low or nonexistent annual fee and low interest rates. For now, just get one: Opening a slew of credit accounts in a short period of time can make you look like a risky customer.

Use revolving accounts lightly but regularly

For a credit score to be generated, you have to have had credit for at least six months, with at least one of your accounts updated in the past six months.

Using your cards regularly should ensure that your report is updated regularly. It also will keep the lender interested in you as a customer. If you get a credit card and never use it, the issuer could cancel the account. Just remember the credit tips mentioned earlier:

·     Don’t charge more than 30% of the card’s limit.

·     Don’t charge more than you can pay off in a month. Keep in mind, you don’t have to pay interest on a

     credit card to get a good credit score, and it’s a smart financial habit to pay off your credit cards in full each month.

·     Make sure you pay the bill, and all your other bills, on time.

Charlie Houssiere, Mortgage Loan Credit Specialists with Secure Mortgage Company, is a nationally recognized expert specializing in helping release his clients from the “Credit Prison” that too many people find themselves in.  When you or one of your friends find yourself needing real answers and real solutions to credit issues, you can confidentially contact him at              713 331 1894  or at choussiere@comcast.net

Myth No. 1  Paying off a past-due account, like a collection account or a charge off, will result in it being considered as having been “paid” and it will no longer reflect negatively.

It is nearly impossible to completely fix your credit unless you settle your unpaid debts. As strange as it may sound, paying off a debt can even have a negative impact on your credit rating. Aside from bankruptcy, which can appear on your credit report for up to ten years, negative items may be kept on your report for up to seven. The date of last activity starts the 7 or 10-year time period. Making a payment will result on the clock being reset because of new activity. The goal is to have all negative items marked as paid, even if it is noted that it was late. This will damage your report, as it looks like the credit bureau had to hold a gun to your head in order to get you to pay up. It is usually sensible to have an expert on hand to help you so you do not do any more harm to your credit by trying to do the right thing.

Myth No. 2 the second myth is that a negative item that is successfully removed from your credit report will simply reappear again.

The credit bureaus have managed to spread this falsehood through clever use of the media and government agencies. The reality is that, if they have not received a response from a credit grantor within 30 days of an item being disputed, the credit bureaus often will temporarily delete a negative listing. However, the information will be re-instated if verification is received from the credit grantor within a week or two. A soft delete occurs when a creditor simply doesn’t respond and the negative credit item is deleted. Even if an item is later verified, it can still be challenged and removed later.  My experience shows me that 96% of the time, the items is permanently deleted when using my preferred attorneys.

Myth No. 3  Bankruptcies, foreclosures and tax liens can never be taken off your credit report.

Approached correctly, any negative listing can be removed.

Myth No. 4 it is easy to dispute a credit report. It is possible for a customer resolve an issue.

It is simple to challenge a credit report. As an everyday person it is amazingly difficult, and entirely frustrating, to get results from the credit bureaus. Most complaints to the Federal Trade Commission involve credit bureaus than any other type of company. The major credit bureaus have paid fines of $2.5 million over the years because of their failure to respond to charges properly. Remember that the main objective of credit bureaus is to protect their profits. Investigating consumer disputes consumes these profits. The bureaus do just about everything in their power to make restoring your credit exceedingly difficult short of sparking mass lawsuits.

Attempting to restore your own credit means you must be willing to spend time learning about the processes, admit that you are inexperienced and may be less effective than if you hired a professional, and realize that the credit restoration will probably take longer than you expected.

Myth No. 5 The credit agency will let me enter a 100-word account of my side of the situation. When a creditor reviews my statement they will consider this item.

Sadly, few if any creditors will consider information you submit.  When you submit a 100 word explanation, frequently this is viewed as an admission of guilt and hurts you, not helps you.  The only items verified on this statement are the negative items on your report, not explanations.  The first item that we would want to be deleted from your credit file would be the 100-word explanation.

Myth No. 6 Credit bureaus are part of the government and are unquestionable.

The credit bureaus are in business to make an impression on the stockholders since they are publicly traded companies. They are not agencies of the government. In fact, the industry is one of the most heavily regulated abuses and mistakes have led to the strict regulations that are in place. It has recently been revealed in a survey, by an independent group, that 70% of all credit reports have errors. Due to the prevalence of mistakes, consumer protection legislation has been drawn up which will allow the consumer to challenge the bureaus and force them to remove any incorrect, out-of-date or improvable data.

Myth No. 7  Many people share a belief that by getting a federal tax ID or altering a few numbers of their social security number, a new credit file will be created.

It’s extremely difficult to create a new credit file by scheming, not to mention illegal. Because of a link in computer systems, giving fraudulent information on a credit report is near impossible to get away with, in addition to the fact that it is a criminal offense. It is in your best interest to hire adequate representation and face the music by confronting the credit bureaus armed with the rights congress has granted you through the consumer protection laws.

Myth No. 8 some people believe that a poor credit report can be off-set by building new credit.

Even one negative item on your credit report can have serious, negative consequences. The decision to approve is rarely made by an actual human being. A computer determines the total number of points. One negative credit report can send interest rates on other loans soaring. Often even a small amount of negative credit (regardless of how much good credit you have) will cause you to get declined.

Myth No. 9 Credit counseling services can help you restore your credit.

People that are in debt or are trying not to go bankrupt may seek help from nonprofit debt counseling services. Consumer Credit Counseling Services (CCCS) are controlled and funded by both credit bureaus and credit grantors. Your creditors will usually make a note on your credit report if you are working with CCCS. Potential credit granters are scared off by this- as much as by a Chapter 13 bankruptcy. Some of the very worst credit reports that I see are, or have been, participants in the CCCS or similar programs.

Myth No. 10 it is against the law for creditors to remove a negative-listing on my credit record. Negative-listings are required by law to remain on the credit report for at least seven years.

When talking to collection agencies, credit grantors or bureaus, keep in mind that you can expect to be given all kinds of quasi-legal drivel by a largely inexperienced staff. The law states that negative information must be removed after seven years maximum.  The credit bureau may prefer to remove the item whenever it suits them, but that’s not the law.

Charlie Houssiere, Mortgage Loan Credit Specialists, specializes in helping release his clients from the “Credit Prison” that too many people find themselves in.  When you or one of your friends finds yourself needing real answers and real solutions to credit issues, you can confidentially contact him at

713-331-1894 or at choussiere@comcast.net

It is sad to say but our society seems to decide our value by our credit line or credit worthiness. With a good credit report, it is likely you will participate in and enjoy many of the finer things in life. However if your credit report is “challenged”, you probably will not.

Few creditors, if any, will extend individuals with bad marks on their credit history loan options.

But what if you had no other option? What if you were forced to choose between buying food, and making the payment on your car? What if you were prevented from making timely payments by a lack of employment, a medical emergency or some other personal crisis? Should just one late payment result in up to ten years of being punished by having to pay higher rates and fees?

One wonders why this system is allowed to operate as it does. In a court of law, judges will give you a chance to defend yourself before deciding your fate - this is one very important difference not to forget. In America, we are guaranteed the right to face our accusers before judgment can be passed. With your credit record, however, this is completely untrue.  The credit bureaus have the final say on your credit report.

Unbeknownst to us, creditors and credit bureaus have been trading information about us for a long time. They trade your personal information (name, address, social security number), they trade your private information (who pulled your credit, what you purchase, and the terms of your loan) and they trade your painful information (late payments, liens, bankruptcies.)  Much of it amounts to hearsay, which can end up bringing you financial hardship.

Under the current credit system, your credit file is stamped with negative and damaging information, whether it is yours or not, before you have the opportunity to defend yourself.  Ironically, YOU are expected to prove whether negative or erroneous information on your report is wrong.  Remember, the credit bureaus will assume that you are guilty unless you can be proven innocent. This is a direct contrast to the common American principle that one is innocent until proven guilty. Why do the credit bureaus not offer us this same courtesy? It doesn’t seem fair that we don’t have any chance to defend ourselves before negative information is put on our report. The truth is that consumer rights would decrease the credit bureaus profits.

Credit bureaus exist to make a profit and their product is your credit file. Credit bureaus sell your credit information, which their buyer’s (credit card companies, etc…) rarely question.   Creditors, in return, give the bureaus whatever data they may have collected about you.  Mistakes, however, are frequent.  It doesn’t matter if the credit report is right or not, it will be hard and expensive for you to prove that your information is false.

What can you do about it?

Every person living in a democratic nation is entitled to a defense.  Consumers have the legal right to retain an attorney to defend themselves against unfair accusations. Instead of you being forced to disprove negative items, the credit bureaus should have to provide information verifying the accuracy of their report. The law and Congress are in agreement.   Because of the unfair nature in which your information is collected and distributed, credit repair is both a legal and ethical right of every American.

You will probably need more than just a standard form letter to corroborate your credit worthiness. This is where our preferred attorneys come into the picture.  Just as you may choose not to repair your own vehicle, you do not have to repair your own credit either.  Using an attorney will strengthen your chances of having negative items removed from your credit report.  After all, are you more likely to act if you get a letter from an attorney or a letter from an ordinary person?

Our attorneys question everything.  If the credit bureaus issue statements that items have been verified, they are not accepted and our preferred attorneys will continue to press for validation of all negative items.

Credit bureaus have been in the driver’s seat for too long.  They continue winning unless you take action, so don’t put it off.  If you are tired of being in “Credit Prison”, contact me now for solutions.

Charlie Houssiere, Mortgage Loan Credit Specialists with Secure Mortgage Company, is a nationally recognized expert specializing in helping release his clients from the “credit prison” that too many people find themselves in.  When you or one of your friends finds yourself needing real answers and real solutions to credit issues, you can confidentially contact him at 713 331 1894 or at choussiere@comcast.net

If there are any unsold houses or condominiums near you the following will show you how to profit from Lease-Options (rent to own) as a Buyer, Seller or Real-Estate Agent.

When you drive through town do what do you see? Several houses and condos up for sell, right? Unsold houses are sitting for sale even in the few cities that enjoy a fairly healthy real estate market. There is always an extensive inventory of homes for sale no matter what the market is like.

You can easily figure out how healthy your local real estate market is by getting the total number of homes and condominiums listed for sale in your local MLS (multiple listing service) and then dividing that number by how many homes have been sold in the last 30 days. This simple calculation will tell you if it is currently a “buyer” or “seller” market and if you are unsure of how to get the necessary information ask for help from a MLS member real-estate agent, as they can pull it up for you quite easily.

HOW IS A LEASE OPTION DEFINED? You’ll hear many complaints from realtors about the softness of the market, and the market is down quite a bit from 2005 and 2006; however, the reality is that few of these agents are changing their business practices to conform to the new market reality. If the smartest agents have to earn well, they know that the marketing trends used in selling homes about one or two years back, may not be successful at present. Mortgage lenders have changed their lending requirements recently making 90%, 95% and 100% mortgages very difficult or even impossible to obtain, even if you are a well-qualified borrower.

The lease option or “rent to own” technique combines a sale, a real estate rental, and financing. More than anything, this is a lease, with the tenant paying rent to the landlord every month. Secondly, a lease option purchase gives opportunity for the tenant to buy the property from the landlord making an agreement on the price and terms, although the lease option does require the landlord to sell the property, the tenant is not required to purchase it. It is a unilateral contract, which is a promise from the owner to the tenant to sell the property to them on stated terms. The lease-option becomes a bilateral contract, a guarantee to sell for a promise to buy, once notice is given that the tenant plans to purchase the property.

Realize that a lease-purchase plan is also an option; an installment sale is also named this. The tenant must buy when a lease-purchase plan is selected, typically within a 12 to 24 month period.

I have been able to use lease-options as a buyer and a seller and it has been a great for all markets at all times. As many subscribers will remember, I acquired my residence through a lease-option. The stark truth was that I just didn’t have the funds for the typical 20% down payment and I certainly didn’t want to pony up for the expensive private mortgage insurance that I would have to buy if I only put 10% down.

Make sure that both the seller and buyer of the home benefit from the lease-option. A person having the experience of buying and selling homes for about thirty years feels that they are good transactions for both the parties; hence it is unnecessary to take advantage of the other party in the transaction. Sometimes landlords take advantage of new renters by offering a 10% credit, which is hardly a good incentive for purchase.

BENEFITS AND DRAWBACKS OF LEASE OPTIONS:

One of the drawbacks is that there is always an abundance of lease-option buyers but always a shortage of lease-option sellers. The reason for this is mainly a problem with education, since most real estate agents are clueless as to how lease-options work, which is the only reason they don’t often recommend them to their client buyers and sellers. Once you have read this special report you will know how to put a lease-option sale together, which will give you a great advantage over your competition.

If your house or condominium is already listed with an agent, don’t hesitate to talk to them about your lease-options. Be sure to show him or her this special report. If a listing is about to expire and no prospective buyers have been produced, it may be prudent to sit down with your listing agent and explain that using a lease-option to create a future sale is better than not selling the home at all. If you don’t currently have your house listed with a real-estate agent it is possible for you to still sell your private property with a lease-option sale. After reading this special report you will know more than 99% of profess