Credit Report Disaster Through Mistaken Identity

Written by Don Bethune


I've got some very important info I want you to think very seriously about. I'm sure by now you've heard of Identity Theft,...heck you may have even been affected by it. I know many of my friends have.

But how about what may potentially be even a more dangerous threat......."Mistaken Identity". That's right, "Mistaken Identity"! Throughout my career in lending,repparttar absolute biggest problem that I've seen clients encounter when applying for a loan, is someone else's derogatory information showing up on their credit report!

You would not believerepparttar 111983 nightmare I've seen clients go through, when they realized someone else's bad credit history was showing up on their report, causing them to be declined forrepparttar 111984 loanrepparttar 111985 should have easily qualified for. Little did they know that everytime someone onrepparttar 111986 other side of town made a late payment, or decided not to pay at all, another black mark was being added to their credit report!

Believe it or not, I've even seen one specific case where "Mistaken Credit Identity" forced someone into bankruptcy! That's right, a lady came to me wanting to apply for a new home loan. Unfortunately she had recently lost her job, her bills were starting to pile up, and her reserves were running low. Luckily, or though she thought, she had plenty of equity in her home that she could access through a home equity loan, to pad her bank account and give her plenty of breathing room until she landed a new job.

To her shock and dismay, I pulled her credit report and informed her that she did not qualify forrepparttar 111987 loan. She was in disbelief. "I've never had a late payment in my life"! she exclaimed. I told her her credit score and began listing offrepparttar 111988 multiple derogatory entries that were listed. She couldn't believe what she was hearing. How could this happen?

Where to get Down Payment Money for Your Home

Written by Andre McFayden


Down Payment Money - For most first-time homebuyers, that is probablyrepparttar biggest hurdle they face in their quest to purchase a home. These days, one can easily find a loan program that allowsrepparttar 111982 buyer to put down only 10% ofrepparttar 111983 purchase price. Even at 10% down,repparttar 111984 homebuyer will have to come up with $25,000 for a median-priced home in Fresno, CA! That is a lot of money forrepparttar 111985 average person. How does one come up withrepparttar 111986 down payment?

Here are some ideas:

Savings This is obvious but if you’re serious about realizingrepparttar 111987 American Dream, you’ll have to save, save, save. Track your spending for a month and you might be surprised at how much extra you can save.

Research 1st-time Homebuyers Assistance Programs Check with lenders regarding down payment assistance programs available for first-time homebuyers. There are state and federal loan programs designed to assist first-time homeowners, e.g. Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA), California Housing Finance Agency (CalHFA) and California Department of Veterans Affairs (Cal-Vet). Your city and county might have some financing programs as well.

Borrow from parents, siblings, relative or friend Can you possibly borrow part of your down payment money from any of them? Have you asked?

Borrow from your 401K plan Some 401K plans allow you to borrow against them. Check with your employer or plan administrator for more details.

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