I live in MN, bought a house when I was an eager 26yr old and my wife even younger.. fixed 30yr, not adjustable , we were cautious and did research etc.. we made all the right decisions, 3 yrs later the house value is down by 10K (I know I’m lucky its only 10K down) [...]

How is an APR calculated? If I have a loan that adjusts in the first two years, does the APR adjust too? I have a 7.3% initial rate with a 6.5% LIBOR spread and a cap of 14.25% Thanks! Jenny ———– Hi Jenny, The Annual Percentage Rate (APR) was intended to represent the cost of your credit at a yearly rate.  [...]

Great site! I was wondering about HOEPA violations on a mortgage. Is there a statute of limitations on a federal HOEPA loan? I live in California–there doesn’t seem to be any time limits on the comparable California version. If the right to rescind a violation is unlimited under TILA when you’ve been in foreclosure, is it also [...]

I have been in ch13 for 3 years. I was scheduled for 3 years of 500 a month. I have always paid early. My trustee is impossible to get ahold of and when I do they never answer my question right there and never call me back as promised. The same goes for my attorney. [...]

can we buy a house and be approved for a loan after a short sale since our monthly expenses would have gone down drastically…. Irene ——— Hi Irene, You could purchase a home through a variety of creative financing techniques including lease/purchase, contract for deed, seller financing, mortgage assumption, etc. For traditional FNMA financing, the wait is presently two-years. We’ll put [...]

Once again, I see that many Broken Credit Bloggers will be purchasing homes in the near future.  The Credit Repair Seminar Survey says!  The registration page of our free credit repair seminar asks the following question: “What would you most like to accomplish AFTER raising your credit score?” Here are thirty recent responses: purchase a home Refinance 1st and 2nd mortgages buy a house Refinance Home [...]

Loss Mitigation Time, LLC is pre-approving short sales throughout the state of Florida.  There are no upfront costs for this service.  LMT collects its fee at closing.  No closing = No fee.  Here are the requirements: Property must be a single family home Total indebtedness must be less than $400,000 Hardship must be documentable If you are a seller [...]

My credit is horrible, I have a foreclosure (it was paid off before court proceedings, but it still shows on my credit, Judgements and Delinquent. Is there any thing I can do about the Foreclosure and Judgement? Thanks, William ———— Hello William, Welcome to the Broken Credit Blog!  First, start with the free credit repair seminar. Second, read the relevant articles in [...]

HI, wow your site is the first I’ve seen where I could understand your answers without blacks law dictionary or at the end telling me I need to come in for a consultation for $$$.  We went that route after already having our mortgage broker slap us with a predatory loan, and borrowed more money [...]

Given the near impossibility of getting a loan modification, doing a short sale, or deed in lieu, I have come to the conclusion to foreclose and then deal with the recourse second mortgage. My question is, if I do this, with arrears, interest and etc (or does this stop at some point?), will I be likely [...]