IS THIS A GOOD TIME FOR ME TO BUY A HOME ?

One of my readers in Georgia, Valerie, asked me this exact question. She was concerned with the state of the Real Estate market including what has happened to property values over the last several years. Additionally, she is 35 years old and knows that thirty years or so down the road, she must have an eye on those “retirement” years also.

After weeks of research and reading many of the “experts” opinions, I stumbled across a website that answered all questions and settles the issue. For me at least. You may go to this link and program your own variables to see for your own self, the answer to the question “should I buy a home now?”

THE ANSWER IS A NO BRAINER

I used a monthly payment of $800 for rent, and mortgage payment. That would be the monthly principal and interest (5%) payment on a $150k mortgage. In addition I put in an appreciation factor of just 2% (as opposed to the 30-40% pre-crash), and 1% for property taxes. All considered very conservative factors.

AND THE RESULTS ARE IN

At the end of 30 years, the person who continued to rent has nothing but a lease in their hand, and, of course that same $800 rent has been adjusted for inflation to be about $1100. Still paying rent with ZERO TO SHOW FOR IT. The person who became a BUYER and stopped throwing their hard earned cash away on rent … that BUYER HAS $386,000 in their pocketbook! And no payments to make. !!!

CASE CLOSED.

YES, VALERIE, THIS IS A GREAT TIME FOR YOU TO BUY (watch a quick video to learn more here)

Richard Anteau, President

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What is credit repair all about?

A straight forward explanation with nothing to sell,

just the facts.

If you ever heard about credit repair and wondered what that was all about or how could it even be possible to have negative, accurate information like bankruptcies, credit card charge offs and the like removed from your credit report… this is the blog post for you. I’m going to give you the readers digest version because I have never seen so much misinformation about any other subject in my life. There is nothing for sale here, just a straight forward answer on what’s going on.

So you have heard about credit repair, or have seen a sign or saw an advertisement claiming to give your credit report a quick clean power wash. ….but your gut tells you it’s too good to be true. If this was possible everyone would be doing it, right?

Well here is a breakdown of what IS and ISN’T possible – and why.

Indeed, yes it is true; you can have negative information of any type removed from your credit report, even if it was really your obligation.

How can that be so? Because your credit report is nothing more than a serious of allegations made against you. Since we live in a country in which you are innocent until proven guilty – YOU HAVE THE RIGHT TO CHALLENGE THAT INFORMATION. The government has passed many pieces of legislation, most notably the Fair Credit Reporting Act, that are designed to protect you, the little guy from unfair practices that were hurting consumers. According to the non partisan

U.S. Public Interest Research Groups…

“Altogether, 79% of the credit reports surveyed contained either serious errors or other mistakes of some kind.”

This realization in the 1990’s prompted several states and eventually the U.S. congress to pass laws protecting you, giving you recourse against these huge for profit companies. Please remember this, you are the credit bureaus product, they sell information about you to potential employers and creditors – or almost anyone who wants to pay for it. If they are going to besmirch your name they have to cross a lot of t’s and dot a lot of i’s before doing so. Just ask yourself these 2 questions:

1. Can you imagine a world in which someone can keep information about you, information that determines how much your house and car cost and NOT be able to challenge it?

2. Can you imagine a world in which the collection companies, used car lots, satellite dish installers and credit card companies (the people saying you owe them money)  are in compliance with all the rules they have to follow BEFORE they put negative items on you account?

–OF COURSE NOT! STOP LETTING THESE PEOPLE SCARE YOU!

What’s it all mean? It means that again, just like in a court of law you are innocent until proven guilty except when it comes to your credit report there is no trial – it’s up to you to ask for one. . The process of credit repair is simply asking, often repeatedly, for the credit bureaus and creditors to prove what they claim to be true, to show documentation, to show that they followed the laws and so on. As you can imagine, when done properly, a lot of the negative information on all of our credit reports is so worthless that no one (neither the credit bureaus nor creditors) is either willing or able to follow the laws when asked to verify the information. Which brings us to the moral and ethical Question of credit repair, which I think people struggle with until they realize how flawed the U.S. credit system really is. If they aren’t willing to spend a one dime to defend the allegation why should it cost you 1,000’s of dollars in added interest on all the things you finance?

Why doesn’t everyone just stop paying their bills and then hire a lawyer or a company to dispute the information? Because…NOTHING IS GUARENTEED to be removed by disputing and run from any company  or person who tells you a particular item will come off. As you know if you don’t pay your debts, it will cause you pain. If there was a sure fire way to get a collection item or bankruptcy item removed from your report the world turn upside down! BUT KNOW THESE FACTS…good companies are averaging 70% deleation ratios because most items are a joke… and ANY TYPE OF ITEM CAN BE REMOVED from your credit report and it happens more often than not, you will learn why in just a minute. For now let’s recap, on the two important facts here.

1. In credit repair, nothing is guaranteed; if you don’t pay your bills, there will be pain; but credit repair can limit that pain drastically. The person disputing the item (you, a credit repair company, a lawyer) is banking on one of several things to happen. That the credit bureaus and your creditors didn’t follow all the rules and laws before they put information on to your credit report or that they simply don’t want to invest time and money fighting with you, your lawyer or a credit repair company. (Some might say that the information is erroneous or outdated or unverifiable, but in reality persistently asking for big bureaucratic companies to verify information is how a good portion of items get deleted.)

2. Because NO ONE, no company, no person or government is allowed to load things on your credit report without following some rules – ANYTHING on your report can be removed. This means any type of item can be removed, bankruptcies, credit card charge-offs, foreclosures, a tax lien from the Supreme Court (if they have those) – anything can be removed. Every citizen has the right to say “STOP – You are besmirching my character and I demand to know why and where you got this information so that I can make sure you are in compliance with the law, if you are not know that I will hold you accountable.”

You may say “But wait, I know I’ve heard that bankruptcies and certain items stay on your credit report for 7-10 years”. WRONG, well kind of wrong. The whole truth is that theses items are not allowed to stay on for MORE than 7-10 years. That’s the max, that doesn’t mean they can’t come off quicker. In fact the “7-10 rule” was passed to limit how much damage can be done to you, to restrict the credit bureaus. They are not intended to make sure you suffer for at least 7-10 years.

The real question you should be asking now is, well it’s not guaranteed, but how probable is it that credit repair can help me increase my credit score?

If you need any one item removed from your report then I would say hiring a credit repair company could be a drastic step. If you are someone that just needs an increase in score then I would say a solid company, with a good BBB track record could defiantly offer you a return on your investment. This is because the cost of bad credit is so high; the added interest payments are ridiculous. Why should not paying a cell phone bill add an extra 50 bucks a month on your car for 5 years? An extra 100 on your mortgage for 30? Why should the bank giving you a mortgage receive an extra 100k dollars over 30 years for a $1,000 worth of mistakes?

The U.S. Credit system makes no sense. For people looking to get financed for a home the return on investment made with a reputable company to fix your credit can be well worth it.

Good luck, hope this helped.

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