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110 degrees magazine - Index

110 degrees magazine - wlinks_may08 - Index

10 www.110mag.com May/June 2008
Advertorial
MORTGAGE MATTERS I AFTER FORECLOSURE, WHAT?
You can’t open a newspaper or turn on the
evening news without hearing about more people
losing their homes to foreclosure. The sagging
housing market is dragging down everything
else. The numbers have been staggering!
This is happening all over the country and here
in East County we see the signs in front of the
homes in our own neighborhoods.
If you’re a recent victim of foreclosure and
perhaps even bankruptcy, you may be wondering
if you ever will own a home again. I’ve
got good news for you! The answer is “Yes.”
Most lenders will consider your request for a
home loan three years after your foreclosure,
and two years following a bankruptcy.
This is no time for inaction, however. Here
are four steps to repair your credit before
lending agencies will consider you for a loan:
1. Begin by reviewing your credit report.
Challenge in writing any errors to the credit
reporting agencies. Pay close attention to
debts that were discharged in bankruptcy,
making certain they show up on your
report as “closed.” You have the right to
receive an annual free report, and you can
order one at www.annualcreditreport.com.
2. Acquire and use a secured or unsecured
credit card. Never charge more than you
can afford to pay off each month, and read
the fine print on the application. Some
unsecured cards charge a much higher
interest rate and annual fee than do
secured credit cards. But this shouldn’t
matter to you because you should pay
these off every month. Doing so will
improve your credit. You can also purchase
a car. Many auto financing companies will
loan you money your first day out of a
“MOST LENDERS WILL CONSIDER
YOUR REQUEST FOR A HOME
LOAN THREE YEARS AFTER YOUR
FORECLOSURE, AND TWO YEARS
FOLLOWING A BANKRUPTCY.
bankruptcy to purchase a new or fairly new
vehicle, if you can show proof that you can
afford the payment.
3. Demonstrate responsibility. Lenders want a
stable employment history in the same
field for at least two years. So get a good
job and pay your bills on time.
4. Save for a down payment. FHA government
loans are all the rage, and only require 3%
down. Buyers with less than perfect credit,
first-time buyers and those with low
incomes often qualify for FHA. When you’re
ready to purchase again, choose a mortgage
broker and real estate agent who have your
best interests in mind. Make sure they have
the experience and knowledge to move you
through this very challenging market.
Most importantly, don’t feel like a failure
because you lost your home. No condition is
ever permanent! Failure is for those who quit,
success comes to those who keep the faith and
never give up their dreams.
For more information on this subject or any
other, just drop me an e-mail or give me a call.
I’m always here to help!
Laura Montalvo
Senior Loan Consultant
Delta Lending Group
8640 Brentwood Blvd., Suite D, Brentwood
925-325-8204
www.lauramontalvo.com
laurathelender@yahoo.com
110°
EAST COUNTY LIVING
PRODUCTION
Publisher
Tricia Piquero tricia@110mag.com
Editorial Director
Dr. Donald Huntington don@110mag.com
Creative Director
Paul David Hewson paul@110mag.com
Art Director
Adam S. Huntington adam@110mag.com
Junior Graphic Designer
Lindsay R. Farber lindsay@110mag.com
Associate Editor
Andrea P. Stuart andrea@110mag.com
Contributing Photographers
Russell Byrne russell@110mag.com
Jennifer Fink jennifer@110mag.com
Teralind George teralind@110mag.com
Contributing Editor
Cindy Ehling cindy@110mag.com
Copy Editor
Rae Huntington rae@110mag.com
Proofreaders
Andrea Stuart, Ben Lyles, Karen Lyles
ADVERTISING
Sales Manager
Caroline Robertson caroline@110mag.com
Inside Sales Executive
Donna Haraguchi donna@110mag.com
Account Managers
Lynell Fraley lynell@110mag.com
Dino Piquero dino@110mag.com
Tom Menasco tom@110mag.com
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