Using rent payments to rebuild your credit

Using rent payments to rebuild your credit Q: How can I set up a lease-to-own on a three-unit property and have it count on my credit report? A: I’m delighted that you asked this question, for several reasons. There are many, many folks out there who are trying to recover their finances and their credit …

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Top six reasons mortgage applications are rejected

Half of refinance applications are abandoned or rejected, as are 30 percent of purchase mortgage applications, according to the Mortgage Bankers Association. All told, the Federal Financial Institutions Examination Council (FFIEC) says that well over 2 million mortgage applications were rejected last year. Want to avoid falling into that number? It’s tough — especially in …

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Mortgage aid open to more Calif. borrowers

A state-run program that helps homeowners struggling to pay their mortgages now has broader eligibility guidelines, opening up help to borrowers who did “cash-out” refinances and own multiple properties, said California Housing Finance Agency officials on Monday. The mortgage-aid effort, called Keep Your Home California, so far has helped close to 8,000 low- and moderate-income …

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The difference between a short-sale and a bank-owned REO

A short sale is the sale of a home in which the seller’s mortgage lender agrees to accept a payoff of less than the balance due on the loan(s).  The process starts when a seller who is behind in his payments attempts to sell his house before the bank takes the property through foreclosure. To …

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