Alternatives to Bankruptcy |

SO YOU WANT TO BUY A HOME

BUT

YOUR CREDIT IS A SHAMBLES

If you think your credit history makes owning a home seem hopeless...

DON'T DESPAIR!

Occasionally, almost everyone has credit problems. You don't have to let it get in the way of your dreams.
In almost all cases problems can be resolved.

There is HOPE

Mary Ann can HELP!
She can assist you with debt, credit, money, and financial questions, problems or difficulties.
With a little planning, preparation and sweat equity you can overcome many credit challenges to make your home purchase a reality, even a pleasurable experience.

YOUR CREDIT REPORT

Data bases have been keeping a record of your financial transactions since the day you got your social security number. They probably know more about some financial aspects of yourself than you do.

Your buying habits

The stores you frequent

Your payment history

Your employer's name

and much more

Your personal credit report is the single most important factor in determining whether you get mortgage approval.

The Bad News

• A substantial income and down payment will not always overcome bad credit.
• Credit reports often contain inaccurate information that can hurt your chances of obtaining a Home Loan.
• Most accounts remain on your credit file for seven years with the exception of PAID SATISFACTORY accounts and BANKRUPTCIES, which remain for 10 years. Tax LIENS never go away.

The Good News

• Credit Bureaus are regulated by federal and state laws to strictly report the "Facts" about your payment history for: car loans, personal loans, credit cards, mortgages, etc.
• The Credit Bureau isn't Picking On You. They don't have any influence or control over what your creditors tell them about your payment history. Since each of the major credit bureaus operates independently they can contain different and often conflicting information.
• The GIGO (Garbage In Garbage Out) rule applies. You Can Challenge The Facts if you believe them to be inaccurate
• The Federal Trade Commission estimates that 40% of credit reports contain incorrect information.
• A manager for a major Florida-based mortgage reporting company recently testified that between 50% to 90% of all credit reports contain inaccurate information.

WHAT MARY ANN WILL DO

REVIEW YOUR CREDIT REPORT

• Mary Ann will order a copy of your credit reports from all three major credit reporting bureaus.
• She will help you evaluate your credit situation based on
  • the seriousness of your credit problems, and in the light of
  • the length and stability of your employment,
  • monthly income,
  • rental or mortgage history,
  • assets available for your purchase
  • extenuating circumstances for past credit problems.

  Mary Ann can help you expunge false, incorrect, and misleading information from your credit reports. In MANY cases,they can be resolved.

REVIEW YOUR INCOME/ EXPENSES

• Mary Ann will calculate how much House you can afford to buy by assessing your current income and spending.
• She will provide guidelines for identifying areas that you can easily save money without changing your lifestyle.

CUSTOMIZE YOUR HOME BUYING SOLUTIONS

• General Mortgage is one of the most well established and most respected mortgage lenders in Southern California.
• We giving each home buyer's situation the individual attention it deserves to get the job done.
• Mary Ann will help you determine which of the more than 40,000 financing programs available to you, determining proper one to satisfy your individual situation.

DEBT CONSOLIDATION LOANS:

• Mary Ann will explore several options including the debt consolidation loan.
• You can use some loans to pay off your past debt that is burying you.
• You can also use your loan to organize your debt into one reasonable monthly payment.
• Your Loan can also serve to reestablish your good credit
• Mary Ann will discuss the advantages and pitfalls of Debt Consolidation.

CREDIT HEALTH KIT

You may feel lost or confused about the best way to tackle your credit or debt problem or you want resolve your credit difficulties in an organized manner to prepare for your future home purchase.

For a nominal fee Mary Ann can provide you with her CREDIT HEALTH KIT (tm) giving you detailed instruction on how to facilitate your own credit repair program.

The CREDIT HEALTH MODULE KIT will:

• give you a detailed review of your credit repair options
• help you resolve past bankruptcy.
• help prevent foreclosure.
• present guidelines for working with counseling agencies.
• present step by step guide for resolving credit reporting errors and problems.
• give you a detailed step by step program for reestablishing your credit.
• Getting a secured Credit Card.
• How to establish a payment plan with any past due accounts or pay any past due accounts in full if possible.
• Fair Credit Reporting Act.
• Federal Equal Credit Reporting Act.
• The Right of Financial Privacy Act.