Friday, July 22, 2016
Bob Hurt: Who to call for Foreclosure Defense???
Bob Hurt: Who to call for Foreclosure Defense???: MEMORIZE THIS NUMBER IF YOU BOUGHT A SECURITIZATION AUDIT OR HIRED A FORECLOSURE DEFENDER Moving: Such Fun! Call 800 444 6787 ...
Foreclosures still happening ya'll. This guy apparently knows his stuff!
How to Repair Your Credit Using a Certificate of Deposit as Collateral for a Personal Loan
Step 1:
Choose a bank for your C.D. You may wish to compare interest
rates online, but the easiest thing to do is to stick with the bank you
regularly use. That way you can set up an automatic payment plan that will make
your loan payments for you.
Step 2:
Contact a manager at the bank. Tell them you plan to take out
a personal loan using a CD as collateral. Ask the manager whether or not the
bank will report your loan to the three major credit bureaus (TransUnion,
Equifax and Experian). They may not report every payment you make to the credit
bureaus, but you need to be sure that they do report the loan itself at least
twice. Once when it is opened, and once when it is paid in full. Credit Unions
in particular do not always report loans to the credit bureaus, so make sure
you check with your bank before you go to all this trouble!
Step 3:
Open up a CD. Some banks will allow you to do this online,
while others will require you to visit a branch. This will depend on your bank.
How much money you will need to open the CD, and how long it
will be tied up for will depend on your bank. Be aware that there are early
withdrawal penalties when you take your money out of a CD earlier than agreed.
Step 4:
Wait at least ten days, and up to a month before you attempt
to take out a loan using the CD as collateral. This gives your bank time to
process the account, and get everything set up.
Step 5:
Apply for a loan. You will need to take all of the following things with you:
Apply for a loan. You will need to take all of the following things with you:
1.
Copies of
your pay stubs - make sure that you have at least the
last month’s check stubs from your regular job. You may need to take in proof
of up to six months of regular paychecks. If your check is directly deposited
then print out your last few statements that show a record of the regular
deposits.
2.
Work up
your monthly budget - You will be expected to prove that
you will have the money to repay the loan each month. You will also need to be
prepared to list your assets, and liabilities on the loan application.
3.
Put your
papers in order - Make sure you have your driver’s
license, social security number, and any paperwork relating to your CD with you
when you apply for the loan.
4.
Call your
bank beforehand - Do a quick check to make sure that
your bank will not require you to bring anything else. You want to be as
prepared as possible so that you don’t waste a trip, or have your FICO score
pulled more than once because you weren’t prepared and had to apply for the
loan twice.
Step 6:
Put the money you receive from the bank into your savings account.
Be sure that you do not spend it for any
reason. By letting it sit in a savings account and earn interest, it will
help to offset the interest you will be charged for taking out the loan.
Step 7:
Once you have secured your loan, and put your money into
savings, then the next step is to set up your payment plan to work
automatically.
You can do this by visiting your bank online. Set up an
automatic withdrawal from your savings account to your checking account each
month in the amount of your loan payment.
Then, do another auto draft - set up the loan payment to come
directly out of your checking account.
Make sure that you have at least four days in between the two
automatic withdrawals! This gives your bank time to process the transaction.
Otherwise, you could have an ugly surprise in the form of overdraft fees. Banks
are there to make money, and this is one way that they do it. By giving the transactions time to clear
your protect yourself from all of that, and you never have to think about it again.
Your loan will be repaid automatically, and your credit will
go up. If you do not choose to use auto drafts, then be sure to mark the date
your payment is due on a calendar each month.
Step 8:
Once your loan is paid in full, get a letter from the bank
manager stating that you paid your loan on time, and in full. Attach copies of
your bank statements to it, and keep it somewhere safe. Next time you need to
apply for a loan (Home loan, car loan or personal loan) you will have that
letter and payment record as proof. Put it somewhere safe, and it will be ready
to go when you are!
Sample Letter of Verification:
[Your Name, Address and Telephone Number]
[Date]
[Bank Name]
[Bank Branch Number]
[Bank Telephone Number and Fax Number]
To whom it may concern,
This letter is to certify that [your full name] did receive
a personal loan in the amount of [insert amount] on [date the loan was taken
out]. They did faithfully make payments each month in the amount of [monthly
payment amount] for [number of months].
The loan amount was paid in full, as agreed on [insert date
of last payment].
Copies of the regular payment records concerning this loan
are attached.
______________________
Branch Manager, [Bank Name]
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That’s it! I hope that you find this to be an easy process,
and that it helps you raise your credit score quickly.
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