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Commercial Mortgage Loans in DETROIT, MICHIGAN

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Nation's Housing: CFPB cracks down on 'credit-repair' companies

WASHINGTON -- You’ve almost certainly seen or heard pitches for “credit repair” services promising to clean up your credit problems, reduce your debt, or even raise your credit scores by 100 points or more.

Come-ons like these can be especially seductive for people seeking to buy a home and apply for a mortgage who have negative items in their credit reports. In order to qualify for a loan, they’re told, they need to make their credit look better -- mainly by neutralizing the bad stuff in their files at the national credit bureaus, whether it’s accurate or not. But mortgage and credit industry experts warn that repair services can be far more harmful to home buyers than they suspect -- even get them rejected on the spot.

Two new legal settlements from the Consumer Financial Protection Bureau -- involving more than $2 million in penalties against credit repair companies -- offer mortgage applicants sobering reminders about what to avoid if you feel you need help with your credit.

Kenneth R. Harney, CFPB cracks down on 'credit-repair' companies.

WASHINGTON — You've almost certainly seen or heard pitches for "credit repair" services promising to clean up your credit problems, reduce your debt or even raise your credit scores by 100 points or more.

Come-ons like these can be especially seductive for people seeking to buy a home and apply for a mortgage who have negative items in their credit reports. In order to qualify for a loan, they're told, they need to make their credit look better, mainly by neutralizing the bad stuff in their files at the national credit bureaus, whether it's accurate or not.

But mortgage and credit industry experts warn that repair services can be far more harmful to homebuyers than they suspect — even get them rejected on the spot.

Two new legal settlements from the Consumer Financial Protection Bureau, involving more than $2 million in penalties against credit repair companies, offer mortgage applicants sobering reminders about what to avoid if you feel you need help with your credit.

Michigan Mortgage / Bad Credit / HUD homes / HELP!!?

My husband is in Michigan waiting to immigrate us from Canada. He earns approx $3200 net per month, has been at the same job since Nov 2007, but in the same LINE of work for over 10 yrs (owned his own business for approx 5 yrs during that time).


I suggest contacting a mortgage company that does not charge for pre-approval and ask them the questions you pose. http://mumloans.com is an affiliated lender of my broker. According to their website they do not charge for pre-approval.