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How Long do Negative Items Stay on my Credit Report?

by Mark Rieger, Mark Rieger Realty

 

 
 

Have you recently been turned down for a loan due to negative information on your credit report? Are you just curious about how long items can remain on your credit affecting your score?

Accurate negative information will generally be reported for seven years, but there are exceptions:

  • Bankruptcy information can be reported for 10 years;
  • Information reported because of an application for more than $50,000 worth of credit or life insurance has no time limitation;
  • Information concerning a lawsuit or a judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer;
  • Default information concerning U.S. Government insured or guaranteed student loans can be reported for seven years after certain guarantor actions; and
  • Tax liens stay on 7 years from the date paid.

Some other rules to keep in mind:

The Statute of Limitations has nothing to do with the length of time something can stay on your credit report. They are two completely separate things. The length of time a negative mark can stay on your credit report starts from the time you were late or the late payment went into collection, not from the last time you made a payment on the account.

Sometimes negative items can be overlooked and not removed when they should be. That’s why it is important to check your credit report at least once each year (it’s free to view your report at annualcreditreport.com). Review all the items on your credit report to ensure there are no errors and that anything that can and should be removed is deleted.

Negative items on your credit report don’t necessarily mean that you absolutely can’t qualify for a home loan. There are loan options for those without glowing credit scores. Contact me today if you have any questions, and if you're looking to either Buy or Sell a home here in Central Oregon. I am here to help!

Beware of Foreclosure Rescue Scams

by Mark Rieger, Mark Rieger Realty

 

 
 

The threat of losing your home can lead some homeowners to take desperate measures to find companies who claim to reduce your monthly mortgage payment or take other steps to save your home.

Unfortunately, there are many scam artists stealing millions of dollars from distressed homeowners by promising immediate relief from foreclosure. Keep this in mind: If the advice or information sounds too good to be true, it probably is. Don’t be taken advantage of.

Here are some tips to help you avoid these scams: 

  • Help is free! There is never a fee to get information from us. HUD-approved housing counseling agencies can also help you at no cost to you. Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan.
  • Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
  • Don't sign papers in exchange for a promise that someone else will pay off your mortgage. Always be sure to read and understand all paperwork before signing to ensure that you are not unknowingly giving someone else ownership of your home. 
  • Never submit your mortgage payments to anyone other than your mortgage company without your mortgage company's approval. Scammers might ask you to make your payments to them; however, they usually pocket your payments instead of sending them to the lender.
  • Beware of anyone who says that you don't need a real estate professional or title company when selling your home. You should always have a real estate professional, attorney, or a title company to help you with any transaction involving your home. 

The FTC warns:

The scam artists use simple but potentially deceptive messages, like:

"Stop foreclosure now!"

"Get a loan modification!"

"Over 90% of our customers get results."

"We have special relationships with banks that can speed up the approval process."

"100% Money Back Guarantee."

"Keep Your Home. We know your home is scheduled to be sold. No Problem!"

Once they have your attention, they use a variety of tactics to get your money.

If you're struggling to make mortgage payments or facing foreclosure, there are legitimate options available to help save your home. Contact your lender immediately. You may be able to negotiate a new repayment schedule. 

If you believe you've been the victim of foreclosure fraud, contact the FTC, or your state Attorney General's office, or the Better Business Bureau.

As always, if you or anyone you know is looking to either Buy or Sell a Central Oregon property, please let me know.

Choosing the Right Price for Your Home

by Mark Rieger, Mark Rieger Realty
 

Choosing the right price for your home is one of the most important aspects of selling your home. If your price is above market value, you run the risk of it sitting on the market too long.  

An overpriced property:

  • Minimizes the number of offers
  • Limits qualified buyers
  • Reduces the number of showings
  • Lowers prospects
  • Limits financing
  • Will attract buyers in a higher price range that have high expectations

 

Most buyers today are educated about the home buying process and have done their homework before purchasing a home. They will know if your home is overpriced. 

In choosing the right price for your home, the market is the most accurate indicator. The condition of the current market, the number of buyers, and current competition will dictate your home’s value. If your home does not meet the competition price, it simply will not Sell 

Keep in mind that the value of your property is not dictated by what you’ve invested in the property, what you paid for the property, or by the amount you feel you need to receive from the property. 

Choosing the right price for your home will increase advertising response, stimulate buyer interest, compensate for property shortfalls, and provide you with a negotiating advantage. If you are looking to either Sell or Buy a home in Central Oregon, please give me a call.

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