Real Estate Information Archive


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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 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!

6 Ways to Help Victims in Japan

by Mark Rieger, Duke Warner Realty

Japanese news services have announced that the death toll from last Friday's devastating earthquake and tsunami is expected to exceed 10,000. Search and recovery teams from many different countries are working in conjunction with the Japanese government to provide aid in the heavily devastated areas.

If you have wondered what you can do, here are 6 simple ways to help the victims in Japan:

1.     Charity watchdog Charity Navigator has published donating tips and a list of responding charities. This list will continue to be updated as the group learns of more charities assisting with the relief efforts.

2.     The American Red Cross is accepting online donations for disaster relief efforts.

3.     If you prefer to donate via text, here are a number of reputable charitable causes that will charge the donation to your next wireless phone bill:

Text “REDCROSS” to 90999 to donate $10 to the American Red Cross.

Text "JAPAN" or "TSUNAMI" to 20222 to donate $10 to Save the Children’s Children’s Emergency Fund.

Text "4JAPAN" or "4TSUNAMI" to 20222 to donate $10 to World Vision’s Disaster Response Fund. 

Text “JAPAN” or “QUAKE” to 80888 to donate $10 to the Salvation Army.

Text “TSUNAMI” to 50555 to donate $10 to Convoy of Hope.

Text "MERCY" to 25383 to donate $10 to Mercy Corps.

4.     Doctors Without Borders sent a team to the area and is assisting in the relief effort. If you’d like to support their efforts, you can donate online.

5.     GlobalGiving is working with other organizations such as the International Medical Corps and has launched the Japan Earthquake and Tsunami Relief Fund, which will give aid to organizations providing emergency services. They are accepting online donations with a funding goal of $2,000,000. 

6.     If you have a Facebook page, and you’re a FarmVille fan, you can support children affected by the earthquake and tsunami by playing certain games on Facebook. Zynga, the company behind some of the most popular social media games, is partnering with Save the Children to support relief efforts. Through playing the company’s most popular games including Café World, CityVille, FrontierVille, FarmVille, YoVille, Zynga Poker, Words With Friends, and zBar, players have the opportunity to donate to Save the Children’s Japan’s Earthquake and Tsunami Children Emergency Fund.

FHA Loan Application Process

by Mark Rieger, Duke Warner Realty


According to the Federal Housing Administration, the FHA provides mortgage insurance on loans made by FHA-approved lenders. FHA insures these loans on single family and multi-family homes in the United States.

Completing the application is the beginning of the loan process. With the assistance of a mortgage lender, you will complete the application and provide all necessary documentation.

Before applying for an FHA loan, you will need to gather the following information to provide to your lender:

  • Address to any place of residence you've occupied in the past two years;
  • Social Security numbers / copy of your social security card;
  • Copy of your driver's license;
  • Names and locations of your employers for the past two years;
  • Gross monthly salary at your current job(s);
  • Most recent three months complete bank statement for all checking and savings accounts;
  • Pertinent information for all retirement, 401K, mutual funds, money market, stocks, etc.;
  • Pertinent information for all open loans;
  • Complete information for other real estate you own;
  • Approximate value of all personal property;
  • Certificate of Eligibility and DD-214 (for veterans only);
  • Most recent pay stubs covering a one-month period;
  • Most recent two years W-2s, 1099s, etc.;
  • Personal tax returns from the past two years; and
  • Current income statement and business balance sheet for self-employed individuals.

Additional documents may be needed upon review of your file and on a case-by-case scenario, but having all the above-referenced documents available prior to filling out your application will make the loan application process go more smoothly and quickly.

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