Bad Credit and Debt Consolidation for 100% Financing

Often times bad credit results from not having bad credit, but by actually having too much credit, which itself lowers credit scores to a point where a purchase or refinance loan is impossible to piece together. We come across several cases, where a person has been paying everything in a timely manner, yet he can’t qualify for a mortgage at all. If this situation is left alone, it can be a very frustrating and a highly disappointing type of experience for both the borrower and the lender. If your credit scores are too low, you cannot qualify for a particular loan program that requires a certain minimum FICO scores.

For example a 100% financing request requires a minimum of 580 middle Fico score and if the scores are less than 580 and lets say just around 570 you don’t qualify for the loans. A 100% financing loan also requires that you have some established credit with at least 2 open trade lines on your credit profile or some past credit history. Credit scores by themselves are not enough to qualify. If all the debt is being paid in a timely manner, than we have to look at the root cause of the problem and it’s usually in the number of accounts balances and the credit limits. If most of the credit accounts are fully used and are at or near their credit limits than it lowers the credit scores significantly and makes it harder to qualify for the minimum 580 fico threshold that is so essential for a loan closing.

Rapid re-scoring

The solution to this dilemma is to look and find items on the credit report that have lower balances and pay them off if the borrower have funds and hold off on the purchase or refinance till than. If the borrower is already committed to a purchase contract than we try to extend the purchase contract and try to bring up the credit scores by paying off those balances that are effecting the scores considerably. Often times it’s much harder than said, and it takes time and work and lot of commitment on the part of a loan officer.

We work with a number of credit bureaus that specialize in rapidly changing a credit profile for a borrower. It’s called a rapid re-scoring program and is a highly effective tool that cures most of the ills and qualifies a sure fire hopeless borrower into a homeowner in a short time. The other alternative is to write to these credit bureaus and hope they will change the information for you, but that is never practical or useful in our experience. Often times it’s a hit or miss game with improper results. The borrower doesn’t have the time and resources and energy to fight a battle with credit grantors and keep up with the publishing cycles. Sometimes it can happen quickly and the loan may through, but it usually takes 60 to 90 days to update a credit report on a normal time scale.

Rapid re-scoring is a perfectly legitimate way of improving your credit and debt situation in the mortgage industry. Its not credit repair as you may seem to think, it is about reporting of actual facts in a rapid manner through the credit bureaus and it’s a service provided by some credit bureaus.

100% Mortgage loans

To qualify for a 100% mortgage you need to consolidate these debts as soon as possible if you can. These loans are not that difficult to get if you understand the basic criteria and how the debt consolidation works. Having too much debt on your credit profile and too many line items on your report makes the lender wonder how all of this debt will be kept up month after month and year after year? They reject those borrowers who are already burdened with debt and who are trying to take on additional debt and who are already using excel spreadsheets to keep up with what they got. We usually advice borrowers to pay off smaller balances first starting with credit balances of $1000 or less. There are several reasons for that. Smaller debts can be paid off easily, one by one, and it lowers the line items on your credit profile and frees up your available credit limits, which in turn improves your credit scores in a sequence.

This practice of paying off smaller balances is a form of debt consolidation to improve your credit scores. Imagine your debt as a pyramid with a base and an apex at the top. You start off taking chips from the top, and succeed layer by layer until you reach to the base, where larger accounts and larger balances are located. If you remove smaller balances from the top, its impact on your credit scores is much greater than paying your larger balances first. In our practice we see a significant change on a credit profile once these accounts get paid down and updated within couple of days. Some credit profiles change 20 to 50 points and often that much move is enough for most of the underwriting grids to start accepting a loan application that has been sitting there and get it approved. The borrower still keeps working on larger accounts and once completed it will benefit him/her for a long time.

The real goals here is to payoff all the debt and replace it with a mortgage loan that is tax deductible and is amortized at a lower rate over a longer period of time. Success comes sooner and the results are often dramatic and great to enjoy.

Dan Tanner has been a professional mortgage banker since 1993. He specializes in hard to do and unconventional sub prime loans and all types of credit histroy. Alliance Mortgage has been on the Internet since 1997 and is a portal for all types of mortgage solutions.

Timesharing – An Industry in Trouble

MegaMillions and PowerBall Lotteries were created for people who failed math in school.” is a statement often made about the odds of winning money in these lotteries. Anyone who has done the calculations knows that the odds are about 175,000,000:1 against the selection of the six numbers that win either of these numbers games.

The same statement about failing math might be applied to the purchase of a resort property timeshare. The idea sounds great, but in actual practice, the developer is the only one who makes money, and they make a lot of it. A developer acquires a piece of resort property and produces plans to build an apartment hotel. Their marketing department sends out mailers inviting people to visit the property and listen to a presentation on the development, in return for which, they get a free weekend in the area of the resort. Much like in the health club business, pre-construction-sales often provide the construction financing, or at least a portion thereof.

The sales pitch is that individuals can purchase one week in the hotel apartment of their choice, with the early buyers getting the first picks. The purchase price can be negotiated, but it appears to be greatly discounted at the onset. Added into any purchase contract is the “maintenance fee” that is assessed on all the properties. The developer may also provides a service through which you may trade your time in your property for similar times in other timeshare properties in other locations, giving you seemingly endless choices of where you will spend your vacation. On paper it looks great, but in practice it doesn’t work very well.

From the developer’s standpoint, it is the maximum utilization of the space on the site, with a maximum return on their investment. For example; a one-hundred unit complex has a potential of fifty-two purchasers for each unit . . . a possible total of five thousand two hundred purchasers who are paying a fee for managing and maintaining the complex. Even if they gave the apartments away for $1, they would be making money on the annual fees.

As opposed to a regular resort condominium project, where you have only one purchaser per unit, who pays a similar management and maintenance fee, the timeshare developer has fifty-two times as many potential customers. At least in the condo, the buyers have something to sell at some point down the road. The timeshare buyer only has a contract, no real property.

Timeshare buyers began to come out from under the ether even before the current economic crisis. They learned, to their misfortune, that their contract has no expiration date and their maintenance fees pass on to their heirs in perpetuity. When they try to sell their timeshare they discover that they own nothing of real value, only the right to spend time in the resort . . . and to continue paying the annual fee.

Apex Professionals Services, LLC, is one of the few organizations who can help rescue timeshare purchasers from their dilemma. They have a program of assuming the contracts, relieving the original buyers of their obligation, a program in which Apex Professionals takes the risk that they may make a small profit down the road, but most importantly, they remove the burden from the shoulders of the original purchaser.

Credit Card Settlement – New Norms on Anvil by RBI

There is finally a ray of hope for the countless and hapless credit card users who were so far being held to ransom by Credit card providing banks even on final settlement of dues by forwarding their names to Cibil, as still owing dues to the banks.

The Reserve Bank of India is very soon coming out with new guidelines which will disallow any bank to treat a customer as a defaulter if they have negotiated the amount payable against his account and paid the amount to the banks providing such credit cards. Currently even after the customer has paid the negotiated amount as offered by the bank, their names continue to be forwarded to Cibil-Credit Information Bureau Of India Limited, the central repository of all consumers credit history across all banks formed in Jan 2001.

As a result of being treated as a defaulter the customer is not able to avail of any loans like personal loan, business loan, loan against property or home loan from any banks as the credit rating maintained by Cibil takes a free-fall downward. Being cornered and without any hopes of acquiring such loans from any banks the customer had to settle any dues as claimed and raised by the banks being the balance amount of the earlier settled amount plus penalties and interest due till date.

At present whenever dues are settled with a bank the balance is usually treated as amount written off. In many cases banks raise bills for very small amount balance including annual fees after settlement which should not have been charged at all in the first place.

Though the RBI is taking a very serious note of the matter and will declare fresh guidelines to address the current ailment in due course countless affected customers await with bated breath of the succor to be provided by the Apex Bank of India.

The author Subhrajeet Talukdar is the founder of Apex Finance & Marketing in Mumbai in April 2006 and the promoter of a premier loan advisory portal.

Apex Finance & Marketing was founded in April 2006 by Subhrajeet Talukdar and is the promoter of a loan advisory portal for Personal loans, home loans, business loans, loan against property, secured loans & unsecured loans.

A Brief Outline on the Home Loans Sector in India

Mr. P.S Sharma had always dreamt of owning his own house in the ultra modern locality of South Delhi. But like most of us, he was unaware of the basics of a Home Loan. He did some research in prevailing situation and came up with some interesting insights.

Undoubtedly, owning a home is the biggest dream of an average family and therefore, it goes beyond monetary consideration. In the current scenario, it has gained huge demand, which in turns has aroused cut throat competition between public and private players.

A Quick look at Home Loan Providers in India

There are 2 types of lenders currently existing in the market-

(1) Banks= Like ICICI Bank, State Bank of India, Punjab National Bank and many more.
(2) Housing Finance Companies= Like LIC Housing Finance, Dewan Housing Finance, Dewan Housing Finance and many more.

Different types of Home Loan rates.

Fixed Home Loan rates- As the name itself suggests, it remains same or fixed throughout the loan tenure, irrespective of the changing loan market conditions. Such loans are comparatively more costly and are therefore offered by only some lenders in the financial marketplace.

Resettable Fixed Rates- Almost all Fixed Rates available in the market are of this kind. Under this, interest rate is fixed for some period of time, say 2 or 5 years and is then reset again for other 2 or 5 years and so on.

Floating Rate: As the name itself connotes, floating rate is changeable with respect to the rates prevailing in the market. Usually banks are free to decide their own methodology for fixing their base rate. India’s apex bank, Reserve Bank of India(RBI) is free to review this at any point of time.

Some lesser known facts

Q.1 Can I sell my house, even if the loan in respect of it is outstanding?
Ans. Yes, by taking the consent of the bank, one can sell the property. For e.g, if you have taken a loan of Rs.5 lakh for the tenure of 10 years and you have paid Rs 4 lakh but now you want to sell your house. In this case either you will pay the full amount or the buyer of your house will pay the remaining balance, provided he is also taking a loan from the same bank for purchasing the above mentioned house.

Q.2 Is it feasible for a single lady to get a loan against her home.?
Ans. Yes, it is possible. Few years back, various banks were hesitant to grant a loan to a single woman, fearing a loss in income after her wedding. But now double salary families have become a norm and as a result varied lenders are granting loans to single ladies. Banks have now come up with a special loan scheme for ladies.

Q.3 Do Banks provide home loan for an apartment that I want to buy in overseas?
Ans. No, presently there is no such provider in India who provides loan for buying properties abroad. The main reasons being operational problems in verification of property, distinct legal structure and disbursement.

Q.4 Is it possible to get 2 Home Loans against 2 different properties.
Ans. Yes, you can get as many loans against varied properties as your income and repayment capacity permits.

Q.5 I am a NRI(Non Resident Indian), can I apply for Home loan in India?
Ans. Yes, a NRI can get a loan to buy a property in India but the disbursement and other procedures followed are different then the procedures followed to grant home loans to Indian citizens.

Sell Gold And Grow Rich


Take an honest and deep look at where the world has come; nothing is untouched by manipulation and speculation, honest and reliable data regarding finance and investments of real value have also been lost in this modern age of grotesque exploitation of all things we humans place value in.

Have we forgotten the value of what is real vs. that which subconsciously yet subtly is imposed upon us; an idea and value system not from our own making but is introduced from outside of our ancestral inherited value system, now replaced with a highly destructive system that negatively affects us all. Which surreptitiously hides its motive through the mundane as it inundates our every biological sensory through a powerful yet dismissible media which work overtime times one hundred to influence and ultimately control our thoughts and actions through our credulous acceptance of this system, and to what ends?

Can such a system by its very nature contain any possible good or value to the human family taking fully into account its current and historical inhumane impositions; based upon its unspoken agenda to rewire human consciousness and creative thought abilities?

What is the core purpose for such an agenda and more importantly the eventual conclusion?

Questions we dare not ask:

Why was Muammar al-Gaddafi murdered, and Libya destroyed, a country with the highest standard of living in Africa and much of the middle east?

What happened to Libya’s one hundred and forty four tons of gold?

Why did Hugo Chavez become sicker when he demanded the repatriation of Venezuela’s gold from western countries storage facilities?

Why has the CFTC canceled its investigation into silver manipulation and not file any type of charges?

Why does the FED continue expressing unabated that gold and silver isn’t money?

Why has the US government created laws that require anyone purchasing gold must provide extensive personal information before a purchase can be completed?

Why are global events manipulated into national policies?

Why is it that each time gold rallies, it is knocked back down for no intelligent or economic reason?

Why has India become the great discourager of its population insatiable appetite for gold purchases, especially now?

Why is China domestically and globally producing and purchasing any gold that becomes available in the global market?

Why isn’t personal finance and credit management taught in public school?

Why doesn’t the COMEX inform the public of its true gold holdings?

Why doesn’t the American media show movies from the 30s, 40, 50s 60s or 70s on prime time television anymore?

Why hasn’t the ECB (European Central Bank) and the LIBOR (London Interbank Offered Rate) been disbanded for their global crimes against world financial markets, why?

Why is the US mint always running out of gold coins for sale?

Why are gold storage facilities throughout the western world raiding private and allocated accounts of their gold?

Why are western countries preparing for Cyprus styled account confiscations?

Why is the USA afraid of Countries that do not have central banks, why?

How can ETFs provide a small amount of gold which they do not have to hundreds of people it’s promised to?

Why is the US government so against sustainable organic agriculture, why?

Why is the US government so against supporting the development of highly efficient energy technologies such as solar/hydrogen innovations which make energy use local, clean and sustainable, why?

Why is the US government supporting private companies that produce toxic GMOs which harm natures balance and human health given all of the facts which prove the detrimental nature of this abomination called transgenic seeds, why?

Why can’t gold be transported with you to another countries jurisdiction without hassles?

Why is Africom really in Africa?

Why does the US government allow a hand full of conglomerate media interest to control over 90% of the nation’s media?

Why does the US government spend over 50% of its national budget on the military industrial complex?

Why does the US government consistently attack natural and alternative medicines and remedies?

Why does the US government really want to take away Americans rights to bear arms?

What is the true purpose and agenda for CISPA?

Why did the federal government really bailout the big banks knowing their criminal activities before and after the bailout?

Why are US law makers preparing legislation to limit or even outlaw alternative media?

What was America’s true reason and motive for wanting to bomb Syria on highly questionable allegations of chemical weapons use by the Syrian government given the highly volatile conditions on the ground, and the extreme violence being committed by so many criminal groups in that country, why?

Why does the US government need over seven hundred military basis worldwide, what is the purpose for this?

Why does the American psyche abhor the use of cash vs. plastic?

Why did the FDIC decide not insure money market accounts?

Why is the US government so against the constitution of this country?

Why is the prison industrial complex so profitable in America?

Why does the US government veto every single effort by the UN and other global organizations that seek to rain in Israel’s consistent violation of human rights and their total disregard for international law, why?

Why does the American media and movie industry adore and propagate violence, then claim that the violence in America is becoming extreme in the types of crimes being committed more frequently across the country?

Why is prime time television so disproportionately based upon law enforcement sitcoms?

Why is the US government supporting and arming criminal extremist in one country while fighting the same criminal extremist in another, why?

Why isn’t a simple and agreeable health plan that encompasses all that is good through choice for the people of the US Creatable?

Why does the US government tax its citizens worldwide even if they do not live or work in the USA or any of its jurisdictions?

Why does the US government allow a private banking cartel to control its money and credit?

Why is the US government addicted to war?

Why does the US government make so many enemies among the nations of the world?

Why did the Republic of Panamas largest bank call for a bank holiday?

Why do big banks accept gold as collateral if it is a barbaric relic of the pass?

Why does the FED keep lying about their gold holdings, one minute they don’t have any, the next minute they do, why?

Why do Americans not know the purpose for the new high-tech currency about to hit the country, and the world, what is the real purpose?

Looking back into history?

How did the Rothschild’s initially make their money, do you know?

How did the Rockefellers make money initially, do you know?

How did the Guggenheims initially make their money, do you know?

Why was the 1910 Jekyll Island meeting between the global elites so successful, and what are the current elites planning for this century?

Why did the Portuguese, Spaniards, French and the British really come to the new world?

Why did Nixon really take the US off of the gold and silver standard?

Why did the USA really confiscate gold from the public during the late 30s and the 40s?

When were American allowed to own gold again?

Once you have answered all of these questions for starters, will certainly provide you with more information which will astound you as to why you must have gold and other precious metals as part of your overall wealth and survival strategy. With just a little effort and research it is possible to learn what honest credible forecasters and economist projects where gold and other precious metals are headed in the near and not too distant future with regard to its unstoppable rise in value and demand. Gold has retained its value vs. any currency in the history of all currencies which ever existed; in fact, in many cultures around the world gold is seen as a sacred being not to be misused or exploited.