// BLOG
Disputing an Error on your CREDIT REPORT…
August 5, 2010
1. Source the error and contact the lending company directly that is misreporting to the credit agencies.
2. Ask the lending company for documentation in writing that confirms that the error was a mistake on their part and verifies that your account is in good standing.
3. Send this documentation, along with a detailed explanation of the mistake to each of the bureaus reporting the error.
Equifax Experian TransUnion
P.O. Box 740256 P.O. Box 9554 P.O. Box 6790
Atlanta, GA 30374 Allen, TX 75013 Fullerton, CA 92834
4. Include a request for them to notify you once the discrepancy has been resolved.
Generally, a correction takes 30-45 days. The bureau will likely contact the lending company directly to confirm the information you provided, and then make the appropriate changes to your credit report.
If you have any questions we will be happy to answer them. Please call Mike Morgan at Peoples Mortgage 520.954.7686.
Is it the Right Time to Refinance?
July 27, 2010
Possibly you’ve been thinking about taking some cash out to make improvements around your house. Or you may just be wondering how much you could lower your payment with a lower rate mortgage. You also may want to pay your loan off sooner by refinancing from a 30 year loan to a 15 year.
There are a lot of possibilities to explore. Find out if it’s the right thing for you to do or the right time to do it. You never know if you don’t ask. We’re here for you. Call Mike today! 520.954.7686
Information from the HUD July Update
July 21, 2010
The most recent release from the HUD Commissioner outlines the Office of Housing’s latest efforts to strengthen protection for consumers in the buying process. They are working to make the housing market stronger, sustainable and safer by implementing regulations to make mortgages more transparent and understandable which better protect consumers. Fair dealings require open, clear information. The SAFE Act In combination with RESPA reform, help increase the integrity of the mortgage process and prevent fraud so consumers have greater protection in the marketplace. The office of Housing and Urban Development is committed to regulatory reform and consumer protection. One of the things HUD has done to achieve this is the implementation of a standardized Good Faith Estimate (GFE) and a revised and expanded settlement statement (HUD-1).
The Morgan team is also committed to fair and honest service. If you have any questions regarding this information or specific information for your mortgage needs please contact Mike Morgan at 520.954.7686. We look forward to earning your business.
Update on USDA Rural Development Loan Program
July 16, 2010
While we wait for HR 4899 to pass and be signed into law, the president’s budget is going through mark up. Last year the USDA 502 Guaranteed program was allocated 12 billion dollars, the Senate Appropriations Committee is recommending 24 billion dollars for the 2011 fiscal year.
The bill includes $2.768 billion in discretionary budget authority for rural development programs, which is a decrease of $168 million from the fiscal year 2010 and an increase of $85 million above the President’s request.
Increases are provided for guaranteed single family housing loans. A fee increase is authorized which will allow the Agency to provide $24 billion in new loans at no cost to the government.
In the face of the recession Rural Development’s loan programs have been the principle source of home financing in rural areas.
If you would like more information regarding USDA 100% financing Rural Devolopment loans please contact Mike Morgan at Peoples Mortgage. 520.954.7686.
Housing in Tucson, Arizona June 2010
July 12, 2010
With the surge in home sales this spring due to the home buyer tax credit, we are now seeing, as expected, a slight decline in the number of homes being sold. According to the National Association of REALTORS® Chief Economist, Lawrence Yun, we will likely see a decline in home sales in July and August as well. Yun also noted 4.4 million Americans took advantage of the now expired home buyer tax credit. Two-thirds of those were first time homebuyers who received up to $8,000 towards the purchase of their home. One third were repeat buyers and were eligible to receive a $6,500 credit. One million out of the 4 million bought a home due to the credit.
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