True Client Success Story: How One Veteran’s Credit Score Went Up 70 Points

We all struggle financially from time to time. If you are an individual who feels like they are stuck under a mountain of financial problems, you are not alone! From personal experience, Ascent Network has helped and witnessed many people turn their lives around. We have seen people in deep financial holes with no hope, and we have been able to help them see the light at the end of the tunnel once again.

Here is just one of the many stories of an individual that we helped.
A disabled veteran from Cathedral City, CA came to us because he had just been denied an FHA loan. He had wanted to take advantage of the lower home payments and good interest rates that were being offered. Unfortunately, he was told his credit score was too low.

Thankfully this veteran came to us for credit restoration. We ended up finding 5-6 accounts reporting on his credit score when they should have been removed seven years ago! All this time these accounts were negatively impacting his credit score. We also found that two accounts were not actually his, but were his ex-wife’s. These two accounts were also making his credit score lower than it should have been.

It took our company 5 ½ months to contact the three major credit bureaus and have them fix the problems. The change in his credit score was amazing. It went up over 70 points! With this change to his credit score, he was finally approved for an FHA loan of $168,000.

Tackling the credit bureaus alone is rough. All bureaus will tell you that past addresses or work history do not affect your credit score. In the above success story, we found that to be far from the truth. We found three addresses that should not have been on the veteran’s credit report. Once they were removed, amazingly, his score went up 8 points!

At Ascent Network, we strive for the success stories, not because it makes us look good, but because it helps restore people’s lives and helps them find financial freedom. Call us now for a free consultation (949) 491-0777

What is an Obama Loan and How Do I Qualify?

You may have caught a little snippet of the most recent news to hit the financial world- the loan referred to as the Obama loan. If you have questions about what this loan is and if it is right for you, then you are reading the right blog. We have the answers for you! 

The Obama loan is a refinance program under the Home Affordability Refinance Act. This allows people who are financially struggling to refinance their home under the following conditions:

• They have good credit
• They have made their payments on time
• They are upside down on their mortgage or in an adjustable
   interest rate or their interest rates are too high

The point of the program is not to rely on government assistance, yet instead to benefit from having a home with a lower interest rate. Lower interest rates mean lower payments, and it can be just the thing for many individuals to get back on their feet again.

However, the most common misconception about the Obama loan, also known as HARP 2.0, is that individuals can qualify for this loan, when they are behind on payments. Unfortunately that is not the case. Good credit and a good standing with the mortgage company is required. So what is an individual to do when they are behind on their mortgage and don’t have the best credit?

This is where Ascent Network comes in. We are here for those who have fallen behind financially but still have a fighting spirit in them. We utilize another government program called HAMP, known as the Home Affordability Modification Program. This program has been in place since 2009 and was started under the Obama administration.
 
Ascent Network is a non-profit organization that can help individuals utilize HAMP to turn their lives around for the better. Visit our Web-SIte http://www.theascentnetwork.org or give us a call (949) 491-0777

Three Easy Ways Anyone Can Fix Their Credit Score

Three Easy Ways Anyone Can Fix Their Credit Score

There are so many people with bad credit scores in this economy downturn. Many times, it is not the individual’s fault. So many have gone from excellent credit ratings to poor ratings due to a job loss or the inability to pay their mortgage payments. When your credit score suffers, it is very hard to live your life free of financial burden.

This is why our company is so passionate about credit restoration. When you turn your credit score around, you turn your life around. With a better credit rating, you can expect lower loan payments with lower interest fees, better chances at renting a home or apartment, and even the possibility of a better job.

So how do you fix your credit score? We have three simple ways for you to do so.

It is crucial to find a trustworthy company that focuses on credit restoration. The right company will go after the credit bureaus aggressively and amend any errors in your credit report.  This will raise your credit score drastically. There are also things that any individual can do to improve their score.

First, after you straighten out your accounts and loans, don’t close them. Many people think that if they close a credit card account with a $0 balance, then they will avoid the temptation of going into debt. Keeping your credit card account open means that you have available credit. Credit bureaus look at these accounts to determine your score.

Secondly, remember this saying of “bad credit is better than no credit”. You need to have a credit history. You can easily go to your local credit union and put $500 on a secured Visa or Mastercard. This will help you establish credit without the possibility of going into debt.

Finally, continue to monitor your credit. Look out for any errors that will negatively impact your credit score. A good credit score rating is worth a lot in this current economy. Don’t think it is too late for you just because you have a bad score.

More information credit repair information go to our site. Ascent Network Credit Repair

image from Flickr users 401(K) 2012

312K Americans Default on Their Home Loans – Is HAMP in Trouble?

The HAMP, also known as the Home Affordable Modification
Program, was designed to help homeowners continue paying their
payments on their home. Instead the opposite is happening and
many homeowners are suffering. According to the special inspector
general for the Troubled Asset Relief Program, 312,000 homeowners
have been defaulting their mortgage payments. The report predicts it
is just going to get worse from here.

The HAMP program was developed under the Obama administration
and lent $75 billion to help lenders reduce the mortgage payment
of homeowners. With this money, lenders would be able to reduce
mortgage payments to 31% of the homeowner’s budget.

The idea behind the program was to help individuals avoid
foreclosure. It is a noble idea, but unfortunately it is not working. What
is happening is that homeowners are defaulting on their reduced
payments. When that happens, the homeowner is then faced with
large mortgage payments, and failure to pay means foreclosure.

The administration had said that HAMP would help more than 4
million people avoid foreclosure. Even when there are so many
defaults, the administration still speaks positively of their program.
The findings of this report, however, find out that the program hasn’t
even helped 1 million Americans.

The suggestion for avoiding more defaults? They suggest setting
up a warning system to help homeowners who are on the verge of
default.

So who is to blame here? On one hand, homeowners should not
have defaulted on their modified loans, especially since they were
given a second chance. On the other hand, there are many problems
with the program, such as delays and “lack of transparency in the
denial process”, according to the article.

Story Credit: http://goo.gl/RGTaj
Image Credit By Images_of_Money
http://www.flickr.com/photos/59937401@N07/5474464467/

A Homeowners True Testimonial

It’s a confusing time to be a homeowner.  Every time we turn on the TV or listen to the radio on the way home from work we’re bombarded with ads for refinances, debt consolidations, and loan modifications.  Even network news informs us that this is a great time to refinance.  The very next segment tells us that the government has just come out with new programs designed to help people modify their existing loans.  What direction is best for the homeowner?  Can I refinance?  Should I refinance if my mortgage company is willing to modify my loan?  What are the credit implications of a loan modification?  Can I modify my loan if I’m current on my payments?  Can I refinance if I’m behind on my payments? 

These are tough questions.  The people out there providing answers are usually the ones profiting.  Of course a mortgage company will tell you to refinance (if you can qualify).  Naturally a company that provides loan modification services tells you that your best option is to modify your loan, and then demand up to $5000 up front to do it. 

 I’m lucky.  I found an organization that was uniquely qualified to help me.  I am not exaggerating when I say that after speaking with 10 other companies, engaging the services of two of them and still coming within a week from losing my home and virtually had lost all hope that I and my family would be able to stay in our home,  I found a company who was able to help,  The ASCENT Network!   Sounds too good to be true, it’s not; let me explain.

My wife and I were on the verge of losing our home in March of 2011.  We were not one of these people who were just trying to “beat” the mortgage company to get a better rate, we saw that rates were going down and we thought we could refinance our current mortgage.  We were not late on our payments, nor had we ever been late, or credit was GREAT and we were told by “mortgage professionals” that qualifying for a new loan would be no problem.  We began the process which took over 3 months, during that period we were told that payoffs had been ordered for our existing loan and we were not to send in a payment as that would change the payoff amount and mess things up.  Well come to find out that was the absolute WORST piece of advice we have ever been given, by the time the loan was “approved” the new lender re-ran our credit only to find that our once perfect credit had dropped by over 140 points due to us not making the past 3 mortgage payments.  They declined our application for a refinance and now our credit was shot.

We were then steered to a loan modification we again ran into nothing but headaches.  Delays, lies, confusion and misleading information seemed to be par for the course.  We tried to make arrangements to catch up our payments; they would accept “partial payments”.  We tried to get a modification and were told we were declined because we did not submit all of the forms (which we did, but the bank said they never received them).   We really thought we were going to lose our home!  We then were introduced to The ASCENT Network, and the bottom line is what they were able to accomplish was simply amazing.  Today our loan is modified and current I might add.  Our payment is some $640.00 less per month and we no longer fear we are going to lose our home.

Working with ASECNT was also affordable.  ASCENT is a non-profit organization and after researching at least 10 companies, not only did my wife and I find ASCENT’s costs to be the lowest over all, but they also allow us to pay for the costs of the services they provide over the course of a year.  This took all of the question and fear away from us as to how we were going to be able to afford their services since we didn’t need to come up with a lump sum at the very start.

Now ASCENT is also helping us get back on track with our credit (which was totally trashed because of the mortgage problems I outlined earlier).  The sad fact is that after falling behind on a mortgage one’s credit is left ravaged for years to come.  If you have any hope of participating in the credit economy---buying another house, refinancing your existing one, or financing a vehicle---then it’s very important to have strong credit.  Now more than ever.  What ASCENT does for all its clients is work with them to restore and re-establish their credit.   It’s not uncommon for an ASCENT client to modify their loan, and then at the end of their membership walk away with stronger credit than they’ve ever had.  That’s truly doing more for less.  That’s the ASCENT difference.    They did it for both my wife and I and that is why I wrote this.

John and Carey S.

A Non-Profit Should do your Loan Modification!

Today’s economic climate is fraught with uncertainty.  Nobody seems to know where we’re headed.  Every few months we hear that “hopefully the worst is over” or “maybe the housing market has reached its bottom.”  Unfortunately that hasn’t happened, and economists agree on little except that the worst isn’t over, and we very well may be looking at another couple years of this.

Government has done little to help the ‘little guy.’  Corporate giants such as banks, insurance companies, and auto makers have all received their bailouts.  In some cases more than once.  A token tax break does little to help the guy struggling to pay his mortgage, car payment, credit cards, utilities, and then put food on the table for his family. 

Federal, state, and local government has put a good face on it by sponsoring loan modification initiatives.  Unfortunately these programs are inundated with applications.  They’re ill-equipped to deal with demand,.  At best they can provide a service that will gather the necessary financial information to begin the process for a loan modification, and then simply and then the file stalls out as the lender has just too many files to process before the documentation submitted becomes outdated.  The process and assistance individuals receive from government sponsored Non-Profit Organizations is at best, very passive in nature, and passive doesn’t work when dealing with a bank.  It’s shockingly ineffective.  A simple web search will reveal how appallingly bad these programs have been in providing relief for homeowners. 

Another alternative presented to a distressed homeowner was to pay a third party “for-profit” company (many of which were law firms or companies that adopted names to make themselves sound like they were part of the Federal government)  to help them approach their mortgage company to complete a loan mod.  This appeared to be a better option until it was evident that many of these “for-profit” companies were formed to do nothing more than charge people up to $5000.00 for empty promises that delivered nothing but more stress and heartache.  Both state and federal governments have since pasted regulations and laws which has effectively put these con-artists out of business.

So where does that leave the borrower?   They still need the help, the banks and mortgage service companies are still swamped with files, frustration remains as high as it has ever been and people are still continuing to lose their homes and suffer financially.

Mortgage companies continue to urge their borrowers just be patient and simply allow them to do the loan modification.  This is the same company that put their borrower in an untenable loan to begin with, and now that the borrower has fallen behind—and now that the mortgage company is trying to collect on a debt—would have the borrower believe that they will make everything alright because they have their borrower’s best interest at heart.   

Fortunately there is a better option.  There are organizations out there such as The ASCENT Network (a non-profit organization) that will provide the advocacy that the borrower so desperately needs.  ASCENT receives no federal tax payer funding and their fees for services are structured to be affordable to as many homeowners as possible.  ASCENT’s approach is a total one.  They’ll not only complete a loan mod, but also work with their members to re-establish their credit afterwards.  It’s refreshing to find an organization that will truly do more for less.