Removing foreclosures from your credit report, might just be the key in saving the US econimy for the massive mortgage fraud which has transpired. It was a wonderful time to be a real estate agent. Every day was new and exciting. People who had never owned a home before could now get a no dock loan and have the house they dreamed of. They knew they would have to be careful with their paycheck because the mortgage payment was high. They were willing to eat at home instead of running out to pizza a couple of times a week. After all, they would be home owners and that was part of the American dream. In a couple of years they could sell the house and make a large amount of equity, because everyday home prices were going up. Foreclosure was not a word that most people thought of and it certainly was not something they saw in their future. Real estate agents and mortgage brokers were happy to help these deserving families buy a home.
A young family who bought their home for two hundred thousand dollars now had a home only worth half as much. They were on a tight budget and the mortgage payment was taking almost all of their paycheck. With no hope in sight the word foreclosure became a possibility. But these were people who paid their bills on time and they had good credit. If they lost their home it would be embarrassing, costly to the community, and worst of all they would have their credit affected negatively. Buying a home would not be possible for the next seven years. Where were the real estate agents who sold them the home or the friendly mortgage broker who made it all seem so easy. Many of them were out of business and had their own financial worries.
Is is right to say good bye to an obligation that you signed and agreed to pay? What about your children living in a rental. Would you ever have the possibility to be a home owner again. These were all questions that weighed heavily on people’s mind.
Removing foreclosures via a Judicial Determination could help people who have good credit and want to buy a home in the future. This is a legal method where you have the opportunity of having the foreclosure taken off your credit history. You would not have to wait seven years to buy another home. This is a legal proceeding and is not for everyone. But for the former homeowner who pays his bills and has the ability to continue doing that, it would give him an opportunity to correct his credit report.
The real estate agent is gone and the mortgage broker is out of business and so where do you go for help? Consider having your foreclosure removed by Judicial Determination and remember time heals and it is a bright new beautiful tomorrow for people who believe in the American dream.