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#goodnatured - Says,

I have gotten a month behind and am finally getting caught up this month, yeah. How long will it take a current payment and staying current to raise my score, I know this has been a big issue in lowering it because I have lagged behind for quite some time. Just now getting enough together with my escrow surplus to make the payment that brings me current.

When will I see the positive effect on my credit score? The mortgage company said they report at the end of each month. Will it take a few months?

One more: Does any lender have any greater affect than the other one your score?

#Laura - Says,

Well ofcourse. You have to keep up with the payments. Unless your account is up to date your scores wont increase.
Always remember as you have a defaulter it will show as a derogatory on the account even if you keep up with the payments later on. This derogatory remark stays for seven years before it drops. What you can do is talk to the creditor and negotiate if possible to remove the remark.

#goodnatured - Says,

I will try that as soon as I get a few payments current, I don't know if they will do it right away. Our mortgage company was just bought out by a new one, so this is a fresh start with the reporting with them. So I don't think they can remove what is on there from the other company, but a fresh start is good, I can get and stay current from here on out.
#Laura - Says,

I dont have much idea whether the change of a company will affect reporting of an account. This need to be clarified.
#goodnatured - Says,

I know what is on their from the old company will stay, but I get a fresh start with this company, end of this month they will start reporting me as current, big fat YEAH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I will get finalized statements from the other company and start fresh here, taking advantage of this. Even if the past does stay on my report, hopefully staying current will have the positive effect that I hope it will. I know it has lifted alot of stress off my shoulders.

Of course you guys help to, just listening and responding to me, really helps, thanks a Millllllllllllllllllllllllllllllllllllllllllllion.

#Laura - Says,

When it comes to mortgage, the scenario in th market is not very good. It seems there is a wave of foreclosures coming up with the expected crisis of the sub-prime mortgage lending.

Jim Rokakis(County Treasurer of Cleveland's Cuyahoga County) said

"Wall Street strategies that made the cycle of no-money-down, no-questions-asked lending possible have sucked the life out of my city".
There is a rise of crime in Cleveland it seems. Many homes are owned by banks mainly Deutsche Bank Trust due to foreclosures.
Its a sad scenario.

#debtstinker - Says,

This situation is insane! i'm not surprised that crime is on the uprise and unfortunately so many people have inflatable mortgages which have led to foreclosures. My father always told me if you buy a home try to avoid the inflatables as they can fluctuate dramatically and at any time and that is seemingly what is happening to so many. sub-prime lending is causing a huge issue for the housing industry. Used to be you would have to put a good percentage down for a home but i've heard of people who put little to nothing down and still get a loan. of course their interest is sky high, our neighbors did this. i know they're struggling now with their payments. it's just a shame. we have strong support structures and good examples to follow, both my parents and hubby's parents own their homes and have for a while. they sacrificed so much to do this. shoot my parents didn't even have a honey moon or go out at all after they married. i don't completley agree with that approach, but they've been homeowners now for 30 plus years. Good quote from Rokakis, Laura...he hit the nail on the head.
Good, sounds like your situation is going well...keep in touch,let us know how you're doing Smile

#goodnatured - Says,

It has almost become a predatory lending nightmare, When I got my mortgage, they looked at my ability to pay. I would not go for the variable rate, defineatly choose the fixed rate, so you know what your payment will be and you can set aside that amount each month.

I am really irritated with the lenders that lend to the folks on a fixed income, mainly social security, SSI and then they put them on the variable rate, which I don't think they understand. When the payment goes through the roof, they can't afford it and loose their homes. I have a friend in this situation. I don't think she is mentally capable to understand all the ins and outs. I am an educated person and have a hard time understanding it sometimes. I got to know her through this situation, she is now looking for a place to rent with her two kids. I think it is sad, because she is older and has owned that home for years and even managed to keep it through a divorce, now she is loosing it to a mortgage company bank.

#Laura - Says,

Well situation is the same everywhere debt. I just highlighted a place. Where are they leaving a chance for harassment?
#goodnatured - Says,

I know and it has got to more than the consumer loosing here, don't the financial institutions lose on foreclosures too?
#anthony - Says,

They do lose but not as much as the consumer does.
#Dadummy - Says,

What anthony says is true, because they can resell the property and hopefully get their money back and since they only lend 80-90 percent of the property value in some cases, they are almost guaranteed to at least break even, especially if the home owner has been paying on the loan for awhile before the foreclosure happens.
The home owner on the other hand has this foreclosure on their credit rating for years to come. It can get messy, it is never a good thing to lose your home.

#goodnatured - Says,

I know when we did a refinance they will do a 90% value of our property and home value. We did not take out the full amount, only what we needed. You know I could take care of this whole loan with one trip to "deal or no deal", LOL.
#Dadummy - Says,

Very smart to only take out what you need, sometimes unecessary borrowing will lead to unecessary spending, in reality the borrowed money is not really yours to spend when you have to pay it back and the intrest on top of it.
#george - Says,

This is the best way to handle finance. Even if you take out money for a purpose and it exceeds what you need there remains a lot of other expenditure. So when you have the money you have the urge to spend as well.
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