Credit Repair and Debt Consolidation

As I begin writing today's blog, I flip over to see what the headline is on THE DRUDGE REPORT. It reads, "Citi Eats Wachovia". The article goes on to describe just another story of what we are all hearing in the news daily: "bad loans", "the mortgage crisis", "the housing crisis", etc.. And as I write this blog, and reread DUDGE, the headline changes to "DOW DROPS MORE THAN 500." and then, "HOUSE DEFEATS $700 BILLION BAILOUT" . None of these headlines are surprising, and I don't think unexpected. As I drove around in the car on several occasions today, I heard KYW/1060 reporting the response to a survey asking people if we are in a depression or not. Technically, we are not, however, many more people surveyed thought we were than thought so six months ago.

I cannot help but wonder if it is because of the headlines everyone is hearing or if it is due to personal difficulties that people think we are in a depression. I am sure sales are down everywhere, but I drive by Target, Walmart, The Home Depot and Ikea, and I see the parking lots are jammed, and people are coming out with packages. I am reflecting on what is directly around me, and don't know if I would see the same thing if I were in another part of the country or even another part of the Commonwealth of Pennsylvania for that matter.

In the news, we keep hearing stories about people in trouble, people who cannot pay their mortgages, and people with credit problems who cannot manage to get themselves into a mortgage. I have met a few, as I have said before, and if you are someone with some credit difficulties, you may find the rest of the blog and links helpful.

In previous blogs, I mentioned non-profit credit counselors. The reason I favor and focus on these groups is a simple one: they are not offering their services for profit. Are all of them the same? I am sure they are not. Are some of them better at helping you? I am sure they are. Thus, if you try one and don't seem to be getting anywhere, try another one. Just write off the first experience as a learning experience and find the group, which can help you get your credit issues resolved.

I see them advertised everywhere. They are the for profit credit repair companies or debt consolidation companies. I am not saying that none of them provide a service, which is valuable, but be wary when giving them or anyone your hard earned money for such a service. After all, it is because of a shortage of money that you are having a problem. Educate yourself ahead of time about what they can and cannot do in providing services to you. Some of them, in their advertising do promise to do things they absolutely cannot do. I came across a good link today, which may give you some insight into the facts before you begin to use one of these services. See Credit Repair Facts - Common Scams.

Now, before using either a non-profit or for profit credit counselor. What can you do yourself? See Steps to Fix Your Credit. Here you are provided with the steps to take, and things to look for in improving your credit situation. You can do all of these things yourself. It will cost you time and effort. At the link, there is a tab, where they also provide a link to sample letters to use in the process of fixing your credit.

QUOTES ON "HOME"

I have been reading quotes recently mostly for my own amusement. Some quite funny and some quite serious. I ran the word "HOME" and came across the use of many meanings of the word. There are those quotes about the idea of a home town, a house, a country, a family, a place in the heart, etc.. Since many of my readers are either thinking about buying a house to make a home, or are professionals in business of helping people find a house to make a home, I thought you may enjoy the result of my query. The following is a sampling of some of the results. I left the silly ones, which really having nothing to do with anything except they contain the word "home", for the end to give you a chuckle. I hope you enjoy them.

Home is the place where, when you have to go there, they have to take you in.
Robert Frost

The best time to buy a home is always five years ago.
Ray Brown

Human beings are the only creatures on earth that allow their children to come back home.
Bill Cosby

Home is where one starts from.
T. S. Eliot

A house is not a home unless it contains food and fire for the mind as well as the body.
Benjamin Franklin

A man travels the world in search of what he needs and returns home to find it.
George Edward Moore

Home is where the heart is.
Pliny the Elder

The ache for home lives in all of us, the safe place where we can go as we are and not be questioned.
Maya Angelou

Home is not where you live, but where you are understood.
Christian Morgenstern

To be happy at home is the ultimate result of all ambition, the end to which every enterprise and labor tends, and of which every desire prompts the prosecution.
Samuel Johnson

He is happiest, be he king or peasant, who finds peace in his home.
Johann Wolfgang von Goethe

To feel at home, stay at home.
Clifton Paul Fadiman

Home is any four walls that enclose the right person.
Helen Rowland

The ordinary acts we practice every day at home are of more importance to the soul than their simplicity might suggest.
Thomas More

When you finally go back to your old home, you find it wasn't the old home you missed but your childhood.
Sam Ewing

My only concern was to get home after a hard day's work.
Rosa Parks

My career always took me away from home, I was always away from home and I just wanted to be at home.
Tina Turner

When you're safe at home you wish you were having an adventure; when you're having an adventure you wish you were safe at home.
Thornton Wilder

To be an ideal guest, stay at home.
Edgar Watson Howe

I love cats because I enjoy my home; and little by little, they become its visible soul.
Jean Cocteau

Charity begins at home, and justice begins next door.
Charles Dickens

A girl phoned me the other day and said... Come on over, there's nobody home. I went over. Nobody was home.
Rodney Dangerfield

Always be nice to your children because they are the ones who will choose your rest home.
Phyllis Diller

Ten men waiting for me at the door? Send one of them home, I'm tired.
Mae West

Basically my wife was immature. I'd be at home in the bath and she'd come in and sink my boats.
Woody Allen

I have Social Disease. I have to go out every night. If I stay home one night I start spreading rumors to my dogs.
Andy Warhol

Do you know what it means to come home at night to a woman who'll give you a little love, a little affection, a little tenderness? It means you're in the wrong house, that's what it means.
Henny Youngman

My wife met me at the door the other night in a sexy negligee. Unfortunately, she was just coming home.
Rodney Dangerfield

CREDIT: For People Who are Thinking About Buying Real Estate

Over and over again, I am running into people who would like to buy real estate and find that they cannot get approved for a mortgage, because they have credit issues. I know this is not some big revelation. I know it is the headline in the news everyday right now. Some of these credit problems are big and will take years to straighten out and others are small items, which can be fixed in a 3 month time period. It may seem hopeless, but it doesn't have to be. What should you do if you find yourself in these circumstances?

First, don't delay and put off your credit problems. It is very easy not to open the mail, screen your calls and forget that the problem exists, but there are solutions. There are non-profit credit counselors available for help in these matters. They can help you straighten out your credit, inform you about the home buying process, and help you qualify for grants if you are eligible. I had one client go through a program, get her credit straightened out and get pre-approved for a mortgage by virtue of participating in what was available at the credit counseling agency. Further, the sooner you start, the sooner you can get your credit cleared up and approved for that mortgage. The next thing will be to find the HOUSE!

Some people suffer from another credit problem and that is no credit. They have never had a credit card, a utility bill, car payment or even a cell phone bill. You do need to establish some kind of credit to get pre-approved for a mortgage. You may want to apply for a major credit card, use it and pay it off in full (don't create a credit problem), get a cell phone, etc.. Credit counselors can also help you when you find yourself in this circumstance.

The Department of Housing and Urban Development provides a list of approved credit counselors around the country. Please, see the following link for Philadelphia HUD Approved Housing Counseling Agencies. At this link, you will also be able to search for credit counselors in other areas.

Second, I would start putting away some cash. These days, you will most likely have to come up with at least 3% of the purchase price for a down payment, appraisal fee (could be as much as $399), inspection fees (in Philadelphia, I would estimate $450) and any other closing costs not covered by a seller assist. If you do not get a seller assist, it is safe to estimate that the closing costs will be 7%-9% in Philadelphia.

Another thing to consider, in this process, is getting your paper work together. Get copies of your bank statements ready for the mortgage company, copies of pay check stubs, and copies of your tax returns. They will be asking for them between the pre-approval and the mortgage commitment. Be prepared to give them any updated copies of the aforementioned documents and copies of the resolutions of any credit problems you may have had. Unless, they have approved a "gift" of money, they are going to want to see that the money you have and some reserves have been in the bank for 2-3 months.

I would stress above all, do not delay. Get working on the problem so that there is a solution in front of you and a time frame laid out to solve the problem. The sooner you address these problems, the sooner you can be in your own house.

Photos of My Neighborhood * In South Philly

Today, was too nice of a day to sit inside at the computer to write. I went out early, ran some errands, and had tacos for lunch. I came home. I took a nap. I got up to take a walk with camera in hand and took photos of my neighborhood for those of you, who read this blog and are not familiar with what South Philly looks like.

My Block







Two rehabbed houses on Jessup Street, the street behind mine.



This is what typical alleyway looks like... gate and all

East Passyunk Avenue runs at a diagonal
through my neighborhood.
It has cute shops and restaurants.






































Living in Philadelphia, you sometimes forget,
there are murals everywhere

10xx Cross Street, runs between 10th and East Passyunk
A normal block with three huge houses added in recent years















My New Friend, Steve

Lady taking her bird out for an airing on 10th Street







Wall by Isaiah Zagar





Just thought the garden looked pretty - right off Tenth Street



Annunciation Parrish

Gino's Steaks and Pat's Steaks sit at the end of the market
People call it the Italian Market or Ninth Street
This is just the South of Washington Avenue. There are actually more stores and stalls on the North side
But I was there too late for it to be open
This is where you saw Rocky Balboa run

Center City from South Philly



Geno's and Pat's Steak sit across the Street from each other

Geno's Steaks



Cheese Fry and Drink Window



Steak Window





Pat's Steaks

My New Friends from NYC I met at Pat's Steaks
... but I think they ate at Geno's











Building on East Passyunk



Sign on East Passyunk for Karate School

St Pio Festival was today at Annunciation Parrish



Elvis and his fans






I wished this photo came out better .. they all looked so thrilled





Food!



This man was as impressed by me as he was by Elvis



PARKING SIGNS - Parking is at a minimum in South Philly




Italian Gear



The Food

Face Painting

Pop the Balloon ... a lot of work for what?



The Rides







Mom and Dad watching their son

Isaiah Zagar's Studio (I think) * 10th & Watkins

http://www.isaiahzagar.org/

















Studio at 10th and Watkins * Next to Convent







Mummers .. Viking Club House ... Fancy Brigade

PARADE: VIDEO: String Bands Link

SERENADE FOR VIKINGS: VIDEO: Link



Different Fronts in the Neighborhood





My Block at Sunset



House with the nicest flowers .... always



My Neighbor ... selling me Cherries