Dear Friends,
The posted article is without a doubt the biggest bunch of @#$% ! It is written on the premise that the all mighty FICO is the end all, be all to living our lives with anything that resembles happiness. Its a lie! I have no credit cards and am never going to attain/use one for the rest of my life. For all who worship at the altar of the great FICO, I hope you all awaken to find out just how absolutely taken in you have been by the deception.
CW is sending me a package tomorrow via FEDEX. They claim it has documents detailing a loan mod which reduces our mortgage payment. I've been told this new payment will need to be made on a trial basis for 3 months, after which the loan will be modified permanently. People, unless this offer is one which affords me long term financial peace, which I highly doubt, I will decline it and seek a better life back in apartment living from whence I came.
For those who might be worried about attaining a place to live, fear not. I have been in contact with several complexes in my area here in the bay area(ca) and they all are accepting people like us, as long as the foreclosure is the only derogatory item on your report. They have been left little choice as 95% of their applicants are in the same boat.
Good luck to you all. I too tried to work with the lender and started long before going into arrears. Over 8 months prior to be exact. I too was told"sorry, you are current-we have no programs for people like you".
There is no equity in our society. We are prisoners to the world of credit. We have been sold an idea, you can get whatever you desire through leveraging your incomes to the hilt. Folks-your income is your greatest wealth building tool. But, how can you build anything with it when it goes out to pay a myriad of payments each and every month. We have become slaves to the great FICO score! Its nothing more than an I Love DEBT score!
If you are paying more than 25% of your take home pay for mortgage- get out of your house and regroup.
all the best!