Credit Report News, Tips & Advice
Website CertifiedPrivacy Protected
Credit Report News, Tips & Advice « Credit Reports > Credit Report News > Homeowners with Credit Report Woes Gather in California

Homeowners with Credit Report Woes Gather in California

By Faye Mergel
Published: Wednesday, October 21st, 2009

Homeowners from several parts of the United States gathered in California yesterday in hopes of finding a way to keep their homes. A non-profit organization launched a program in Daly City that aims at providing debt-troubled consumers with loans that could help them keep their homes. Homeowners camped around camp palace, waiting for an opportunity to avoid foreclosure.

Homeowners with Credit Report Woes Gather in CaliforniaTroubled credit reports reflect the present situation of most Americans: drop in income, loss of a job, and debt problems. One more thing that consumers could not take is losing their home. That why they continually find means to get their mortgage refinance with the hope of keeping at least part of the American dream.

Yesterday, 1,000 homeowners from different states camped in Daly City to get refinancing through the Neighborhood Assistance Corporation of America (NACA). Hopefuls came from Southern California, Georgia, Atlanta, and several other states. They all have tarnished credit reports caused by economic recession and job losses. One more thing they have in common: they refuse to give up their homes without fight for it.

Consumers say they want to at least give it a try and see what the program could do for them. Many of them interview revealed that they work two jobs but layoffs caused them to lose at least one of their jobs.  A San Clemente resident narrated how losing one of her jobs has kept her from paying her $2,500 mortgage. She explained that under normal circumstances, a single job would be enough.

But as every homeowner sees, these are no ordinary circumstances. With the value of real estate collapsing because of economic crunch, most homeowners are either in the verge of foreclosure or short sale. Before September ended, analysts recorded a 17 percent rise in foreclosure rates. During the first three months of 2009, the number of foreclosed homes is at 90,696. Completed foreclosures reached 106,007 during the second quarter.

Foreclosure is very serious to mortgage lenders and typically stays in a credit report for 7 years.

Campers in Daly City know that well that is why they patiently waited for aid on their mortgage payments. Doors of the Cow Palace, where NACA will conduct its assessment, will not be opened until tomorrow at 9 a.m. The organization, however, warned consumers that the program is only for homes lived in by the owner.

Getting a new mortgage loan is also an opportunity for homeowners to rebuild their creditworthiness. As explained by experts, homeowners who get a loan and pay in due time will get positive marks on their credit report.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.