It seems kind of silly to have to ask the question, "is that a bedroom?" when you see what obviously looks like one. Our friend, you might just be surprised that what you see might NOT be a bedroom
Getting A Mortgage Approved If Your Identity Is Stolen
The phrase that sends a definite, deep chill down your spine, "Identity Theft". Rampant more than ever in today's society, theft of one's identity affects just about every aspect of life, from credit to retirement. If you've been an unfortunate victim of identity theft, are your hopes of obtaining a home loan gone forever? Not so advises the website www.themortgagereport.com.
According to a recent article, The Mortgage Report revealed that at least 7 million Americans (seven percent of adults) experienced at least one incident of identity theft in 2014, according to the U.S. Bureau of Justice Statistics. That number is sure to be higher today. While identity theft can be undeniably devastating, it doesn't necessarily mean that you should give up home in your quest for a home loan. Identity theft is becoming part of life in the information age, and believe it or not, mortgage lenders do understand this fact, and have some very special guidelines that can be followed to determine your eligibility in the case of identity theft injured credit.
The first step in the process is of course to report the identity theft and have proof. Once the theft is on record, the lender can utilize a special process to get around 'significantly inaccurate' information that may cloud your credit score due to a theft is called a "manual underwriting". Instead of using a computerized system to run an automated underwriting, lenders can go through your credit report and application line-by-line to apply “make sense” guidelines. For example, if your credit history has no major blemishes prior to the identity theft, it’s easier to make the case that you’re a good risk.
Have you been an identity theft victim? Want to learn more? Call us! We have trusted lending partners that would be glad to sit down and discuss your situation. Our office phone is (423) 433-6517, or just come by our office inside Keller Williams Realty at 1033 Hamilton place in Johnson City. Let's get you on the move!
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Wes Shields, Team Owner and Listing Agent for The Shields Team at Keller Williams Realty of Johnson City Tennessee, has a long and very impressive list of accomplishments in his 10+ years in the real ....
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You've become obsessed with your credit score, guarding it carefully, and keeping a close eye on it to have everything in order when you apply for a home loan. That score will will not only affect