For Your Information
When you are in financial distress and can't make those credit card payments and they
are ready to be charged off, call your credit-
ors and negotiate with them.
Try for a modified payment plan to lower
your interest rate and monthly payments or offer to settle. They would rather collect
money than charge-off your account. It also looks better on your credit report. A charge
off is very derogatory on your report.
Your payment history stays on your credit
report for 7 years from the time it is reported
to the bureau.
Bankruptcy and Judgments are for 10 years and will stay on your report from the day it
isreported to the bureau. Most lenders will
not lend until after 2 years have passed
since your bankruptcy was filed.

Establish-- or Rebuild -- Good Credit
The trick is to start small: apply with a local business, such as a department store or a
local bank or credit union. Local merchants
may have lower credit standards. Another option is a secured card, which is guarante-
ed by a deposit you make with the card
issuer. If you don't have credit cards now,
you can get references from your landlord, FPL and phone company anyone you pay
on time.



SUMMARY

Before you end up in Foreclosure
or filing for Bankruptcy call
HOME EQUITY PROTECTION .
We are here to help you
and show you a way to end the stress.
We understand and have the
expertise required to help you
sell  your home. Call today and get a  Fresh Start!
Toll Free (866) 655-5537



DISCLAIMER
 WE ARE NOT ATTORNEYS. AND DON'T REPRESENT TO
BE ATTORNEYS. HOME EQUITY PROTECTION MAKES NO EXPRESS OR IMPLIED REPRESENTATIONS, WARRANTIES,
OR GUARANTEES WITH REGARD TO THE APPROPRIATENESS, ACCURACY, SUFFICIENCY, CORRECTNESS, VERACITY, COMPLETENESS, OR TIME-
LINESS OF SUCH INFORMATION. HOME EQUITY
PROTECTION EXPRESSLY DISCLAIMS ALL WARRANTIES
OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUD-
ING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES FOR
A PARTICULAR PURPOSE AND NON-INFRINGEMENT.
HOME EQUITY PROTECTION SHALL HAVE NO LIABILITY
TO YOU OR ANY OTHER USER OF SUCH INFORMATION
OR TO ANY THIRD PARTY FOR ANY LOSS, EXPENSE, OR DAMAGE, INCLUDING CONSEQUENTIAL, INCIDENTAL,
SPECIAL OR PUNITIVE DAMAGES CAUSED DIRECTLY OR INDIRECTLY BY THE USE OR RELIANCE UPON SUCH INFORMATION. ANY INFORMATION USED FROM THE HOME EQUITY PROTECTION BROCHURE IS DONE AT YOUR OWN RISkK.


Back to the first page

BACK TO HOME PAGE
 Credit Scores
The FICO(Fair Isaac Company) score is
used as a predictor of whether you are likely to repay a loan according to the loan terms. The scoring system is from 300-850. A score of  620 and above  are deemed to be "A" credit borrowers. Even if your score is lower you
can still qualify for a mortgage. You will have other less favorable terms to deal with
though. Most lenders use all 3 FICO scores(from each credit reporting agency). They eliminate the highest and lowest and use the middle score. Some Factors used to determine your score are: amount of current outstanding credit, how you have paid it back (borrow from Peter to pay Paul) this is a derogatory pay back, any past credit prob-
lems (late payments, bankruptcies, etc) and other undisclosed factors.
Your credit history over several years determines your score. The score cannot be increased in a short time frame. However,
the FICO score is recalculated every time your score is requested. It will be lowered if you substantially lowered the balance on a
maxed out credit card. Over the long term you can improve your credit worthiness by: reducing your total indebtedness, making
your debt payments on time and in full, closing out unused credit accounts, and avoiding bankruptcy and foreclosures!
Back to the first page
BACK TO HOME PAGE


The Truth About Bankruptcy

There are two different types of Bank-
ruptcy for the consumer to use: Chapter
7 and Chapter 13.
Chapter 13 is a reorganization of your
debts. You have to submit a payment
plan according to your future earnings to
pay off your creditors. The payments
will be automatically deducted from your wages, for a minimum of 3 years up to 5 years.
Chapter 7 is considered a liquidation. It  
is the most common type of bankruptcy proceedings.  Liquidation involves the appointment of a trustee  who collects the non-exempt property of the debtor, sells it and distributes the proceeds to the credit-
ors. Bankruptcy and Judgments will stay
on your credit report for 10 years from the day they are recorded and reported to the credit bureaus. Most lenders will not lend
on a mortgage until after 2 years from the date reported. See W ebsite at : www.floridabankruptcylaws.com
and   www.law.cornell.edu/topics/bankruptcy.
html