Margaret – Economic Downturn Leads To Loan Modification
Credit Score: 657 to 715
Length of Enrollment: 219 Days
Margaret never had any financial problems until the economy took a dive. Her credit score had been in the 800s and the only negative item she ever had on her report was an incorrect late payment. She cosigned on a loan modification when everything fell apart. She did not realize the credit consequences, “there was a bunch of stuff I didn’t know, I didn’t know what to expect. Lenders all just kind of lost their minds and were doing crazy stuff.”
Margaret was looking to buy a house because the rates were low but they were beginning to shoot up. However, she was kept out of the market by her credit score. Her report showed her bank loan was near default because of lack of payments, but she was diligently making all of the payments. The bank was accepting the payments but was not posting them. Other items were not hers and others were reporting inaccurately as well. It looked like she was bankrupt with an impending foreclosure.
She tried to work with her bank for a year to get it sorted out, but the bank brushed her off. Her lender recommended she use Premier to be able to qualify. Working with Premier, everything but one item was taken care of, which her lender solved with the use of a credit supplement. As soon as Premier finished, Margaret bought and closed on the home she is living in now. As it will be her last home, it was very important for her to get the lowest rate.
“It was good, I’m in a house now. I think that’s a lot of people’s goal, get things fixed. He had a lot of good advice on things to do and I did ‘em and that helped get my points up. So yeah, I’m a happy customer. It accomplished everything I needed. It did everything it needed to do."
“It actually all happened the way it was supposed. I know that doesn’t happen very much so I feel fortunate. I got hooked up with the right people."
“It just worked out really well and I didn’t know if it would or not but it was worth trying. I couldn’t have had a better experience, you could tell people call me. Things could not have worked out better. I’m not kidding either. Believe me, things don’t always go like that for me."
“It just worked out really good. The longer people wait to get their credit fixed, the more expensive everything is going to be. It’s not going to be any better than it is today. Everyone who is waiting for it to get better, it’s not going to happen. It’s just going to get more expensive, houses are going to get more expensive, rates are going to go up. There’s no reason to wait. You just need to get it done. It was well worth it. I’d do it again.”