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    Western Massachusetts
  1. You not having your actual copy of the lien being paid should be no big deal, it is public record in most all states and easy to get a copy of. In MA, they are with the Registry of Deeds, and can be viewed and copies purchased right online. You can either go that route or just call the IRS and ask them to send out another copy, there usually isn't a charge for it. It's good to have acopy to send the CRA's with your letter if that's what you're doing, it saves them the trouble of bouncing the request back to you or it being tied up for months while they await a copy of something you can get right away yourself. Good luck.
  2. http://www.daveramsey.com/article/the-truth-about-teens-and-credit-cards/ http://www.ehow.com/info_8224276_causes-giving-teenager-credit-card.html http://financialplan.about.com/od/creditdebtmanagement/a/StudentCredit.htm
  3. I just went through FHA financing on a new house through First Niagara Bank, here's what I can pass along, hopefully it's helpful. 1. Get REAL friendly with your loan officer. Ours was the senior loan officer for the branch and I made several semi-social trips to her office to check in and talk about loans and the real estate market and let her lead the conversations and "educate me" even though some of the stuff I already knew. In the end she like us so she was able to overide a few blips that came in from underwriters on our credit reports. 2. Here's the actual quote right off of the FHA website concerning debt to income ratios: FHA Debt-to-income Ratio RequirementsFHA loan requirements include a maximum debt to income ratio. When a borrower applies for an FHA mortgage, they are required to disclose all debts, open lines of credit, and all possible approved sources of regular income. Using this data, the bank and the FHA calculate the borrower's debt-to-income ratio. How much can that ratio be? According to the FHA official site, "The FHA allows you to use 29% of your income towards housing costs and 41% towards housing expenses and other long-term debt." Those percentages should be examined side-by-side with the debt-to-income requirements of a conventional home loan. In many cases the borrower gets only 28% of the income to put toward housing, and 36% of the income to put towards housing expenses and other debts. Do these numbers seem unforgiving? The FHA does offer some flexibility in the debt-to-income ratio requirements under the right circumstances. An FHA loan applicant may be given some leeway with debt-to-income ratios when they have a large down payment, net worth that shows the lender's flexibility is justified, or the buyer has the ability to pay more because of a large savings account or other cash reserves. FHA guidelines also offer flexibility in this area for borrowers applying for less than the maximum FHA loan terms. Do you anticipate lower monthly housing expenses at some point? That can also change the debt to income ratio. Have a detailed discussion with the loan officer about these issues--you may be able to have the debt to income ratio re-calculated to get the loan you need. 3. Credit Scores: Our bank officer told us we would be fine if we were over 620. We got pre-approved for $425,000 when applying jointly with scores of 636,651, and 663 for here and 666, 689, and 709 for me. Again, here's an article on credit score requirements right from the FHA website: Minimum Credit Scores for FHA LoansBecause of changes in legislation, lending requirements and related issues, FHA regulations and underwriting requirements are subject to change from time to time. Some of the changes come as part of new laws that close legal loopholes, improve the fairness of the FHA mortgage loan process, or modernize the FHA loan program. Other alterations are made in response to current market conditions and economic issues. Because of the changing nature of the FHA home loan program, the information new house hunters may have gathered a year or two ago when considering a new home may not be the same if they chose to wait to start the loan application process. This is definitely the case for any potential borrower who investigated their FHA loan options before September 3, 2010. That's the date the FHA issued new guidance on the minimum credit scores needed for certain FHA guaranteed home loans. Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, "limited to 90 percent LTV". Applicants who have a minimum decision credit score of less than 500 are not eligible for FHA mortgages. Those with credit scores of 500 or better are eligible for 100% FHA loan financing with no down payment required when using the FHA 203(h), Mortgage Insurance for Disaster Victims. The FHA does make allowances for loan applicants with a "non-traditional credit history or insufficient credit" may be able to be approved for an FHA loan if they meet FHA requirements for such circumstances. The minimum credit scores listed here are in effect for most FHA home loans for single family residences with a few exceptions which include (but are not limited to) Title 1 HECM loans and HOPE For Homeowners loans. Always ask an FHA loan expert or your local FHA lender about your credit score and what you qualify for. Don’t assume you cannot be approved for an FHA insured home loan--do you have changes in your credit score since the last time the credit reports were run? You may have options that can improve a poor credit score over time. Some potential borrowers may need to spend a year or so repairing bad credit and establishing a reliable payment history. Those with past credit problems can often improve their scores over time and become eligible even under the new updated FHA minimum credit score requirements. The first step is to request help from the FHA for credit counseling or first time homebuyer counseling. Help is available at FHA.gov. 4. As far as the girlfriend thing, i'm sure you know if you put another person on a mortgage that you're not married to, you may as well be considering what you'll have to go through if one of you bails on the relationship, so make sure you're doing it for the right reasons and not just to get a bigger or more expensive house. We live in Ma and actually own another home near a university that we turned into a rental property. when going through the mortgage process at least here in MA, they wanted to see a signed lease, and at least 6 months of payments and bank statements from the property account and taxes from the previous year on the property to show we didn't need that money to pay the new mortgage. hope that helps some, good luck.
  4. I had an old Providian/WAMU chase card that went south, it went through Asset Acceptance then sold to another JDB in New Jersey........ Junk Debt Attorney Howard Schiff was attorney for the Jersey JDB........I was brought into court and fought my own case and won. One of the main key factors was that in tracing papertrail back to original creditor, Asset Acceptance had the least and worst verifiable paperwork, they had a robosigned letter of assignment with no info on me or my account and were unwilling to provide anything else because it would cause them to have to "open their books" which they had NO interest in doing........Fight Asset, they are just JDB bullies who will run if you bark loud enough......also it took several more months after winning to get the Chase account removed from my credit file, Chase doesn't endorse them nor will they acknowledge any pay for delete letters: you'll just be paying someone who paid 3 cents on the dollar for your debt who will give you an empty PFD promise....
  5. Asset Acceptance is a joke....... I had a providian acct. that went bad that Asset Acceptance tried to collect on and I squashed, then they sold it to a JDB law firm who sued me: I went pro se and it got dragged out almost a year and and I won on my own.......one of the key things that won it for me was when they tried to trace back the assignment they had to go through Asset Acceptance, and all they had was a blanket assignment letter for my providian account: the assignment made no reference to me speicifically, my account number, or how much it was bought for, and there were no exhibits attached to the assignement showing full chain and how $$$ was figured....hopefully should be easy for you to make them go away
  6. Also, it seems states may not be too far behind in allowing the withdrawl of paid liens, just found this article from May for California: Wyland Legislation to Help Taxpayers and Small Businesses Advances FOR IMMEDIATE RELEASE: May 11, 2011 CONTACT: Julie Hooper @ 916·651·4038 SACRAMENTO, CA— Today, legislation authored by State Senator Mark Wyland (R-Carlsbad) and sponsored by Board of Equalization Member George Runner unanimously passed the Senate Governance and Finance Committee with bipartisan support. Senate Bill 228 would allow the State Board of Equalization, the Franchise Tax Board or the State Controller to withdraw paid tax liens. Under current law, California’s tax agencies can place a lien on a taxpayer’s property when the taxpayer is unable to fulfill their tax liability. The same taxing authorities can release a lien when a taxpayer pays off their outstanding obligation along with any additional interest and assessed late fees. However, a withdrawal is needed to remove the lien. Tax agencies do not have the statutory authority necessary to withdraw a tax lien, even if it was filed in error. Without a withdrawal, the lien affect a taxpayer’s credit score for up to ten years. “It is difficult for an individual or business to get a loan if their credit report shows a tax lien. As a former small business owner, I know how important it is to be able to secure a line of credit.” said Wyland. SB 228 would conform California’s tax lien withdrawal procedures to the federal procedures implemented by the Internal Revenue Service (IRS) 10 years ago. “During this difficult economic time, we need to do everything we can to help businesses get a fresh start. This is a pro-consumer, pro- small business bill that will help thousands of Californians,” Wyland said.
  7. ArtVandelay421 I live in MA too at the other end (Western MA). The IRS just released another press release Monday in relation to loosening up their restrictions on spousal innocence regulations. I think in general they are starting to come around to what everyone else sees as common sense: take care of your obligations and be given the opportunity for a fresh start. If the liens wer ejust in your name they shouldn't be appearing on her public info section of her credit report: if they were in her name as well then the IRS withdrawl should have her name as well which should help clear things up. If all else fails, I had 2 friends I was helping to clear up their liens too in MA and they ran into some trouble with Equifax. All EQ was doing was confirming that there was a lien and they did see it was paid off, but they didn't research enough to see the withdrawl too and read it. Even though it goes against the credo to never talk on the phone to CRA's, each called and eventually got to a manager and sat on the phone while they had the manager go on the internet to the MA Registry of Deeds website where all these documents are public information free to the public. Once the manager saw the withdrawls they authorized the releases right there and corrective letters went out the same week. If it comes to that just be sure to verse yourself on the Registry website for your county, as these managers won't have the time or patientce to try to navigate through the sites themselves. Good luck! PS by the way here's the latest IRS press release on spousal innocence: http://www.irs.gov/newsroom/article/0,,id=242867,00.html
  8. So far as I know this new policy is in relation only to Federal Taxes but hopefully States will follow suit
  9. http://fpu.chuvala.com/ Scroll down to the Worksheets from the FPU Workbook section good luck, it works
  10. By the way, as a follow up to my posts about the liens being removed, yesterday I got the official follow up letter from the IRS: Dear Mr. xxxxxxxxxx, This letter is to inform you thar we have reviewed your request for withdrawl and that the Certificate of Withdrawl of Filed Notice of Federal Tax Lien pursuant to Internal Revenue Code Section 6323(j), concerning xxxxxxxmy namexxxxxxx, number xxxxxxsocial security numberxxxxxxxxxxxxx has been approved: * Lien serial number xxxxxxxxx recorded with the US District Court, Boston, MA on xxxxdatexxxxx in the amount of xxxxxamountxxxxx * Lien serial number xxxxxxxxx recorded with the Registry of Deeds, xxxxxcountyxxxxx, MA on xxxxdatexxxxx in the amount of xxxxxamountxxxxx * Lien serial number xxxxxxxxx recorded with the US District Court, Boston, MA on xxxxdatexxxxx in the amount of xxxxxamountxxxxx The Certificate of Withdrawl will be recorded with the office where the original Notice of Federal Tax Lien was filed. The withdrawl notice shows the original Notice of Federal Tax Lien will have no effect against any property(s) you own or are a partial owner of. For your convenience, I have included a facsimile copy of the Certificate of Withdrawl that will be filed with this letter. Additionally, copies of all of this information is being forwarded to the credit reporting agencies that you indicated and requested in your filing. Please contact us if any of these agencies continue to report this public record longer than 60 days beyond the date of this letter. If we can be of further assistance or if you have any questions regarding this matter, please contact us at xxxxxxxxxxxxcontact infoxxxxxxxxxxxxxx. Signed, xxxxxnamexxxxxx Acting manager Advisory Group Internal Revenue Service
  11. It should all be public record informatiion accessible to you, possibly in civil court.....in Massachusetts it goes throught the Registry of Deeds and Land Court, the whole reason they file liens is to attach any property or future property you own.......sounds like you are clean on the federal but maybe have to track down the state info......a lot of the times there can be a lien but it is just internally known and not filed in any court too...you may wanna contact your state's department of revenue and request copies of everything they have on you relating to liens, they have to provide it to you.then look through whatever they give you.......may save some court researching because the IRS and/or state can file a lien not just in your county, they can file it in the state's capital county or the county where their office branch is...good luck, keep us updated......
  12. Every state should have what's called a Division of Banks. It's just like it sounds, mostly oversight of banking in that state: they also cover businesses such as debt collectors. Here's the link to the division for your state: http://www.dbcf.state.ms.us/general.asp They will either have on their website or in their department, a full database of every licensed debt collector in the. Search for the database or call them and request it and there's your answer, good luck. It will also list all of the JDB addresses and phone numbers they operate under if licensed.
  13. Usually after 2 years the value of negative payment history starts to drop off, so just keeping up on the positive factor payments will help for down the road.......sounds like it's time for a big overhaul though to start cleaning out those old collections accounts, some of them may be there illegally, who are they spread out with, original credtors or JDB's, how many, and how much each....that's where you have a real shot of raising your score is to start cleaning those out and getting removals
  14. Here's a loose reference to how credit scores are determined: 35 percent – An individual’s history of making credit payments on time 30 percent – The total debt to available credit ratio 15 percent – The length of time credit lines have been open 10 percent – The frequency with which someone applies for new credit 10 percent – Other factors such as the types of credit lines With that being said getting a secured loan can't hurt. I always advise people to try to get one they can pay back in half the time to show good payment history and keep teh debt to ratio down. It requires some discipline, but what I've seen work for people in the past is to come up with $1,000, get a secured loan for $1,000, set it up as a 12 month personal loan, and pay it back in 1/2 the time. The discipline comes in not spending the $1,000, but setting it aside and making those payments on time for 6 months...this builds a good loan relationship with your bank and establishes positive credit history factors.....once it's paid off wait 2-3 months and repeat so that your score isn't getting dinged with constant credit inquiries that will come with applying for credit.......a credit union is one of the best ways to go, NEVER go with secured credit cards if possible, there's always hidden fees and scams out there.....other than that only time will help raise your score...good luck

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