FOR IMMEDIATE RELEASE

ApprovalGUARD (iQual Corporation) and RISMedia & the Top 5 in Real Estate Network^®’s 2009 Leadership Conference Drive Industry Toward Market Recovery

 More than 1,000 real estate professionals attend company’s most powerful—and inspiring—event yet

September 15, 2009 — ApprovalGUARDä (iQual Corporation) was proud to have their President & CEO, Jeff Mandel speak during RISMedia & the Top 5 in Real Estate Network®’s 2009 Leadership Conference, on September 9-10 in New York City.

Mr. Mandel participated as the key event speaker in the powerful and informative session titled on consumer credit.

In the midst of a difficult real estate market and struggling economy, approximately 1,000 real estate professionals enthusiastically attended the conference. An impressive showing of Top 5 Members, brokers, economists, leading industry icons and dedicated agents gathered to exchange strategies for surviving today’s market and preparing for prosperity again in the near future.

Held at the Roosevelt Hotel in midtown Manhattan, the Leadership Conference featured nearly 90 expert speakers over the course of 20 educational sessions. The theme of the Conference, “Preparing for Tomorrow…Today” was reflected in the variety of subject matter presented at the conference, such as working with distressed properties, mastering new social media marketing, getting buyers off the fence, and listing and repricing properties.

“The high level of attendance, combined with the palpable level of enthusiasm and energy at the Conference, reminds me that it is these top real estate professionals who will lead our industry out of its current slump,” said RISMedia President & CEO and Top 5 Co-founder & Chairman John Featherston. “We are still in difficult times, but there are signs of recovery dotting the landscape and the optimism, talent and thought leadership displayed by the esteemed speakers and attendees at our Conference gives me extreme confidence in the full recovery of the real estate market.”

The Leadership Conference opened with a private luncheon and networking session for members of the Top 5 in Real Estate Network who were in attendance. The standing-room-only event was hosted by: Featherston; RISMedia Executive Vice President and Top 5 CEO & Co-founder, Darryl MacPherson; and Top 5 President & Co-founder Allan Dalton. Top 5 Economist John Tuccillo provided a detailed economic analysis of current market conditions for members and Dalton introduced a new, exclusive marketing program now available to Top 5 Members.

For detailed recaps on Conference sessions and Top 5 Member news from the Conference, please stay tuned to RISMedia.com and Top5inRealEstate.com.

For more information on RISMedia & the Top 5 in Real Estate Network^®’s 2009 Leadership Conference, please contact Stephanie Andre at stephanie@rismedia.com.

RISMedia, the leader in real estate information systems, has been providing the industry with news, trends and business development strategies for nearly 30 years through its flagship publication, Real Estate magazine, its leading website, RISMedia.com, and its renowned networking and educational events. RISMedia’s Top 5 in Real Estate Network^® is a membership network of leading real estate professionals providing leading real estate information to consumers. To qualify for membership in the Top 5 in Real Estate Network, agents must meet specific criteria in five key categories: experience; results; education; information technology; and commitment to community. 

Contact: Stephanie Andre, 203-855-1234 x141 – stephanie@rismedia.com

RE/MAX PARTNERS WITH IQUAL

Consumer Credit Articles to Appear on Remax.com

(Denver, CO, September 10, 2009) – RE/MAX International, Inc. recently announced a partnership with California-based iQual Corporation whose flagship product, the ApprovalGUARD™ Service, is designed to help consumers understand and manage their credit profile. The terms of the partnership will allow RE/MAX to provide consumer credit information and articles written by professional credit experts on the most visited real estate franchise web site*, remax.com.

            “Consumers have always found it difficult to understand their own credit, but in today’s market many are also finding it harder to qualify for credit, and are looking for resources to help them proactively manage their personal credit profile,” said Marnie Blanco, Vice President of eBusiness at RE/MAX International. “Remax.com is a one-stop hub of consumer resources and information on everything from preventing foreclosure and choosing a contractor, to finding an experienced agent in your neighborhood. Now, our partnership with iQual will allow us to provide consumers with a host of easy-to-read articles to help consumers become experts on their own credit health.”

            Each article featured on remax.com will link to iQual’s website where consumers can find more resources and even credit coaching options. Remax.com visitors will also be able to use a promotional code, offered on each article, to get a 30-day no obligation trial of iQual’s service which includes credit reports, credit scores, a dedicated personal credit coach and a private credit review session by phone.

While iQual does not provide credit repair services, the company focuses instead on educating and coaching consumers as well as providing them tools and resources on how they can more effectively self-manage,  build and optimize their  overall credit and debt profile.

            For more information on iQual’s ApprovalGUARD Service visit http://www.approvalguard.com. For more information on RE/MAX International or to search for property listings, visit http://www.remax.com.

 *ComScore, Jan-June 2009; Compete.com, Feb. 2008-June 2009; Hitwise, Jan-June 2009.

          # # #

 About REMAX International, Inc.

RE/MAX was founded in 1973 by Dave and Gail Liniger.  From a single office in Denver, Colorado, it has grown into a global network of nearly 100,000 Sales Associates in more than 70 countries, an international presence greater than any of its competitors.

 RE/MAX has been honored as the leading real estate franchise for 9 of the last 10 years in the oldest and most respected ranking, “The Franchise 500 Survey,” published by Entrepreneur Magazine.

 Today, all the home listings in thousands of cities and towns can be found at www.remax.com, which is the most visited real estate franchise web site.
(ComScore, Jan.-June 2009; Compete.com, Feb. 2008-June 2009; Hitwise, Jan.-June 2009)

RE/MAX International is proud of its Premier Community Citizenship, which has raised over $100 million for deserving organizations like Susan G. Komen for the Cure, Children’s Miracle Network and The Sentinels of Freedom Foundation.  

For information on RE/MAX International visit:  http://www.remax.com  or  http://www.joinremax.com

About iQual Corporation  

 iQual is led by Jeff Mandel, it’s President & CEO along with a team of industry experts. The company was formed in 2007 and its flagship product, the ApprovalGUARD™ Service, has quickly become the standard in the next generation of credit services. iQual’s mission is to assist every person in the United States to manage their credit, debt and home equity more strategically in order to optimize both their current credit and future financial situation. The ApprovalGUARD service is focused on providing every one of its customers with the credit education and support they need to more effectively understand and manage their credit on a proactive basis, resulting in lowering their credit and debt-related stress.

 For information on iQual Corporation or ApprovalGUARD visit:  http://www.iqual.com or http://www.aprovalguard.com.

 Contact:  

Cory Jo Vasquez,

Public Relations Manager

RE/MAX International, Inc.

303.796.3667

 In the last year, have you experienced a credit card interest rate increase, a fee you felt was unfair or a credit line reduction for no specific reason?  If so, did you receive any notice or explanation why?  Were you aware of your options when your interest rate was significantly increased?  Did you realize that your credit scores were likely negatively affected by these changes?  For most Americans the answers are not favorable.  Many consumers across the United States feel as though they are held hostage to the credit card companies and deal with the lack of transparency as a “necessary evil”. To pour salt on the wound and highlight the magnitude of the challenge, it was reported that the credit card providers collect around $15 billion in penalty fees each year. 

The good news is that the government is trying to help rectify some of the challenges noted above. The Credit Card Accountability, Responsibility and Disclosure Act of 2009 — commonly referred to as the Credit CARD Act (“The Act”) was signed into law on May 22, 2009 and represents some of the most protective credit card consumer legislation in 60 years.  Everyone who uses a credit card should at least have a basic understanding of The Act and how it could impact their personal situation and credit profile.

 Effective August 19^th, 2009, two key provisions of the law take effect.  Until now, consumers were only given 15 days of notice if their interest rate was going be changed by their credit card provider.  Now they must alert you 45 days prior to any change.  For card holders who read their notices, this gives them reasonable time to call their creditor and “plead their case” for a better interest rate before it takes affect. If you have a good credit profile and they won’t reduce your rate then move your business to a competitor.  Secondly, card holders will now have 21 days instead of 14 to make their payments.  This is a real win for consumers who are fighting to keep on top of their bills and those who travel a lot.

 The most significant portions of the law go into effect February 22, 2010. Here are a few highlights of those changes:

• NO UNFAIR CHANGES – Unlike today, credit card issuers will not be able to change your credit status at anytime, for any reason. So, if you miss a payment with one creditor, another cannot automatically increase your interest rate or drop your credit limit which often unfairly affects your credit scores.
• RESTRICTIONS UNDER 21 – Consumer under the age of 21 will need a co-signor or a job in order to get a credit card. This is designed to help control the number of young, college-aged students building up on credit card debt and negatively impacting their credit profile before they even graduate. 
• OVER LIMIT FEE CONTROL – Credit card companies will no longer be allowed to let card holders exceed their limit without having the card holder’s permission to do so. Credit card companies make millions off the “over-limit fees” that range from $30-$50 per occurrence.  If you have not agreed to allow over limit exceptions your card will simply be declined, protecting your credit score and protecting you from over-limit fees.
• LATE FEES – If your credit card provider charges late fees they must clearly disclose them on your monthly statement.
• CREDIT CARD AGREEMENTS – Changes occur so often that consumers don’t know which agreement is accurate.   Creditors will now be required to have a copy of your credit agreement available for you on a website. 

Americans need a healthy flow of credit in our economy. However, for too long credit card company practices have steadily grown unfair against the consumer.  The Act takes a strong positive first step forward in creating transparency for everyone. Nevertheless, it is still critical to actively manage and monitor your credit profile to ensure you are fully aware of any changes..   For a complete summary of the Credit Card Act see the “Latest News” on the home page of www.approvalguard.com.

“There’s more flexibility with missing a payment,” said Careen Foster, director of global scoring product management for FICO. “If you have a more habitual pattern of paying accounts late, you’re more likely to get penalized for that.” If a consumer’s credit usage is high, that will be more likely to hurt his or her score with FICO 08. But getting close to your credit-card limits—even if you always pay on time—is penalized in some way in every FICO score, not only the recent edition, Foster said.

The new system has been available at all three credit bureaus—Experian, TransUnion and Equifax—since last month. The changes were made to provide lenders with a better risk assessment of borrowers, said John Ulzheimer, president of consumer education for Credit.com, a consumer education and advocacy site. FICO decided that one small library fine didn’t really predict whether a consumer was likely to default, for example.

With the changes, individuals who pose a low credit risk will probably see their scores rise a bit, and those who are high risk could see their scores drop, he adds.

FICO 08 also addresses “piggybacking,” a practice used by credit-repair companies to help people improve their scores, Ulzheimer said. In piggybacking, an individual pays to become an authorized user on a stranger’s account. The account holder gets paid for allowing the person to be associated with the account, and the new authorized user is able to improve his or her credit score.

“It was a practice to misrepresent what your credit looks like to your bank,” Foster said. FICO 08 aims to single out individuals who are named as authorized sources through deceptive means, Ulzheimer said. Those people won’t see their credit scores rise as a result. But the scores of legitimate authorized users will be treated as they always have been.

Borrowers shouldn’t expect their credit to be graded by this new scale on every loan they now apply for. Not all lenders have adopted the new model, though more than 400 lenders are using or testing FICO 08, the company said. In a statement, Equifax said, “Currently, many lenders and businesses are validating the new score within their systems, and adoption will vary by financial institution based on business requirements and market need.”

Many credit-card companies, auto lenders, regional banks and credit unions may have already adopted FICO 08, Ulzheimer said. But for mortgages, lenders doing traditional conforming loans backed by Freddie Mac and Fannie Mae likely haven’t made the move yet, he said. That’s because they’re waiting for Freddie and Fannie to approve its use. Freddie Mac and Fannie Mae “are essentially the lender, they’re the ones that set the underwriting criteria,” he said. Ulzheimer said he expects Freddie and Fannie to adopt FICO 08 by the end of the year. Fannie declined to comment on FICO 08; Freddie wasn’t able to provide a comment prior to publication.

While FICO 08 will help consumers’ credit scores in some cases, people still should take steps to improve their credit. Granted, it’s impossible for consumers to calculate their FICO scores themselves, said Rodney Anderson, of Rodney Anderson Lending Services in Plano, Texas. “It’s almost like the Coca-Cola formula. No one has access to the Coca-Cola formula, no one has access to the FICO formula,” he said. But by being proactive, you can start to work toward a higher score, something that will serve you well every time you apply for a loan.

Some suggestions for improving your credit score:

-Monitor your credit reports and correct errors. Look not only for negative events on your record, but also examine the credit limits to make sure they’re accurate. If the credit limits appear lower on the report than they actually are, that has the potential to hurt your score.

-Pay bills on time and keep card balances low. Your payment history, and the amount you owe on your accounts as a ratio of the amount of credit you have access to, are important components of your score. FICO 08 is more sensitive to high credit usage, and consumers may see a lower score if their reported balance on one or more cards is near the account’s limit.

-Take on new credit only when you need it. Some credit cards come with great offers, including a percentage off your bill if you sign up for one at the cash register. If you accept, make sure you’re getting a big enough benefit to make it worthwhile—taking on additional credit could end up dinging your score.

(c) 2009, MarketWatch.com Inc.

Distributed by McClatchy-Tribune Information Services

 Fortunately, as a result of our current economic environment and hopefully going forward, it is apparent that consumers are beginning to spend more time and thought on the types of credit they have and how it is used.  In parallel, banks and other creditors have begun to be much more restrictive about who gets approved for new credit and which consumers get the preferred interest rates and products. The reality is that consumers need to change their behaviors and adapt to the realities of the current environment and cannot wait for the market to change.  Here are some simple first steps to consider in Liability Management:

STEP 1: Active, Timely & Knowledgeable Communication –  Now is not the time to worry about your ego and be content that understanding 80% of what you need to know about your credit is good enough or say, “I’ll get to it tomorrow” because I don’t have time today. A client we’ll refer to as Rachel already had credit scores in the high 600 range but she was sinking fast after a salary cut and a layoff that lasted a few months.  Initially, she was not sure what to do and really wanted someone to help.  She was thrilled when she found the ApprovalGUARD service and was not only able to get help interpreting her credit report but she leveraged some of the credit and debt management education she learned from her personal coach which she applied and ultimately self-improved her credit score by over 88 points in a matter of months!  The key point is to not wait and find a knowledgeable person that is trained to help you.  Don’t base decisions on what your grocer, neighbor or best friend thinks…

STEP 2: Understand How Credit Works – 94% of consumers are challenged with understanding the basics and truths of how personal credit works to assure they have the best credit and debt profile possible.  In most cases they build credit over a lifetime of “trial and error”.  Even if you consider yourself knowledgeable about credit, the constantly changing credit environment creates a situation whereby everyone can use a trained professional to help be your second set of eyes and keep you educated.

STEP 3: Continually Evaluate & Monitor The Health of Your Current Credit Profile – Once you have refreshed your credit knowledge the first order of business is to evaluate your current credit and debt profile and establish a plan based on your short- and long-term credit needs.  A continual monitoring of your credit report and profile is no different or less important today than getting a physical exam by your doctor.  Special attention should be given to scan for accuracy and suspicious activity.

STEP 4: Watch for Red Flags – There are credit profile “red flags” that can indicate problems are brewing… Watch for things like: “maxing” out credit card limits, applying for new credit cards in order to survive, overdrawing your checking account, borrowing from friends to pay debts, not opening your bills and making only minimum payments on credit cards. 

STEP 5: Optimize Your Credit – Each of your debts should be periodically reviewed and analyzed.  Can I pay a little extra the next few months and pay off or pay down bills one or more at a time? Am I able to improve the terms (interest rates, duration, etc.) of the debt? Are there options I can take to improve my overall credit profile so that I’m more desirable to creditors for their “preferred” interest rates? Should I consolidate some of my debt?    Once I strengthen my credit and debt profile do I have options on my home, auto and credit cards to negotiate lower interest rates that would save me money monthly?   Everyone’s situation will be different but these are all questions Americans should be continually asking themselves. Many consumers are already well on the way to optimizing their bills as evidenced by consumer debt dropping $151.8 billion nationally in the first quarter of 2009 alone. 

STEP 6: Rethink New Purchases – Excellent credit is like an insurance policy.  When you need to use it you want to help ensure you qualify for the preferred interest rates and terms that will give you the best payment options based on your needs and capabilities.  Just to make this point consider the following live examples:  

 The big question is which interest rate you would have qualified to receive based on your overall qualification and credit profile.  The best way to stay debt free is to stay out of debt. However, maintaining your credit “insurance policy” is critical for special purchases like a home, car or major appliance when needed.  Don’t wait until there’s an immediate need because your chances of making a material and impactful change in your profile overnight is very difficult.

 Don’t let anyone mislead you.  It takes time, knowledge and planning to assure you build, optimize and manage your personal credit and debt profile so that you can help maintain the affordability of what you have and/or create a  better opportunity to qualify for preferred interest rates and terms on purchases requirement additional credit. Effective Liability Management all starts with the six steps above.  Although there are many services that can provide you with a copy of your credit report this is only part of the first required step. There has never been a more important time to seek the help of a professional and personal credit coach to help you ensure that your credit and debt profile is optimized not only today but on a continuing basis as well.

Candidates may email their resume or request a job description by email at  HR@approvalguard.com.    For general questions they may call 877-558-5595

 Many different things impact these decisions such as necessity, amount of money owed and perceived consequences of not paying. Intuitively, paying your mortgage/rent and car payment first seems like the easy answer.  However, many Americans are faced with the dilemma that the value of their homes and cars are currently less than the amounts they owe.   As a result, many believe they have no alternative but to turn the keys over and walk away.

We believe the challenge is increased because most consumers are not well-informed on either their options and/or the consequences of their actions. It’s important that consumers are both fully educated prior to making these decisions and the impact these decisions have on their credit profile in both the short- and long-term.  All too often an uninformed decision can result in a worse than expected result and a negative impact to their credit score. 

 There may be several steps a family can take to tighten their belt while strategically considering the best options that meet their needs and have the least negative credit score impact.  In many cases it all starts with simply making a list of their debts as they are today and then building a plan.   Each debt is reviewed to identify any and all options for reducing the monthly payment (interest rate change, term change, debt consolidation, selling of respective asset, etc).  Several reputable services, such as ApprovalGUARD.com, offer a personal coach and online tools to help consumers with tips on building their plan.   It takes a little work but when it’s all done it is typically well worth the time and effort. 

It’s important to note that meeting debt obligations on a consumer’s own terms will almost always end in better results than waiting for the creditors to make the decisions for them.  Though, this does not mean a consumer shouldn’t contact their lender. In the majority of foreclosures/defaults occurring across the United States, one of the borrowers biggest mistakes is that they never contacted their lender.  Home loans typically have the biggest overall impact on credit scores.   If a consumer is struggling to maintain their house payment the first steps should be to 1) contact their home loan servicer or lender, 2) explain their challenge and 3) ask them to assist with finding any available solutions.   Home interest rates are at their lowest point in years and for some homeowners simply refinancing their first and/or second mortgage will be the best option.   However, lenders have more options at their disposal today then ever, including President Obama’s HASP (Homeowners Affordability and Stability Plan), so there are multiple ways they can help consumers in lieu of foreclosing.

 Since its release in March, 2009, over 3 million borrowers have visited the Fannie Mae and Freddie Mac websites to see if they qualify for the program. Fannie Mae alone reported that in just two months they had over 233,000 eligible applications and Freddie Mac had actually closed 1,500 modifications since its release.   Hundreds of thousands more are expected to close soon.   The U.S. Department of the Treasury and HUD issued a statement in May that the program is expected to initially help up to 4 million “at risk” home owners and that Home Affordable Modification participants now account for more than 75 percent of all loans in the country.

 If you are one of the individuals or families that is struggling to financially survive every month the key is to not become one of the “statistics”. Regardless of your personal situation, each individual has an opportunity to take the guess work out of the process and then you can begin to understand your options to more effectively manage your credit and debt. The key is to the process is to become proactive because the importance of building a plan to evaluate and optimize your existing debt and credit has never been greater.  The good news is that options and services exist to help you weather this storm.

By

Jeff Mandel President & CEO

& Marlin Brandt COO

ApprovalGUARD.com

Making this problem worse is the ever changing landscape of the credit markets and economy.  Take one example: A consumer who had a credit score of 732 last year is now at 648, yet they have continued to pay all of their bills on time.

So what were the primary causes of this dramatic decrease in their credit score? First, the consumer had their oldest and most established credit card, from a credit worthiness perspective, closed by a creditor due to non-usage.  Second, two other creditors dropped the consumer’s available credit limits which negatively impacted their credit utilization ratios (i.e., amount spent each month compared to the credit limit).  In each case, these changes occurred for no other reason than the creditors’ overall concern for risk in the marketplace. The concerning part of this story is that it’s happening unknowingly to millions of consumers across the country who have GOOD to EXCELLENT credit.   If you are concerned whether or not this or a similar scenario has impacted you then contact us through the information provided at the end of this column.

A credit score is not the only thing that affects a consumer’s worthiness for the best interest rates and programs. How they manage their debt and how much cash is left after paying their debt on a monthly basis is another primary critical risk factor lenders evaluate when offering any new credit.  This key metric is called a consumer’s Debt-to-Income Ratio (“DTI”) and measures a consumer’s required amount of monthly payments associated with debt in relationship to their monthly income. The less remaining income a consumer has after paying all of their required monthly debt equates to a greater perceived risk by lenders.  The greater perceived risk could either ultimately result in higher interest rates and fees or no credit options at all.

So what should your customers do? 

1.     Understand How Credit Works – Although many consumers think they understand how credit works (i.e., “As long as I pay all of my bills on time I will have good credit), there are many misunderstandings.  Although this perception is generally accurate, it is only part of the equation and will rarely help a consumer establish “great” credit. Simply stated, the reality is that building great credit and credit scores is like making a fine wine; it takes good ingredients, planning and time. A consumer that thoroughly understands how strong credit scores and credit are created can establish “good” credit the first time.  However, the far majority of consumers manage to learn about credit through years of trial and error.  Understanding how credit reports and scores work to create an excellent credit profile is important and becomes the foundation to strong financial self management.

2.     Credit & Debt Optimization – Consumers need to take a snap shot of their current debt profile compared to their current income and liquid assets (i.e., cash, short-term investments, etc.) and then look for ways to “optimize” their debt.  Examples could include strategies to reduce credit card balances owed to lower limits that will help them strengthen their credit scores, reduce interest rates and/or create opportunities to move balances to lower interest rate debt alternatives. 

3.     Know What’s Going On – If you’re not managing your credit and debt profile then who is?  It’s important to review you credit at least three or four times per year.  By doing so you can monitor it for changes that may have occurred without your knowledge such as the example above. It’s also a great opportunity to self monitor your profile for errors or suspect activity such as identity theft. 

Understanding, building and self managing your credit is like changing the oil in your car.  If you do it regularly then the car runs better.  If you do it only when the engine has problems then you often find yourself in a challenging situation!   A good credit coach and credit reference tools can help you understand how to truly understand, evaluation and optimize your credit & debt. 

By Marlin Brandt – iQual Corporation

Avoid Foreclosure and Keep Your Home

A total of 3.2 million foreclosure filings from default notices, auction sale notices and bank repossessions were reported on 2.3 million U.S. properties during 2008, a 225 percent increase in total properties from 2006, according to Housing and Urban Development statistics.

The challenge to everyday families who typically pay their home payment on time is overwhelming. Double digit unemployment rates coupled with ever worsening economic conditions are leaving American families TAPPED OUT.  If you believe you are at risk of losing your home (i.e., in danger of losing your job, debt payments exceed your monthly income, mortgage rate adjusting to a level beyond your ability to pay, etc.)  it’s not too late to develop and implement a strategy because good solutions exist.  The first step is to call your lender.  It has been noted by many lenders that in the far majority of foreclosures, the homeowner neither tries to call their lender nor responds to the lenders phone calls.

FACT: Lenders would rather help you keep your home than foreclose because foreclosure is a lengthy and expensive legal process they want to avoid at all costs.  No lenders want to be responsible for maintaining and trying to resell your home.

FACT:  The Department of Housing & Urban Development (HUD), private mortgage insurance companies, and investors like Freddie Mac and Fannie Mae have developed different programs that lenders can provide and use to help.

FACT: Lenders have “work-out” loan solutions to help consumers avoid loosing their home.

So what do you do when you start falling behind on mortgage payments?  The most important step you can take is to get help early from your mortgage lender.  Call your lender to talk about your circumstances. Be prepared to provide details about your household such as how much money you make, all your bills and household costs such as food, electric, water and even pet expenses.  Some options your lender may offer include:  

• Deferment – If your problem is short-term they may bring your account up to date and “defer” late payment expenses to the end of your loan.  This usually still requires a partial good faith payment.
• Repayment Plan — You may be able to catch up on missed payments by creating a schedule for repaying the past-due amounts.
• Refinance –Fixed 30 year rates are very low and often can provide the lower payment relief and fresh start that some home owners need. It is always beneficial to see if you can qualify for lower rates. 
• Modification – In some cases, mortgage loan terms can be changed on a temporary or permanent basis to make the payment more affordable.  This could include extending the term of your loan up to 40 years, reducing your mortgage interest rate and reducing or deferring your principle balance. Unfortunately, some lenders require that you be as much as 90 days behind on your payment before they will consider this option.  However, lenders are developing creative solutions because they know that the more your situation gets worse than their chances of keeping you in your home go down dramatically.

Depending on your circumstances you may have several options offered to you.  Ask for your options in writing and make sure you understand them before you make a decision. Consider discussing them with a third party such as your credit coach.  Regardless of your situation, don’t wait too long because solutions often exist that can help you stay in your home.

FACT: “The worst thing you can do is procrastinate and do nothing.”

Either call (909) 942-2000 or write an email to Marlin@approvalguard.com or Jeff@approvalguard.com if you have any questions.