Virginia Mortgage and

Home Loan Information

Brian Piper

Senior Loan Officer

Jacob Dean Mortgage

1604 Spring Hill Rd

Vienna VA 22182

(800) 844-1015 x109

Fax 703-564-9836

Brian@BestVirginiaHomeLoans.com

Consumer Credit Counseling

Consumer Credit Counseling - Often this can be looked at harshly by a lender. How this affects your loan can depend on how long you were in CCC and how your pay history was.

In most forms of Consumer Credit Counseling the creditors are either paid short, meaning given less than the amount owed, or paid on a different schedule than what the creditor desires. Although the counseling service is sold to the debtors as a noble and beneficial service it basicly amounts to the debtors admitting that they are unable to repay their credit obligations as originally agreed. It is for this reason that lenders look upon any evidence of Consumer Credit Counseling as derogatory. I recomend that debtors explore all of their options throughly before engaging in any CCC program. Most potential mortgage borrowers have told me that the administrators of the Consumer Credit Counseling never told them that it could hurt their ability to obtain credit in the future.

Remember, there are usually several accounts included in the plan negotiated with the creditors, so you may not be getting credit for the payments required to keep each of your accounts from becoming further delinquent. As advertised, these re-negotiation plans can eliminate or reduce past due fees, and lower interest rates. Lenders are willing to do this in the hopes of getting more of their money than if they charged-off the account and sold it at a steep discount on the collection market. However, the bottom line is that the debt is not paid as agreed, credit scores can be severely impacted, and most of these plans require that you close these accounts.

Available Mortgage Loan Products

Purchase Transactions including first and second trust mortgages
Refinance Transactions for Rate and Term as well as Cash-Out Refinances
Stand-Alone Second Mortgages (Home Equity Loans -HELOAN and Home Equity Lines of Credit -HELOC)
Construction Loans
Government Loans such as VA and FHA

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Other Mortgage Professionals

Broker Outpost | Should You Pay Points | Allow the broker to pull your credit report | HUD1 Statement

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