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Investors – Watch your loans carefully or it could cost you!

If you are investor, you need to really watch your loans and your credit very carefully or it can cost you, big time.

Today one of my investors went to get a hard money loan for a 3 month investment flip when he was declined  After some investigation, he figured out that in February he had bought another investment property with a 5 year loan. The problem came when the loan was sold to another bank in March and they adjusted the rate. He had auto pay for a set amount through his bank, and after calling the bank he had corrected the problem, or so he thought. He saw on his credit report it showed him with a 120 day late payment! He had never paid the extra from the first month and they were still trying to collect, even though all future payments had been for the correct amount.

The bank never corrected the original error or corrected it with the credit bureau. This cost him a great investment property and he having to take the bank to court to recoup his loss. But, had he checked his credit report every three months, this wouldn't have been a problem.

So check your credit for errors and fraud on a regular basis and be proactive about your credit instead of reactive, it may save you lots of time and money.

 

 

Respect Realty LLC (Expect More)

 

At Respect Realty, LLC our agents believe in 100% dedication to client satisfaction.  We specialize in property and land acquisition around the Portland Metro and Vancouver, WA area. We delight in working with first time home buyers and sellers to guide them from start to finish. Our doors are always open and we are always happy to assist you with your real estate questions.

 

Reach out today, we look forward to talking with you!

 

Todd Clark and Seraina Aguayo (Owners of Respect Realty)

Respect Realty LLC (Expect More)

(503)564-3130

info@RespectRealtyNW.com

www.RespectRealtyNW.com

 

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Comment balloon 6 commentsRespect Realty LLC • August 03 2007 12:38AM
Investors – Watch your loans carefully or it could cost you!
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If you are investor, you need to really watch your loans and your credit very carefully or it can cost you, big time. Today one of my investors went to get a hard money loan for a 3 month investment flip when he was declined After some… more
How Fast Can I Sell?
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That question is completely up to you. I give my clients what I call the 65 tips to hitting a Grand Slam to getting your home sold fast and for top dollar. These are my basic, simple and inexpensive ways that you can get your home sold faster and… more