While there are several areas in the United States that are currently not affected by the mortgage crisis, Portland, Oregon is not one of these locations. The mortgage crisis is a result of inflated house prices, a plethora of sub-prime mortgages and other instabilities in the economy. Now, many homeowners in Portland that are currently in a sub-prime or adjustable rate mortgage are scrambling trying to sell or refinance their house.
Homeowners in Portland that are trying to sell are quickly realizing that their house is appraising out at much less than the payoff amount of the mortgage. This leaves consumers in a bind – should a short sale be attempted or perhaps a refinance would be better. For those that are going to attempt to refinance their house, they need to ensure that their credit is good. Often times, these consumers had some credit dings to begin with which is why they are stuck in a sub-prime mortgage.
All is not lost, however. It is possible for consumers in Portland to repair their credit and ultimately secure a refinanced mortgage loan. When something as important as your residence is riding on a process such as repairing your credit, it is important that consumers choose a knowledgeable credit repair agency.
Bypass the urge for a do-it-yourself credit repair program and invest your time with a credit repair representative who knows how to work with the credit reporting agencies to ensure that your credit report is showing only accurate and up-to-date information. Approximately 75% of consumer’s credit reports contain incorrect information. Some of these errors are serious enough to impact your score by twenty or more points. Fixing these errors may be all that you need in order to qualify for that lower fixed-rate mortgage which will ultimately allow you to keep your house.
