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Paul Yamilkoski

The BestWay to the Best Mortgage for you!

There Is Always Hope!

“There is nothing that can be done” she said. “We already disputed the debt and it turns out we do really owe it. Besides, I know how to read a credit report and there is nothing that can be done.”

Have you ever heard this kind of comment from someone? I have, many times. Commonly it stems from a feeling or sense of pointlessness or futility when things are just not going according to plan and things start to feel hopeless and we feel defeated.       images.jpeg

I think most of us have been there, to some degree, at one point or another. It is always a challenge, as we are faced with giving up or persevering.

In this case, the young woman I was talking to and her husband were facing a situation where their credit scores were preventing them from getting a home loan. Their scores were about 40 points from where their lender wanted them to be to get a loan for them. That is not too far off and very reasonable to overcome, in most cases.

She had several issues on her credit, that made it very clear that she needed repair help, and that she could get qualified. But they needed both incomes and therefore both credit scores to qualify for a loan. The challenge was her husband’s credit. There were only two or three collections on her husband’s credit report, and as far as she was concerned, only one of them was having any real affect on his scores (remember how she said she knew how to read a credit report?).

The collection she was referring to was for about $1000 and, when they did not recognize the debt, they had disputed the account with the creditor. In that process, they discovered what the debt was, and that they indeed owed the money. To this young woman, that meant that there was nothing that could be done about her husband’s credit, since in her opinion the other collections didn’t matter.

It quickly became clear to me that this woman and her husband really felt defeated after being declined for a mortgage and then disputing the collection, thinking that might solve the problem, just to find out it was a legitimate debt.

I could understand feeling that way. There are many emotions that start to come into play at that point. They probably felt a bit embarrassed about getting declined, a little angered or offended that there was a debt reporting that they didn’t think was theirs, a little excited at the idea that they would just dispute it and it would go away and they would suddenly be qualified, disappointed when they found out it was theirs and wasn’t going away, embarrassed at thinking that way and being wrong, and so on. It can be a roller coaster of emotions. I’ve experienced that roller coaster and I’ve seen it many times.

images.jpeg                           I tried to speak some hope into the situation and pointed out that there were several other opportunities to improve things on their reports. I also pointed out that the debt amount was not what was hurting his scores and that there were clearly issues with it reporting incorrectly that were more significant. There was no doubt in my mind we could get the errors corrected and help the two of them get qualified for a loan.

She then changed gears on me, as if she had not heard what I was saying. She became fixated on the fact that their scores were distinctly different on the latest credit report than they were when they had credit pulled for a possible auto loan just a month before, and that there was nothing different on the report and that something was clearly wrong. There are many ways this can happen and I explained some of them to try to get her past that issue. I told her, if anything, it made it that much more clear that there were issues that we could get corrected.

Again, she seemed to not even hear me. She was so fixated on the fact that she knew how to read a credit report and therefore that there was nothing that could be done, that she could now only focus on the conspiracy theory that must be behind the inexplicable drop in their scores.

Here was a strong, intelligent woman that was so blinded by the emotion of their situation and her pride about what she thinks she knows, that she was unable and/or unwilling to recognize that she had an expert telling her it could be fixed and if they didn’t do something, their scores would not improve and they would lose their chance at the home they want.

I would love to say that I got her turned around and she and her husband now have great credit scores and got their home, but I can’t. I blame myself, to some degree, for not being able to help her overcome her emotion and see the hope that really was there. But I won’t give up on them. It means a great deal to me to be able to help people out of those defeated places. That is why I do what I do.

What I really want to point out with this story, is how we all exhibit this kind of behavior, to some degree, at some point in our lives. If we allow ourselves to stay thinking and feeling that way, then we are going to get a known result, and it won’t be a good one. We may not like the situation, but focusing on not liking it or someone, will not change anything. We have everything to lose and nothing to gain if we stay in that place. We have everything to gain and nothing to lose, if we take it one step at a time and push through and persevere.
I want to encourage everyone to persevere and strive for the possibility of better things. We know if we stay on the same course, we will just get more of the same or worse. Don’t settle for more of a bad thing. Remember that there is always a chance to make things better, if we are willing to keep moving forward. 

If you or anyone you know is facing credit challenges and would like somehow and some help, Heartland Credit Restoration is a great place to start. Call or email me for a free consultation.

The same goes for those of you who are realtors or lenders and have clients with credit challenges. Tell them you know a company that is fantastic at helping people find hope and get their credit loan ready, so they can realize their dreams a new home. Ask them if they would offended if you forward their contact info to me. I will be happy to give them a free consultation and see what we can do to get them back to you with loan ready credit.   images.jpg

Please share this with your friends and contacts on social media. I also welcome comments and encourage you to feel free to let me know if you have any questions. In the mean time, I hope you have a wonderfully blessed day!

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