Fraud Victim with Low FICO Score in need of Loan to Purchase a Manufactured Home

[nerak]

Hi,

I'm a victim of fraud in which there is negative information on my credit report. I have taken the necessary steps to get that information removed; however, I haven't been able to get all of it off. As a result of that fraudulent activity, my credit score is currently 522. I too am interested in purchasing a maufactured home in a park. What advise could you give me? Is there anyone who would grant credit for a loan to purchase a manufactured home in my case?

Thanks,

nerak

[rmurray]

Identity fraud is a growing crime (estimated to have been over 2 million cases this last year) and all that read this should take note and protect their credit..

There is a procedure and you must remember there are 3 credit reporting agencies that you have to deal with..You must file crime reports with the local police or sheriff department...send copies to all cb's and challenge every incorrect item on your report...you must be prepared to prosecute the offender if they are caught...that means if it is family..you must prosecute..no different than you would if they stole cash from you house..Most credit fraud that I have actually seen has been done by family members...Worse part is that even when fixed..these items seem to come back over and over...you might have to keep up the activity every year for the next 10 years to make sure your files are accurate...there are services that will do this and clean up all problems..they do nothing more than what you can do yourself...but the are professional and know just what to say and how often to say it when talking to cb's..The process can take months to rectify..but the credit reporting laws are on your side if you do everything correctly..

You might want to check out the following web sites for info..

Clark Howard has a section on this at

http://clarkhoward.com/library/tips/identity_theft.html

The FTC has great info on this at..

http://www.consumer.gov/idtheft/ and

http://www.ftc.gov/bcp/conline/pubs/credit/idtheft.htm

That said...how do you get a home..even rent a nice apartment..you CANNOT with a 522 score..There may be a few exceptions..listed below.

...CountrySide Mortgage a Palm Harbor exclusive lender offers a credit builder loan..works good on a used home..large downpayment..20% or so..and short term..10 year or less...many PH dealers have nice trades available that this loan will work good for.....21 Century Mort age offers finance through all sorts of dealers and directly on their web site..they will do anyone with proper income on any house with 40% down and terms no longer than 20 years..Vandbuilt mortgage..available through Clayton sales centers and independent dealers selling Clayton product sometimes will do low score applications on repos with large down payments and shorter terms...

Now be honest with yourself...Are all the negatives a result of credit fraud..if so some lender will work with you..some sales person will help you get straightened out..these CAN be fixed..OR..

I hear 3 excuses commonly for folks with low scores...1)..the lender made too many inquiries lowering my score..Of course the late payments are mine..but the low score is someone else's fault..
2)..there is credit fraud...1 item is not mine..of course the other 10 are..like a thief is going to steal the identity of one with low scores...i doubt it..OR..my family member did this..I cannot turn them in..OH WELL..
3)..my bad credit is from a divorce...as if divorce somehow absolved the person of their debts...

If some of the items are yours..I am afraid you are stuck with the lenders above..with very large downs..and limited choice of homes...Good Luck