But I can understand your point. First off, mortgage companies throughout the United States were involved in fraudulent mortgage loans that over time came crashing down. Let me explain two types of mortgage banks. There are portfolio lenders and correspondent lenders. Portfolio lenders were hit hard once many of their loans went soar as they began to lose money. However, it was the correspondent lenders that caused problems in our economy as a whole.

BUT dont keep the loan in their institution for very long. Instead, they then sell that mortgage loan to the secondary market such as Fannie Mae or in the stock market. As a result, lenders stopped providing further mortgages as they began to recuporate their loses. The month of late August 07 and September 07 was the worst months in mortgage lending history in a very long time.

The damage has been done. NEED these programs because their source of income is tooooooo difficult sometimes to prove and document. REASONABLE relation to their stated income. This is why stated income loan products exist. Why stated income AND stated asset programs came about Im not sure. But the most irresponsible part came in California when lenders began to provide stated programs on salaried employes. This is why we have what we have today. MORtgage BROkers are ruinning our economy.

More specifically, irresponsible mortgage brokers. The same story was with accountants with the fall of Enron. Okay heres what you should do.

Your mortgage broker is absolutely right when he says to get a credit card and a store card or two. Make sure that you first get a major credit card like a Visa or MasterCard. 18, for not having any prior credit. REALLY get a good credit score. Therefore, I suggest that you also take out a loan. Like a student loan, they will give anyone a membership unless a person has owed pastdue money to Ballys in the past. If youre not in school and you dont need a Ballys membership, you can also get a secured loan. Not many banks offer this loan anymore, but most local credit unions do. For a loan, Id recommend NOT paying it off early.

For credit cards, I agree with BOTH of your brokers. It is good to buy something simple and pay off your card at the end of the month, because then you dont have to pay interest.

However, it is also good to show small payments that still leave a remaining balance, because it shows that you can commit to a payment schedule. The STATEMENT BALANCE is what gets reported on your credit reports for each month. DOESNT MATTER what your account balance is except for the day that your credit card company prints your cards account balance. The balance on your card at the time that your monthly statement prints out, is the balance that will be reported to the credit reports. 100 of groceries with it. The due date is on April 20th. 30 that needs to be paid by the May 20th due date. 30 balance will also be reported to the credit bureaus in your favor.

Today is your lucky day. Short Sale Dept for citi financial mortgage for about 5 years and I also responsible training the president of the National Short Sale Center.

They now have about 13 employees. They are a great company who helps homeowners. Yes, I have done Short Sales in the past where they will pay you a certain portion for moving expenses. Generally, HUD does not mandate the homeowner to list the property on the market. Appraisal to confirm the offer is close the Fair Market Value. Short Sales are highly complexed. Your going to get many different opinions to this question. As it stands now, banks are tough to get mortgages through, think about it, b of a, wachovia, wamu, citi all reported tremendous losses recently. 60 days to process your loan so speed could be a factor. Internet companies, I really dont know that much, they tend to promise a lot but can fall short when its time to deliver. The bottom line is this, you need to have absolute trust in the professional your dealing with. Who do you believe will provide you and your family with the best service, go through all the documents with you, and close you in a timely manner. Its hard to recommend anyone as I dont know where you are. In NC, you must be licensed and many states are moving to this requirement. If youre getting better pricing from the small guys, then they are probably mispricing the loan or doing something funny. The big guys lend their own money thus cutting out the middleman, the broker. Its more complicated than that, but its a valid generalization.