The 30 year mortgage rate hits rock bottom again.

This just re-confirms why this is an amazing time to buy a home, another record has been set with the 30 year mortgage rate. Freddie Mac’s said the 30-year fixed mortgage rate slipped to 4.44% for the week of August, 9th 2010. This is the lowest mortgage rate since it began tracking the rate in 1971. If you have been waiting on the sideline, this is a great time to jump in and buy a house. Last week’s rates stood at 4.49%, and a year ago it was at 5.29%, which was still historically low.

The 15-year fixed mortgage rate also dropped this week to 3%, that is down from 3.95% last week and from 4.68% a year ago.

Adjustable-rate mortgages also declined, with the 5-year mortgage rate falling to 3.56% this week, the lowest since 2005 when the lender began tracking it. Again, if you can afford a home you may seriously want to consider taking advantage of these historically low mortgage rates.

The items on your credit report are called tradelines. They can either be positive or negative. Positive tradelines help your credit score and negative tradelines lower your credit score. Most negative items remain on your credit report for 7 years from the date of first delinquency, but there are exceptions:

Delinquencies (30 – 180 days late) remain for 7 years from the date of the initial missed payment.

Collection Accounts remain on your credit report for 7 years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked “paid collection” on the credit report.

Charged Off remain for 7 years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account.

Closed accounts are accounts that are no longer available for further use.Closed accounts may or may not have a zero balance. Closed accounts with delinquencies remain 7 years from the date they are reported closed, whether closed by the creditor or by the consumer. Positive closed accounts remain at least 10 years.

Lost credit card – If there are no delinquencies, credit cards that are reported lost will continue to be listed for 2 years from the date the card is reported lost. Delinquent payments that occurred before the card was lost are reported for seven years.

Bankruptcy- Chapters 7, 11, and 12 remain for 10 years from the filing date.

Chapter 13 remains 7 years from the filing date. Accounts included in bankruptcy remain 7 years from the date they were reported as included in the bankruptcy.

Judgments (child support, civil & small claims) remain on your report for 7 years from the date the judgment is filed.

Tax Liens – (city, county, state, and federal) Unpaid tax liens remain 15years from the filing date. Paid tax liens remain 7 years from the paid dateof the lien.

Inquiries remain on your credit report for 2 years, with those in the last 6 months usually given the most consideration.
Positive Accounts remain indefinitely and paid positive accounts remain 10 years.

The credit experts at Waterfield Credit know the credit laws and how to use the laws to your advantage. They know how to analyze your credit report toidentify inaccurate, misleading and unverifiable items. Waterfield Creditworks with you during the dispute process to achieve the best possibleoutcome for you to eliminate negative items that are impacting your credit life..

Check out this website for help Waterfield Credit Repair.

Foreclosures are going upscale across the San Diego, Bay Area. Nearly 1,000 homes valued above $730,000 were repossessed by banks in the nine-county region in each of the past two years, according to a Chronicle review of public records compiled by MDA DataQuick, a San Diego research firm. Back in the real estate boom year of 2005, just 42 Bay Area homes valued above $730,000 went into foreclosure; in 2006, the number was 80. Even more striking is the growth of mortgage defaults – the first step in the foreclosure process – in affluent ZIP codes. Mortgage distress has moved upstream in part because of economic conditions such as unemployment and stock losses. Also in play is a different type of risky loan called option ARM (adjustable rate mortgage) that’s just beginning to cause problems.

Experts emphasized that the foreclosure numbers don’t fully reflect the extent of distress at the high end, because for expensive homes, banks are more likely to pursue short sales, in which the homeowner stays put while marketing the home for less than is owed on the mortgage. “Banks take the time on the high end to short-sale properties because they get a higher return and better valuation,” said Pat Lashinsky, CEO of Emeryville’s ZipRealty, a nationwide brokerage. Buyers of high-end homes during the real estate boom years often relied on option ARMs, which allowed them to start off paying just the interest – or even less than the interest, thus adding on to their mortgage balance. Most option ARMs had an initial period of five years before loans recast, causing payments to soar.

Here’s the perfect way for you to PROFIT from all of those short sale deals that you get without doing any of the hard work. This Book will show you exactly how and why you should start outsourcing your short sale deals to investors who have the time, resources, and know how to turn short sales into cash.

Refer Your Short Sales

Short sales give distressed homeowners an exit that doesn’t lead through credit-damaging foreclosure and saves bank’s money compared with taking and selling houses with failed mortgages. That should make them a preferred option. But short sales take longer, often two months longer, and can be nearly impossible if other lenders have liens on the house. So at the urging of the National Association of Realtors, the U.S. Treasury Department came up with a new program to encourage short sales. Home Affordable Foreclosures Alternatives, or HAFA, went into effect April 5, although banks and real estate agents will need time to take full advantage of its provisions. HAFA encourages short sales chiefly by, (a) holding parties to deadlines for various parts of the process (b) providing financial incentives, including $3,000 to help the homeowner relocate; $1,500 for servicers to cover their extra costs; and as much as $2,000 for mortgage security investors who allow as much as $6,0  00 of sale proceeds to go to other lien holders (c) allowing the current mortgage holders to get pre-approved short-sale terms before listing the property for sale (d) requiring that homeowners be fully released from future liability for the first mortgage debt.

Under HAFA, banks must decide within 10 business days whether to approve or deny a requested short sale under the program. Banks already have an inventory of 1.1 million foreclosed houses, recent estimates by LPS Applied Analytics of Jacksonville, Fla., show. Many more will be heading for a short sale or foreclosure. The Mortgage Bankers Association said more than 9 percent of homeowners were behind at least one payment on their mortgages in the fourth quarter. LPS figures 4.8 million are delinquent or already in the start of the foreclosure process. The HAFA program can’t reach many of those houses. Lenders participating in the federal government’s effort to encourage mortgage relief for distressed homeowners — Home Affordable Modification Program — are required to participate in HAFA as well.