Bankruptcy has a significant impact on your credit. The overall impact will depend on the type of bankruptcy that is filed, but a bankruptcy generally imposes a harsh penalty on your credit score for 7-10 years. Due to the impact that a bankruptcy has on your credit score, it will be vital to take the proper steps to repair your credit after the bankruptcy has ended. Bankruptcies provide you with the opportunity to rebuild your life, which is why it is important to take the necessary steps to repair your credit after bankruptcy.

Carefully Monitor your Account Statuses and Credit Report

It is important to monitor your accounts carefully to prevent errors from further damaging your credit score. Each account on your report should say “discharged” or “included in bankruptcy.” If the status says anything different, there is likely an error that needs to be resolved. In addition to this, you will need to make sure that all of the balances are zeroed out, rather than stating any balance. You will want to monitor your credit closely during the time following your bankruptcy to ensure that the changes you are making are having a positive impact on your credit.

Get New Credit

The only way to build up your credit after bankruptcy is to get new credit. This can be rather difficult, especially as many credit applications may be rejected due to the bankruptcy. One option in this situation is to apply for a secured credit card. These cards require a security deposit. The credit limit is generally the amount of the deposit minus any relevant fees. In many cases, consistent, reliable payments will result in the company awarding you an unsecured credit card after a period of time. Retail cards are another option for building your credit, as they generally have less stringent credit requirements. Ensure that you make all of your new credit payments on time and keep the balance on your credit card below 30% of the credit limit.

Be patient when you attempt to rebuild your credit. It is a process that can take months and even years to complete. Bankruptcy has a significant impact on your life, which is why it is important to consult with a legal professional when you intend to file for bankruptcy. To learn more about bankruptcy and the impact it can have on your life, contact our experts at LeBaron & Jensen today!

            Evictions aren’t fun for anyone involved. They are life-disrupting to tenants and can be extremely expensive for landlords. Learning common reasons landlords evict tenants can help both parties prevent evictions from becoming necessary.

1. Nonpayment of Rent

            Nonpayment of rent is the most common cause of eviction, for obvious reasons. In most cases, the landlord is required to allow the payments to be made up before finally evicting the tenant. Only after providing all of the necessary notices can a landlord file for eviction.

2. Habitual Late Payments

            Not only is nonpayment a common reason for eviction, but habitual late payments may also be cause enough for eviction. The laws vary regarding time lengths and how many days are considered late. This is why it is very important to ensure that you have checked all of the laws in your area.

3. Breach of Lease

            A breach of lease may also result in eviction. There are many ways that a lease contract can be breached. Some of the common reasons include unauthorized pets, unapproved occupants, subletting without permission, improper use of the building, consistent nuisance complaints, and more.

4. Committed Crime on the Premises

            Any crime committed on the premises may result in eviction. This can include everything from distributing drugs to operating a business. This even includes legitimate businesses that don’t have the proper licensing to be run from home.

5. Property Damage

            Property damage can give a landlord cause to evict the tenant. This can include making unapproved repairs that ultimately damage the property or engaging in reckless behavior that leads to property damage. This doesn’t include regular wear and tear from daily life. Whenever someone resides in a building, a certain amount of wear is to be expected.

6. Expiration of Lease

            If the lease has expired, the landlord is allowed to evict the occupant. Most contracts are designed to progress to a month-to-month basis after the initial contract has expired. This may become a difficult process, especially if the tenant continues to pay rent. All necessary notices will have to be provided prior to eviction.

7. Owner Move-in

            If the owner wishes to move in to their rental property, they are allowed to do so, but they must provide the proper amount and type of notice to their tenant. It is very important to brush up on the applicable laws before taking any eviction-based action in this scenario.

            It is important to follow all of the proper steps during the eviction process. Self-evictions are almost never legal. Ensure that there is valid cause and consider obtaining a lawyer when undergoing an eviction case. To obtain counsel regarding an eviction case, contact us at LeBaron & Jensen today!

            Foreclosure fraud is a kind of fraud that takes advantage of those in danger of undergoing foreclosure. If you have fallen behind on your loan payments, there are legitimate options for help. However, you must be wary when determining the best options for you, because a foreclosure scam can be devastating, especially when you’re already having money problems.

Kinds of Foreclosure Fraud

            Foreclosure fraud can come in many different forms. Some of the most common kinds of foreclosure fraud include promises of modifying a mortgage to make it more affordable. These can occur in multiple ways.

            Some scammers may offer a modification of the mortgage for an upfront fee. After receiving this fee, they will disappear. The home is often foreclosed on because the individual does not have the funds to continue mortgage payments after they’ve paid the lump sum to the scammer.

            There are also “balloon payments,” where a lender offers to significantly lower the monthly mortgage payment. This works because the individual is only paying the interest on the mortgage. The lender then demands the complete amount of the loan in one balloon payment. The buyer will most likely be unable to pay this payment.

How to Protect Yourself From Foreclosure Fraud

            It is important to be wary of anything concerning foreclosure. Only use reliable sources and companies for refinancing and money managing options. Make sure that you read any contracts thoroughly before you sign them. If you don’t understand something in the contract, ask about it. It may also be helpful to have a lawyer review any contracts. Keep in mind that if an option seems too good to be true, it probably is.

            Foreclosure fraud can be downright devastating to your bottom line. Take necessary precautions to prevent foreclosure fraud from affecting you. To learn more about preventing foreclosure fraud, contact us at LeBaron & Jensen today!