Sales Calls on your cell phone!

If you’re like me, you’ve tightened your belt and taken steps to avoid any unnecessary expenses.

  Even if you’re doing well, wasting money is just plain stupid.
I just got word the FTC is releasing all cell numbers to telemarketing companies.  If you get sales calls, you will be charged for these calls.  Imagine that? 

YOU have to PAY to hear a telemarketer’s sales pitch!
To be placed on the National DO NOT CALL List, just call 888-382-1222 from the phone number you want to register. 

Your number will be blocked for five years.

Again, you must call from the phone number you want blocked.
Just a friendly notice from your trusted credit expert.

Your friend,
Carlos Samaniego

Foreclosure Avoidance & Credit Expert to Address Foreclosure Crisis at Fontana Community Center

      A free emergency workshop is being held for all homeowners who want to keep
their homes; they just need an adjustment in their mortgage allowing them to
keep their homes and help getting back on their feet. In the next 2-3 years to
discuss strategies there will be even more homes going in to foreclosure our
free workshop will help homeowners in what is now called termed

How Treasury’s Plan Will Affect Consumers

U.S.News & World Report
How Treasury’s Plan Will Affect Consumers
Tuesday October 14, 1:09 pm ET
By Kimberly Palmer

It looks like the Treasury Department won’t just be buying bad mortgage debt with that $700 billion–it’s going to be pumping big bucks directly in the banking system. Like $250 billion. And Uncle Sam is also going to insure ginormous bank deposits. Hey, that’s great for Wall Street, but what about Main Street? What about consumers? Here are four ways the government’s action will affect you:

— Banks may offer loans more easily. Over the past several weeks, anyone in the market for a car loan or mortgage found it difficult to find a bank willing to lend to them. Credit card companies cut credit limits and banks tightened lending standards–meaning anyone with less-than-stellar credit had trouble borrowing money. But the Treasury Department says that with more access to capital, banks will once again begin lending, both to each other and to consumers.

— But the credit crunch may not be totally over for consumers. Banking consultant Bert Ely says banks aren’t lending to consumers because they worry that worsening economic conditions will lead to higher default rates, not because they lack capital. While Treasury can hand over money, it can’t fix the entire economy overnight, so Ely expects banks to continue to hesitate when lending to consumers.

— Megabank accounts are now insured. The FDIC had already recently raised the amount of money it insured in bank accounts from $100,000 to $250,000 as a result of the $700 billion rescue package. Tuesday, the FDIC announced a new program that insures full-coverage–with no upper limit–on noninterest-bearing deposit accounts. While most consumers don’t have more than $250,000 in their accounts, many small businesses do, and the FDIC hopes this eases their concerns about the safety of their money, including cash that’s used for payroll transactions. The unlimited insurance expires at the end of 2009.

— Consumers with strong credit scores will continue to borrow without problems. Over the last few weeks, as credit markets seized up, consumers with high credit scores of 720 or above–about 1 in 4 consumers–were able to continue to borrow, even as banks restricted lending to those with a history of payment problems. Banks, which are, after all, in the business of lending money, were eager to work with consumers they deemed trustworthy. Because many consumers are plagued by errors on their credit reports that drag their scores down, requesting a free credit report at and correcting any mistakes can make it easier to take out loans at reasonable interest rates.

BofA finally get’s it right!

Well, it looks like promising news for Countrywide mortgage holders, BofA is going to start helping them, hopefully it works the way it supposed to! Read article from Money Magazine below.

If you currently have mortgage that you would like to get loan modifications

visit to watch video on loan modifications and to get more help!

Your friend,
Carlos Samaniego


BofA to slash mortgage payments

The foreclosure prevention program is the most aggressive initiative undertaken yet to help stem the housing crisis.

By Les Christie, staff writer

NEW YORK ( — A plan announced today by Bank of America
will be the most aggressive foreclosure prevention effort ever
undertaken by a U.S. bank.

The program, scheduled to start in
December, will be open to distressed borrowers who signed up with
Countrywide Financial between January 1, 2004 and December 31, 2007.
Countrywide was acquired by Bank of America (BAC, Fortune 500) in July.

came in a legal settlement that the company entered into with the
attorney general offices of 11 states, who had sued Countrywide over
predatory lending practices, but the company stated that borrowers in
all 50 states will be eligible to participate in the program.

Countrywide settlement is a watershed moment for loan modification
programs," said Mark Pearce, North Carolina’s Deputy Commissioner of
Banks and a member of the State Foreclosure Prevention Working Group.
"This is, by far, the best [program ever], even better than the FDIC
program with IndyMac Bank."

As part of the initiative, Bank of
America will cut monthly housing payments, including mortgage, property
taxes and insurance, to no more than 34% of gross income. The move is
expected to help keep as many as 400,000 troubled borrowers in their

The program targets holders of subprime adjustable rate
mortgage (ARMs), subprime fixed rate loans and option ARMs, but prime
and Alt-A borrowers, who did not document their income, will be
eligible as well.

No other foreclosure prevention effort has aimed to keep borrowers’ house payments so low.

"[The program’s] affordability is far better than any other program out there," said Rick Simon, spokesman for Bank of America.

By contrast, the much heralded foreclosure-prevention initiative announced in August by the FDIC for customers of IndyMac Bank, the subprime lender that the agency took over in July, said it will keep borrower payments to no more than 38% of gross income.

is the biggest mandatory modification of loans in U.S. history," said
Jerry Brown, attorney general of California, the state with the largest
number of borrowers who may benefit from the settlement. "Of course, we
never saw such a big rip-off by any other company either."

to Simon, the Countrywide program will proactively screen all of its
borrowers for eligibility, and then contact them directly to offer loan
workouts. No prepayment penalties or modification fees will apply. But
the program can’t help every Countrywide borrower. Some, because of
illness, divorce, job loss and the like, simply won’t be able to afford
any reasonable mortgage payment.

Simon added that Bank of America
is training personnel and putting systems into place that it hopes will
enable staff to deal with a large number of mortgages all at once.

Cheaper than foreclosure

new program comes with a price tag of $8.4 billion, but Simon says that
it will cost much less than foreclosing on homes en masse.

As the
credit crisis continues, more and more lenders and mortgage servicers
are coming to grips with the fact that preventing a foreclosure is
usually cheaper than going through the repossession process and then
reselling the property in a declining market.

Depending on each
borrower’s circumstances, Bank of America might freeze or lower a
loan’s interest rate or even cut the principal loan balance. The bank
said it will also participate in the government’s Hope for Homeowners
program, a provision of the housing rescue bill which went into effect
Oct. 1 and makes FHA-insured loans available for delinquent borrowers.

The announcement of the program came on the heels of Friday’s approval of the $700 billion Wall Street bailout, a measure which has been criticized for failing to address the foreclosure crisis head on.

The hope is that other lenders and servicers will follow Countrywide’s lead.

that we’ve gotten this with Countrywide, I would expect that we’ll be
talking with other major servicers to implement similar programs in the
near future," said North Carolina Deputy Commissioner of Banks Mark
Pearce, who worked on this settlement.

But he and other members
of the the State Foreclosure Prevention Working Group have been pushing
other lenders to do something this drastic for months, without much

"So far, they have failed to show the leadership required
to get it done," said Pearce. "I hope, having the market leader do this
will spur the other servicers to greater action." To top of page

The Truth About Credit Repair

I get this question all the time from client and homeowners, does Credit Repair really work, do I really need to hire a credit repair agency to help fix my credit, the answer is NO if you know what you are doing? You can learn about 90% of what you need to learn for a fraction what it would cost you to hire credit repair company.

Not to long ago I purchased, "Credit Secrets Bible" and was completely shocked what I was reading is exactly what one of my personal mentors who help create the "FICO" scoring model, was teaching us.

Anyways, if you want to learn those same strategies and tips just click the Banner below and get this "Bible on Credit Now"!

Click here to get The Credit Secrets Bible

Your friend,
Carlos Samaniego, CMPS
Loan Modification and Credit Expert