Declined? Now What? Buying 101 D

I called this 101 D because you have been "declined". It's a serious thing. And I am not trying to make light of the situation. But, this is also not a time for self-pity and withdrawal. Instead, this is a time to take on the problem head on. I found an interesting and helpful article. Here's a quick summary:

1. Ask Why. Can't fix what you don't diagnose.


2. Find a fix ... may be easier than you think ... if not most can be repaired within 1 year.


3. Don't give up ... try some one else. Some times differnt types of lenders, ie a credit union, vs a bank, can make the difference.


4. Try again. Or, as the adage says, "If at first you don't succeed, try, try again." ... recaps the above three points.

For help contact Central Illinois Debt Management and Credit Education, INC. or try e-mailing Mrs Leary directly.

A quick word of warning, do not fall for quick fix credit repair scams. That is a full post of it's own. You can often accomplish the same results for free if you will exert a little effort. Order your free credit report, and then work on eliminating the issues.

An alternative you can pursue at this point is a Contract for Deed ... Caveat emptor: Buyer beware. You will find many of these homes are over priced, in ill-repair, are in less popular areas, or have limited terms. It is this last point that will require you fix your credit, anyway.

Don't go it alone. Get an attorney to help. I can say from personal experience, I will never do another without referring buyers and sellers to different attorneys. Better safe, than sorry.