DOES CREDIT REPAIR WORK? YES and here is how.

 Since consumer protection statutes made credit repair possible, creditors have been working to make it complicated and difficult on PURPOSE.

 APS has a PROCESS to Improve ANYONE'S CREDIT HISTORY. 

THAT IS OUR PURPOSE

CREDIT RESTORATION

STEP ONE

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  APS will help you obtain your credit reports from the three major credit bureaus: TransUnion, Experian and Equifax.  

STEP TWO

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 APS reviews your credit reports and then direct appropriate correspondence to your creditors and the credit bureaus.  

STEP THREE

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  Your credit report items are carefully analyzed and matched by APS with just the right credit restoration strategies as applicable to your FILE. 

STEP FOUR

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 APS clients receive a personalized credit score improvement analysis each month, including targeted information that may help to raise their credit scores. 

STEP FIVE

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 APS works with you on which federal statutes to leverage in order to represent your case. Be sure to send us any responses you may receive from the credit bureaus or creditors.  

STEP SIX

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 APS will fight the credit bureaus to remove any inaccuracies which are negatively impacting your ability to get approved for a personal loan, auto loan, home loan or credit card. 

CONSUMER PROTECTION LAWS

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FCRA "FAIR CREDIT RAPAIR ACT"

 Affords consumers protection against disorganized credit bureau records. 

FCBA "FAIR CREDIT BILLING ACT"

  Is designed to keep your creditors in line regarding how they treat their customers. 

FDCPA "FAIR DEBT COLLECTION PRACTICES ACT

 Places limits on how 3rd party debt collectors behave. 

NEGATIVE ITEMS

 Even a single 30-day late payment, collection, or charge-off can damage your score. APS removes questionable negative items to improve your credit. 

EXPERIENCE

 APS has proven strategies that are very effective at removing unfair, inaccurate, and unsubstantiated negative items. 

RESULTS

 From late payments to charge-offs to bankruptcies, APS has HELPED clients  improve their credit, by removing practically every type of questionable negative item. 

APS PROTECTS YOUR RIGHTS

Foreclosure litigation

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 The goal is to stop foreclosure before it occurs, to get you damages or the return of your property after a sale has occurred, and to keep you in your property as long as possible through eviction defense.


  A lawsuit must be filed with the Superior Court in the county where your property is located alleging the basis for stopping the foreclosure for example, violations of foreclosure or lending laws. Your lawsuit must also request that the court issue temporary restraining orders and a preliminary injunction to stop the foreclosure process while your lawsuit is pending. 


Breach of modification contract

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 As interest rates rise along with home values, many lenders are claiming a “mistake” was made on the original modification and forcing borrowers to accept a new contract with different terms. 


These new contracts always require the borrower to pay more, and when borrowers refuse, the lender stops taking their payments, thereby throwing them into foreclosure.


 Homeowners who fulfill their obligations under temporary mortgage modification plans should always be given a permanent mortgage modification under the same terms! 

Consumer complaints

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APS will help borrowers file consumer complaints through the Consumer Financial Protection Bureau when a lender is guilty of discriminatory lending practices based on factors such as race, gender, age or veteran status of the borrower.  


This is a cost-effective solution that may work on its own or as a first line of attack, pre-litigation.

Refinancing

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   In many cases, a loan refinance enables homeowners to reduce their monthly payments and avoid default on an otherwise unmanageable loan, such as an adjustable rate mortgage with an increasing interest rate.

Sale and short sale

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  Foreclosure and bad credit can be avoided with a sale or short sale of the property before a mortgage goes into default or even after the bank begins the foreclosure process.

Mass Joinder

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APS helps clients join together in a single lawsuit to sue their lender for the harm that a breach of duty or statutory violation has caused. This is an affordable way for clients to pay less than they would for an individual lawsuit and to have greater power in numbers. 

Qualified Written Request, or “QWR”

Introduction

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 Homeowners who are contemplating or actively engaged in litigation regarding a residential mortgage loan are increasingly taking advantage of a provision of the Real Estate Settlement Procedures Act (“RESPA”) whereby a borrower may request information relating to the servicing of a loan. Such a request for information is termed a Qualified Written Request, or “QWR,” and may impose on loan servicers a duty to respond to borrowers’ inquiries.

To Whom Does It Apply?

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 A QWR is defined in RESPA, 12 U.S.C. § 2605(e)(1)(B), as:

a written correspondence, other than notice on a payment coupon or other payment medium supplied by the servicer that (i) includes, or otherwise enables the servicer to identify, the name and account of the borrower; and (ii) includes a statement of the reasons for the belief of the borrower, to the extent applicable, that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

RESPA

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 In addition, the duty to respond to a QWR applies only to a “servicer of a federally related mortgage loan.” See 12 U.S.C. § 2605(e)(1)(A). For purposes of RESPA, a servicer is defined as the person responsible for “receiving any scheduled periodic payments from a borrower pursuant to the terms of any loan . . . and making the payments of principal and interest . . .” 12 U.S.C. § 2605(i)(2)-(3). A “federally related mortgage loan” is generally defined, subject to certain exceptions, as a non-temporary loan, secured by a lien on residential real property, where the lender is regulated by the federal government or the lender’s deposit accounts are insured by a federal agency. See 12 C.F.R. 1024.2(b).

What Actions Are Required

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 First, the servicer must “provide a written response acknowledging receipt of the correspondence within 5 days (excluding legal public holidays, Saturdays, and Sundays) unless the action requested is taken within such period.” See 12 U.S.C. § 2605(e)(1)(A).

Second, within 30 days of receipt of the QWR (with a possible 15-day extension), the servicer must provide a substantive response, the nature of which depends on the type of QWR. Upon receipt of a “notice of error” (i.e., a QWR in which the borrower “asserts an error relating to the servicing of a mortgage loan,” see 12 CFR 1024.35), the servicer must: (1) “make appropriate corrections in the account of the borrower, including the crediting of any late charges or penalties, and transmit to the borrower a written notification of such correction”; or (2) “after conducting an investigation, provide the borrower with a written explanation or clarification” that includes (i) a statement of the reasons the servicer believes the account is correct and (ii) the contact information of a servicer employee or office that can provide assistance to the borrower. 

Recent Amendments to RESPA’s QWR Provisions

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 Section 1463 of the Dodd-Frank Financial Reform Act (the “Dodd-Frank Act”), which took effect in January 2014, contains several important modifications to the QWR provisions of RESPA. First, a servicer must now acknowledge receipt of a QWR within 5 business days (previously 20 days) and must provide a substantive response to the borrower within business 30 days (previously 60 days), with a possible 15-day extension if the servicer sends the borrower notice of the extension and its reason for the delay in responding. Second, the Dodd-Frank Act added Section (k)(1) to RESPA, which provides in part that a servicer shall not “fail to respond within 10 business days to a request from a borrower to provide the identity, address, and other relevant contact information about the owner or assignee of the loan.”

Recommended Practices

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 The above changes to RESPA, as well as the increasing use of QWRs by borrowers, make it important for mortgage servicers to understand their obligations in responding to QWRs and to establish procedures for acknowledging and responding to QWRs. The following recommended practices are designed to assist mortgage servicers in dealing with QWRs so as to minimize the risk of borrower litigation.

First, it is recommended that servicers establish an address to which QWRs must be sent, as permitted by RESPA’s implementing regulation, Regulation X. That address must be communicated to the borrower, included in any communication in which the servicer provides the borrower with contact information for assistance from the servicer, and included on any website maintained by the servicer if the website lists any contact address for the servicer.