Fix Your credit report - Estimated 3.5 Million Home Ownwers will Go Into Foreclosure in 2 1/2 years

Guest Blogger: Lana

My cousin and I racked up $200,000 on our line of credit in four years. My cousin, Pearl and I own the home we live in out right. We were privledged and grew up going with out parents to country clubs and conversed with adults even as a 3 year old. Pearl's parents died in a car crash and she came to live with us when she was only 4 years old. We have so much in common we decided to take our inheritance to buy a home out right. That is not the problem. The problem is that we purchased a rental property 2 years ago. Both of us being women and not handy around the house and lacking experience in picking the right tenants. To make a long story short, the first 2 years of us renting out our rental income property, we rented out to these 2 gay couples. They were fine and paid their rent on time every month for 2 years straight, unfortuately, 1 of the gay couple had an affair and it broke up the living situation and after giving us 1 month notice all 4 men moved out our home. We did not screen the future tenants very well and looking back we should have hired a property manager to look after all this. In between people trashing our house and destroying our house because we had very angry recovering alcholics we rented to and they weren't able to pay the rent. Pearl and I had to take out a $200,000 line of credit. Since we had to use our own money to pay for the mortgage on the rental property and both of us are retired. We are facing foreclosure on our rental property.

This is devasting for both of us, because Pearl has a 800+ Fico score, I on the other hand have a 558 Fico score.

I came across Melanie's Website: Kashkats.com from reading a press release recently as well I spoke with a student that took this Take Charge Of Your Credit at the Texas Technology University. Her name is Valerie Marshall. She took the take charge of your credit course last year and highly recommended I take it. The course is not until June 3, 2008 from 6 - 8pm. If you happend to be in Lubbock, Texas that week I would highly recommend you take it as well, maybe, I will see you there. The location of the take charge of your credit is: TTU/SBDC, 2579 S. Loop 289, Lubbock, TX 79423