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DebtSmart® Email Newsletter
April 4, 2007: Issue #147

Tools for financial success! A Free Email Newsletter from DebtSmart Online and Press One Publishing.



" Divorce sucks. Let me tell you, after five years of marriage for me it is devastating to have the person with the good credit move out."
--Rich Vos, comedian

Quotes from all previous newsletters


Letter from the publisher
Cool Quote
DebtSmart® Recommended Products and Services
Effects of debt on obtaining a mortgage
DebtSmart® Amazon aStore
Subprime Home Loans
"That's $100.00 a month savings!"
Biweekly Mortgages: A Reader's Personal Story
Household Math™: Early Mortgage Payoff
Stop Debt Collectors Cold!
Credit Secrets Bible
Mortgage company overcharges Denver man $38,000
More credit, more options!
Free DebtSmart® Column for in-print publication, ezine, or web site
Books, software, in-print and downloads
Archive of Email Newsletters online
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Publisher: Scott Bilker
Editor: Larissa S. Bilker
Assistant Editor: Denise Troy

ISSN 1538-6740

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Subprime Home Loans

Nationwide, the subprime home loan market grew from $35 billion to $665 billion from 1994 to 2005. In that same period, the subprime share of total mortgage originations climbed from 10 percent to 23 percent.
Read more credit card and debt statistics

DebtSmart® Recommended

Mortgage Overcharges?

Obtain refunds from your bank for mortgage overcharges. Since 1985.

Credit Secrets Bible

Raise your credit score! Learn how to fight back against those who are making your life difficult--and holding you back!

Discover® Platinum Wildlife

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Advanta Platinum BusinessCard with Unlimited Rewards

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Citi® Platinum Select® MasterCard

Intro Rate: 0.00%, Time Period: Up to 12 Months, APR: As low as 8.49%.

Blue from American Express®

Intro Rate: 0.00%, Time Period: 15 Months, APR: 4.99% (for life on transferred balances).

Advanta Life of Balance Platinum Card

Intro Rate: 2.99%, Time Period: Until Paid

Chase Platinum Visa®

Intro Rate: 0.00%, Time Period: 12 Months, APR: 14.24%.

Discover® Platinum Card
Intro Rate: 0.00%, Time Period: 12 Months, APR: 10.99%.

Letter from the Publisher
by Scott Bilker


DebtSmart has been in the media quite a bit lately. I've been interviewed on many topics, but in this issue, I'm going to focus on mortgages.

On 3/17/07, I was on Your Home--Your Money with Bill Quigley. We talked about many topics on credit as well as subprime mortgages, ARMs, and the future of mortgages. You can listen to the entire interview here.

Something else that I ran across this week is a service that I wasn't aware of. That is, mortgage audits. I asked the president of Loantech to submit an article about the subject for this issue of the email newsletter. In a nutshell, it may be possible that mortgage banks are overcharging you for your mortgage! Gee, I'm so surprised--you know that if there were an error in their favor they'd never let you know!

PS: I received the below comments this past week from a reader. They didn't identify themselves, but I'm glad they sent the comments. They did make my day, so I wanted to share them with you...
"I must say also that your website has lifted a weight off my shoulders--a friend's (yes, really, a friend's) credit card debt and subsequent depression has been weighing heavily on my mind as well. I ordered your 3 books just now and will read them carefully and hope to help him get through this. Thank you!"

Effects of debt on obtaining a mortgage
by Scott Bilker


I was wondering about what sorts of ramifications my credit will have on my obtaining a mortgage in the future? Here is the situation: while in college I got myself into credit card debt (about $6,000). After college I married a debt-free man (no student loans, one credit card, great investments). Over the last 1 1/2 years we have paid my debt down considerably (currently I owe about $2,000, each card is at about $500). One of them was charged off, the other 3 were closed by the credit issuer.

Though my credit report is looking better, I would like to know how this will impact our obtaining a mortgage (not in the too near future--I'm 25, he's 27). We feel we'll be ready to purchase a home in the next 7-10 years. I'm very concerned about my credit rating inhibiting him.


Finish Reading Article

"That's $100.00 a month savings!"

Rush Kittle read Talk Your Way Out of Credit Card Debt and was easily able to save money! His story was recently reported on CBS News in Austin, TX.

Click here or on the above photo to watch the video and read the story.

Read about special offer for all three of Scott Bilker's best-selling books

Biweekly Mortgages: A Reader's Personal Story
by Scott Bilker


Thanks for your informative article on Biweekly mortgages. It really helped to open my eyes when I was considering one.

Isn't this practice illegal? Seems like the marketing materials that I received are misleading and deceptive. Do you have any recommendations on what I can do to help stop this practice?


Finish reading article

Household Math™: Early Mortgage Payoff
by Scott Bilker

Assume a person is buying a $150,000 home at a rate of 7% interest on a 30-year loan, with the usual 20% down payment (so the loan would be $120,000). This person also has $20,000 in cash reserves. In which of these two scenarios would this person end up paying less money over the course of the loan?

Answer this problem

Stop Debt Collectors Cold!
Stop Debt Collectors Cold! Plus, for a limited time, 4 bonus reports:
  --> How to Get Collection Accounts Off Your Credit Report
  --> How to Avoid Losing Your Home In A Foreclosure
  --> What to Do if You Are Behind on Your Car Payments
  --> Confidential Interview With A Former Debt Collector

Read about stopping debt collectors

Mortgage company overcharges Denver man $38,000
by David I. Ginsburg

J.P. had been paying his mortgage on time for 15 years. In all that time, he never thought for one moment that there was a problem with the payments. J.P., like many people, simply assumed that the bank knew how to do the math. He also assumed that the bank valued his patronage. Little did he know that he was overpaying the bank thousands of dollars!

You can be sure that if he was underpaying the bank, they'd find that mistake. But when it comes to mistakes in the bank's favor, you can bet that you won't be receiving any letters. Luckily for J.P., he was able to recover his money--a refund of $38,000--after getting a mortgage audit. Not surprisingly, banks don't tell people about this important service for consumers.

Finish Reading Article

More credit, more options!

Credit options are your weapon against the banks! The key to success is using your credit lines to save money--not to go crazy spending!

Credit Secrets Bible
by The Consumer Publishing Group

The Credit Secrets Bible contains more step-by-step, easy-to-learn, easy-to-use insider consumer credit secrets than any other home study course on the market. In fact, the information in the Credit Secrets Bible is so powerful, we have to disclose to you upfront that it is sold for informational purposes only.

If you don't already know, I'll be the first to tell you... banks, finance companies, bill collectors and credit card companies are some of the BIGGEST crooks in the world. If you don't know the secrets contained in the Credit Secrets Bible, you will pay tens of thousands of hard-earned dollars in extra bills, interest and fees, etc. Your money will be wasted (down the drain) for no reason other than you don't own the Credit Secrets Bible home study course.

Banks and other institutions who take your money, ruin your credit or deny you the money you need are very powerful. They make a business out of hurting people like you to make more money for themselves. And, the more they hurt you financially, the more powerful they become. But they won't be able to hurt you anymore! With the Credit Secrets Bible, I'll show you how to stop them dead in their tracks!

Read more about The Credit Secrets Bible...

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The author(s), Press One Publishing, and DebtSmart.com shall have neither liability nor responsibility to any person or entity with respect to any loss or damage caused, or alleged to be caused, directly or indirectly by the information contained in this email newsletter and/or at the DebtSmart.com web site. The information, methods and techniques described may not work for you and no recommendation is made to follow the same course of action. Every effort has been made to verify the accuracy of all content contained herein. However, there may be mistakes; typographical, mathematical, or in content. This email newsletter and the DebtSmart.com web site have been created for your entertainment only. You must always seek the proper professional advice before taking any financial or legal action. You have been warned.

Copyright ©2007 Press One Publishing. All rights reserved. Please do not reprint, or host on your web site, without explicit permission. However, if you found this newsletter helpful, we grant you permission, and strongly encourage you, to e-mail it to a business associate or a friend. Thank you.


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"The DebtSmart Email Newsletter is packed with cutting-edge strategies for solving credit problems. I highly recommend it."--Gerri Detweiler, radio host and author of The Ultimate Credit Handbook

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