Monthly Archives: August 2009

Grant Deeds

Grant Deed is also a kind of property deed that is used to transfer property from one person to another or from one entity to another. Grant deed is most popular deed in the State of California. The grant deed needs to be signed by both the grantor and the grantee. Then the Grant deed should be notarized and recorded in the County Recorder’s office to make the deed valid.

There are other types of deeds available like Quit claim deed or Warranty deed but Grant deed is a standard deed and there is no hard in using the deed. The grant deed also assures that the title of the real property is free and clear and the seller or the grantor has the absolute right to sell the property though for selling or buying a real property most people prefer using Warranty deed. Quit claim deed is used to transfer a real property among family members and friends. The quitclaim deed states that the grantor quits all his or her claim from the property.

If the real property is a mortgage property then the grantor needs to pay off loans to the lender before signing the grant deed or any kind of deed. At least the grantor needs to inform the lender and take his consent before signing the deed. A deed is pretty simple and you can fill the document on your own but you should better take help from an experienced notary official so that you need not to face any problem in future. The notary official will help you make the deed valid.

Is Bankruptcy Worse than Foreclosure for your Credit Score?

Bankruptcy and foreclosure, both your have a huge negative affect on your credit report and will drop your credit score but foreclosure is the worst thing and borrowers try to avoid it and even files bankruptcy to avoid foreclosure. Actually Bankruptcy is a relief tool that has been provided by the Federal Government and the bower or the consumers use it as the last resort to avoid foreclosure or the harassment from the creditors or lenders.

Foreclosure and bankruptcy has similar affect on your credit report. Foreclosure will drop your credit score by 250 to 300 points and the bankruptcy will affect your score almost the same but if a lender find out that the borrower has faced foreclosure in recent past then he may not approve a loan and even if any lenders approve a loan; the rates will be comparatively much higher. So it is better to consult with an attorney to understand minute affects of both foreclosure and bankruptcy.

As it seems that both foreclosure and bankruptcy will have similar negative credit affect and bankruptcy is a relief tool to avoid the harassment from the creditors, bankruptcy is a better option to choose but as it is previously said that bankruptcy should be the last option to choose to avoid foreclosure and the court will also check whether you are eligible to file bankruptcy or not.

How to improve your credit score?

If your credit score is less than 620 then it will be considered as very low and you may not be able to get approve for a loan or a credit card with reasonable rates and terms. So you may be wondering how you can improve your credit score. You may even have a reasonable credit score and still want to improve it as we all know that if we have a better credit score then we will have a better chance to get credit card or a loan with lower interest rate. There are a few simple steps which if you can follow; you will certainly be able to improve your credit score.

1.    Try to make all your payments on time. If you can make all your payments on time that will certainly help you to improve your credit score. So please don’t miss your monthly payments and better if you can make them on time.

2.    Don’t miss your payments. Even if you miss any payments then try to et current as soon as possible. Miss payments will certainly have negative affects on your credit score.

3.    If you have any problems in making the monthly payments then you should contact your lender as soon as possible. This may not help you to improve your credit score but this will certain help you to manage your credit better.

4.    Try to pay off your debts rather than moving it around. If you have huge debts and paying it regularly then it is the best way to improve your credit score.

5.    Don’t open too many accounts if you can’t maintain it and also don’t close your old accounts. Closing old accounts signifies of your credit unworthiness.

Hope these will help you to improve your credit score