Don't Be Fooled By The Foreclosure Freeze; Your Credit Is Still Affected
West Chester, PA (PRWEB) April 30, 2008 -- Even though thousands of distressed homeowners have raced to take advantage of the foreclosure freeze referred to as Project Lifeline, many of these people appear to be unaware of what the freeze actually does, and doesn't do. According to Vincent Craven, Founder and President of A Fresh Start, LLC, a credit repair service located in West Chester, PA, there is a lot of misunderstanding regarding what the federally sponsored stopgap measure actually offers mortgage holders.
"In the last month, we have encountered a great deal of confusion from our customers regarding what Project Lifeline actually does," said Craven. "A lot of people seem to be under the impression that by taking advantage of the program not only will they save their homes, but that it will also actually erase any previous foreclosure actions or late mortgage payments from their credit report, and that simply isn't true.
While Project Lifeline is specifically designed to allow homeowners to work out payment plans that they can afford with their mortgage companies, the program does nothing to address the negative impact that previous late payments have on those homeowner's credit scores. While it is true that, by re-negotiating their mortgages and beginning to make their payments on time homeowners can avoid receiving future "black marks" on their credit reports, previous late payments and foreclosure actions need to be addressed individually for them to be removed from an individual's credit report.
Another misconception that Craven reports is common among customers is the idea that the foreclosure freeze offered by Project Lifeline is universal and automatically stops all foreclosure proceedings. While the program does offer homeowners the opportunity to renegotiate their home loans with their bank, action on the part of the homeowner is required.
"A lot of people are under the mistaken impression that this freeze simply kicks in automatically," Craven explains, "and that just isn't the case. People facing foreclosure have to contact their lenders during the grace period and work out a payment plan with them. This isn't a law that prohibits banks from foreclosing on people. Rather, it is a chance for people to get back on track - and to do that, I tell customers that they have to make an effort."
For over fifteen years, Vincent Craven has helped thousands of people repair their credit reports, and raise their credit scores. His company, A Fresh Start, is dedicated to providing quality, professional credit repair to customers at affordable prices--and a lifetime guarantee. By working directly with the three major credit reporting agencies, lenders, creditors and the consumers themselves, A Fresh Start has a proven track record of getting results when it comes to raising credit scores, and helping people reestablish the credit they deserve.
Says Craven: "Just like anything else having to do with a person's credit, or their finances, it is important for consumers to understand both their rights and their responsibilities when it comes to Project Lifeline. People need to get the facts, and understand what the program will and will not do for them."
To make absolutely certain that consumers understand what is involved in Project Lifeline Vincent Craven invites anyone to call A Fresh Start to get more information, a free credit repair evaluation -- along with their monthly credit repair alert newsletter.
A Fresh Start operates in all states on a national basis and is headquartered in West Chester, Pennsylvania. For further information or interviews, contact Vincent Craven toll free at 1-866-629-1647, or visit the website at www.AFreshStartCreditRepair.com.
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