·       Many consumers make common mistakes concerning their credit score.  Common misperceptions include closing credit card accounts to decrease the amount of credit available, and maintaining zero balances on open, unused credit cards.   Experts advise consumers to keep credit cards open, but to limit the outstanding balance to less than 50 percent of the available credit.  This helps demonstrate to lenders that the consumer is financially responsible and capable of making payments. 

·          Some homeowners may be unaware that neglecting to pay their property taxes, homeowners’ insurance, or fire insurance; allowing the home to fall into disrepair; or demolishing the property without lender approval could result in their home being foreclosed upon.  Two possible scenarios could play out if a homeowner fails to pay property taxes. The county could repossess the home and sell it at auction, or the lender could pay the tax bill and pass along the premium to the owner.  Most lenders will choose the latter so they do not lose money should the house be sold at auction.  If the lender pays debt tied to the property, they may pass along the premium to the owner, increasing the monthly mortgage payment.  The lender may do the same if the homeowners’ insurance is not maintained on the property.

County Properties San Diego or County Properties Riverside