PLEASE CALL US AT 952-285-4319.  WE MAY BE ABLE TO HELP. 

WHETHER IT BE DIRECTLY OR INDIRECTLY -BY PROVIDING ACCESS TO THE RESOURCES, PRODUCTS OR PROGRAMS THAT MAY HELP YOU SOLVE YOUR CREDIT OR DEBT PROBLEM.  PLEASE TAKE SOME TIME AND EXPLORE ALL TABS ON THIS SITE.

WHAT CAN WE DO FOR YOU?

*HELP YOU BUY OR SELL A HOME-OR KEEP THE ONE YOU HAVE IF YOU'RE IN TROUBLE.  JOHN IS A TWIN CITIES REALTOR WITH RE/MAX AND A CDPE-CERTIFIED DISTRESSED PROPERTY EXPERT.

*HELP YOU OBTAIN A MORTGAGE-REVIEW AND SUGGEST OPTIONS THAT WILL IMPROVE YOUR CREDIT SCORES AND ELIGIBILITY FOR A MORTGAGE LOAN.  VENTURE DEVELOPMENT IS A MINNESOTA MORTGAGE BROKER WITH ACCESS TO MANY LOAN PRODUCTS AND PROGRAMS.

*HELP YOU ON YOUR PATH TOWARDS CREDIT RESTORATION-WE WORK WITH A CREDIT RESTORATION COMPANY AS WELL AS LOAN MODIFICATION COMPANY AND CAN GET YOU STARTED IN THEIR PROGRAM. THESE MINNESOTA LICENSED COMPANIES DO WORK NATIONWIDE.  

We Understand.  Congratulations on taking proactive steps towards improving your situation.  My guess is you're not here at this website because you have a general curiosity in learning about credit repair, credit restoration, or other things like avoiding a foreclosure.  Instead, you're probably here because of an event that has impacted your life and consequently your credit.   We like to call it "life happens."   Life happening events comes in all shapes and forms, but here are the most common life circumstances that we see: 

-increased mortgage payment or ARM mortgage adjustment
-losing a job
-failed business & subsequent repercussions
-Property damage to a home with inadequate insurance to make repairs
-Death of a spouse or significant other
-Death of close friend or other family member
-medical bills that exceed insurance or your ability to pay or time out of work due to illness
-tax obligations associated with an inheritance
-Divorce or separation
-Relocation while maintaining the cost of two homes

We hope you find this site useful.  We have tried to provide some of the basic information you may need.  Please keep a few things in mind:  1)-You are not alone-don't feel as though no one else is in your position.  You would be surprised at the number of people you interact with on a daily basis who are in your same predicament.  2) This too shall pass.  You will be able to overcome this with the right attitude and some work on your part to fix the problem.  3) My final thought comes as quote from the Book Of Proverbs:  "Mortals make elaborate plans, but God has the last word."  We work with individuals on their real estate and mortgage transactions on a daily basis and help them find and finance a new home.  As such, we help people work through various situations so that they can once again obtain a mortgage and purchase a home. 

BE PROACTIVE,  STAY POSITIVE AND GET INFORMED!

Disclaimer:

Lastly, this site and the information herein is for informational purposes ONLY and should not be relied upon in making your financial decisions.  Things change rapidly and some information we have provided could be incorrect or dated.  We are not providing you any legal or accounting advice-seek out a professional in those areas.  Some of the products and services we recommend herein pay us an affiliate commission or are related to areas of our employment. John Mazzara is licensed real estate broker in the State of Minnesota and affiliated with RE/MAX Associates Plus 952-929-2577.  John and Patti Mazzara are also affilitated with Minnesota mortgage broker Venture Development Inc. We hope that we can help you-feel free to call us at 952-285-4319.  John Mazzara NMLS 332556, Patti Mazzara NMLS 333279 MN Residential Originators license-20183304

Debtors, Creditors and Debt Explained

Reading through most financial institutions and lending company disclosures can be confusing. They throw a significant amount of legal terminology and often label specific individuals and groups of individuals by names such as debtor and creditor. This can make it confusing.

These terms however are not difficult to understand and often when you understand these terms, what they mean and how they apply to the disclosure it can make it easier to read disclosures and understand your rights as a person who is obtaining credit and incurring a debt. There are a number of rights and responsibilities that people who are given the classification of debtor for the purposes of the agreement. The term or label of debtors tends to send up negative connotations in many people’s minds because of the stigma that is placed on the term debt.

Debt in and of itself and being a debtor in and of itself is not a bad thing. It simply means that a debt has been taken out and the debtor is the person who has taken this debt out. More often because of these negative connotations, you may find debtor inner changed with lendee, in other words the person to whom money was lent. Alternatively, with credit cards you may see it interchanged with the term cardholder or applicant in some cases. In most cases, however the term debtor is usually replaced with borrower. All of these terms can be used interchangeably based on what type of document or disclosure is being used.

A creditor is slightly easier to understand in any of its forms. A creditor is a lender, a credit card provider or financial institution when it comes to lending out money and providing line of credit. A creditor can also refer to a company who is attempting to collect a debt. This can be the original lender or it can be used to refer to a collection agency, which is in charge of collecting a debt. In some cases, a creditor may be a lawyer’s office or a separate company. There are a number of different types where you will find the term creditor.

As with the term debtor, there are a number of negative connotations and reflections that are made when people hear the term creditor because it is so often used as a way to describe those who collect debts. Normally, you would have only minimal interactions with your creditors and this contact usually exists simply in the form of bill and payment. It is only when debts become overwhelming that the word creditor becomes something to avoid and the word alone because of the negative connotations attached to it, cause a great deal of stress and anxiety for people who are having difficulty with their debt. It associated with a stereotype of calls that are received when people are having difficulty making payments. However, the term creditor covers a much broader base than this.

Debt, it covers a wide range of different expenses. It primarily refers to credit purchases that are paid off over an extended period of time. For example, credit cards, mortgages, car loans, even leases can be considered debt. The biggest category of debt that is going to create problems for people is going to be credit card debt. The reason for this is that this type of debt has not only a variable interest rate but also one that can increase rapidly and quickly create a difficult situation.

Debt however if managed correctly can provide you with a number of benefits. Being debt free is often considered to be an ideal situation however there are disadvantages to this. Everyone considers debt to be a bad thing; this is because it so often becomes something that creates stress, anxiety and financial difficulties. However, debt in and of itself is not a bad thing. In fact, it can be quite useful provided that it is not allowed to take over your finances. Many organizations at credit history, the way you managed your debt before they lease an apartment or approve you for a loan.

This is because it shows a viable record that you made payments on a debt in a timely fashion. There is no way to measure this without debt and so in these situation you may end up having issues obtaining the approval you need because of a lack of history to prove that you have paid off credit cards and other forms of debt promptly and in a responsible manner. Debt can be something that overwhelms you or something that provides you with the means to lease a home or apartment purchase a car or obtain a personal loan. Many people when they first start out working with credit based purchasing do not realize the danger of credit card debt. They also do not realize how quickly credit card debt can get out of hand. It is important to ensure that debt is managed carefully in order to not allow it to get out of control. Once debt reaches the point where it overwhelms you, financially it can be difficult to get back under control and it has far-reaching effects. Many negatives stay on your credit report for years in some cases it can be more than a decade before a negative mark is removed from your credit and even more time before your credit score recovers.

This is why it is important to make sure that you know what your rights are, what debtor, creditor and what debt is. These definitions and the various replacements for them such as borrower, lender and so forth are necessary in order to ensure that you know exactly what is written in the terms and agreements that you sign when you take out a loan or credit card. This is the first step to ensuring that you make the right decisions when it comes to the types of debt and types of lenders that you borrow from.

John Mazzara NMLS #332556    Patti Mazzara NMLS #333279  Venture Development NMLS #373115