Not an FHA Mortgage

by Peter G. Miller
July 20th, 2007

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I get a lot of mail, regular mail, from folks who want to lend me money. Sometimes I get fabulous offers of low rates that remain in place for a whole month! Or second loans for more than $100,000 — you know, above the point where mortgage interest is usually deductible. Or, offers that will reduce my mortgage payment each and every month — but raise my loan balance with negative amortization.

I don’t have any problem with folks marketing through the mails. I like my catalogs. But when it comes to mortgages I am awed by some of the hideous offers I receive. I don’t believe that anyone has offered me a plain FHA mortgage through the mails.

But there’s good news.

Most legitimate lenders will not mail to you if you opt out. What really happens is that credit report agencies will not sell your name if you opt out.

How do you opt out? As one lender properly explained:

“PRESCREEN & OPT-OUT NOTICE: This “prescreened” offer of credit is based on information in your credit report indicating that you meet certain criteria. If you do not want to receive pre-screened offers of credit from us and other companies, call 1-888-567-8688 or visit the website at www.optoutprescreen.com; or write Equifax Options P0. Box 740123 Atlanta, GA 30374; Experian P0. Box 919 Allen TX 75013-0949; Trans Union LLC’s Name Removal Option P0. Box 32301 Jackson, MS 39288-7328.”

Do your part. Help America’s mortgage companies save postage and trees.

This entry was posted on Friday, July 20th, 2007 at 2:11 am and is filed under . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.