Piggybacking Credit Scores How Much Money Can You Save? Enough to afford keep your home?

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WILLIS: Joining us now are John Coates, an online strategy consultant for Instant Credit Builders. And Bob Moulton of Americana Mortgage. Welcome to you both. Now before we get started. I just have to show you some numbers we came up with. So you can see why people would want to do this. For example, let's take somebody who had an original credit score of 580. Not a good score. OK. Let's say they wanted to have maybe 180 extra points, a new credit score of 760, that they're willing up to pay $3,000 to get.

Now, if they were getting a $300,000 mortgage, each and every month they would save $541 on that mortgage because of their better credit score. That means that this would pay for itself in approximately six months.

Now, John, I want you to tell me what's wrong with this picture? This sounds too good to be true.

COATES: Well, it sounds too good to be true because we're finally able to throw the American people a rope to help them climb out of the hole, basically the hole that they were thrown into, you know, through terrible practices like subprime lending, predatory lending practices.

You know, when we look at the facts, there's 250,000 homes that are in pre-foreclosure right now in our country. This is literally a disaster on the scale of hurricane katrina every 90 days! Join (More Info) for community reviews and rating on the companies that can help you afford the American Dream!