Archive for November, 2007

Lenders Violate Credit Laws for Discharged Debts

Posted on: November 5th, 2007 by Kenneth Long No Comments

The newest debt collection trend has a dangerous component. Uncollectible debts are being sought by aggressive debt buyers who pressure unsuspecting debtors into paying them off. Because these debts are no longer legally collectible, they can be bought by debt collectors for almost nothing.

Now some creditors are being accused of intentionally failing to update credit records in an attempt to pressure debtors to repay old accounts. Before you pay on that old account, make sure that you understand your rights, especially if the debt was discharged under bankruptcy. (more…)

Credit Cards Compete for Highest Fees

Posted on: November 4th, 2007 by Kenneth Long 2 Comments

Some of the most atrocious credit card fees are becoming more widespread. A new breed of credit cards has entered the marketplace, and the fees on these predatory products can easily wipe out most of the credit limit. Worse more, these leave vulnerable consumers strapped with additional debt and on a track for further credit damage.

Imaging getting $200 a year in credit card fees in addition to any traditional late or over-the-limit fees. Think a credit card cannot charge you for a credit limit increase? It is happening! (more…)

NY Attorney General: Subprime Loans Deliberately Inflated

Posted on: November 2nd, 2007 by Kenneth Long 1 Comment

New York Attorney General Andrew Cuomo accused a major real estate appraisal company of colluding with First American and Washington Mutual. The company eAppraiseIT may have been pressured to provide inflated home appraisals, a violation of federal law.

His accusations hint at a more widespread practice that would explain the widespread problems in the subprime mortgage industry. Indeed, it is unlikely that these companies are the only ones responsible for current problems plaguing the industry. (more…)

Emergency Ownership and Mortgage Equity Protection Act

Posted on: November 1st, 2007 by Kenneth Long 1 Comment

Congress may soon vote on H.R. 3609, which is titled the Emergency Ownership and Mortgage Equity Protection Act. The idea is to provide bankruptcy judges the authority to modify mortgage loans to help families afford the payments.

The bill proposes allowing distressed homeowners to include their mortgage in a Chapter 13 bankruptcy filing. There are some other important proposed changes also. (more…)

Two Words to Stop Debt Collectors

Posted on: November 1st, 2007 by Kenneth Long No Comments

It is a known fact that most debt collectors routinely violate federal laws when attempting to collect on a delinquent account. Their greatest ally is consumer ignorance. Most people just do not understand their rights.

One such right is listed in the most comprehensive law related to consumer debt collection. This right is what can stop an abusive debt collector in their tracks. Instead of going to court, you can threaten a more feasible option by saying two words. (more…)

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