“The Great Pretenders” Lessons In Debt, Credit And Home

November 16, 2009

Ownership One of the great pretenders in your life is a third party creditor. Attorney’s offices often set up third party creditors who appear to look and act as a collection business. The attorneys cannot buy alleged debts and then sue in their own name, so they use collection businesses as false fronts to buy debts which were written off by original creditors.

The attorney’s office representing the dummy collection business can probably never prove the debt you are alleged to owe. That is because the debtor doesn’t have a contract with the dummy collection business.

 Most credit cards do permit the assignment of the ACCOUNT. They DO NOT permit the re-assignment of the DEBT. That is, the credit card company can sell or transfer the debt to another bank or collection agency.  However, there is no authorization to transfer the debt to a third collector, such as the dummy collection business, unless the contract is produced to show that fact, and few do.

 If they have a judgment against you, it is probably void! When they sue you, keep in mind they never or rarely attach a copy of the contract to the complaint. Nor can they produce anyone with first hand knowledge of the facts which are essential to supporting their case.

 Here is how they work.

 • Usually, the original creditor is required to write off the bad debt within 180 or so days.

• The original creditor, credit card or loan company sells its list of bad debts to collection agency A

• Collection agency A sells it to collection agency B

 • Collection agency B sells it to collection agency C who sells it to the dummy collection business the attorney’s has set up as a front.

• The dummy collection business usually says in it’s complaint that “we have purchased the debt” leaving the impression that they bought it from the original credit card or loan company.

• They usually do not have proof of the alleged debt (i.e. the contract) which is required, nor can they prove that they are the new owners of the alleged debt. As mentioned earlier, there is no authority to make more than one assignment.

• This third party collection business has NO standing to sue you. Attorney’s all the time sue debtors in the name of the original creditor, but keep ALL the money they get from the debtor through the lawsuit..

• This omission deprives the court of power to enter judgment. If you are contacted by ANY collection agents BEFORE any court action takes place, first send them a copy of this letter validating the debt. DO NOT call the attorney’s office and ask them if they have the contract. If they did, it would be in your file. To continue, you will need a copy of your court file which you can get from the clerk. 

Call Spectrum Resources (863)967-0660 Or Email: SpectrumResources@tampabay.rr.com Visit: http://SpectrumResources.wordpress.com and http://MoneySavingTips.PolkVoice.com http://FinancialEducationAndOptions.blogspot.com & http://WomanToWomanMagazine.ning.com Raise your credit scores in 75 days-Guaranteed ! See http://CreditJusticeServices.com/?ccc=1242

“WHY Do I Need A Forensic Mortgage Audit?’ Lessons In Debt, Credit And Home Ownership

October 18, 2009

house inspecton

IF you have purchased a house in the past 5-7 years with a bank mortgage then you would be wise to have a forensic audit done on all of your closing documents, even if you are current on your payments. 

 The most common reasons to conduct a forensic loan audit is:

  • General Loan Documentation Errors – Real Estate Settlement procedures Act (RESPA) Violations – Truth In Lending Act (TILA)
  • Violations – Home Owner Equity Protection Act (HOEPA) Violations – Good Faith Estimate Compliance – Misleading Disclosures –
  • Overstated Home Values – Overstated Income In The Loan Application – Lender And Broker Misrepresentations – Usury Violations
  • Excessive ARM Adjustments – Excessive Points & Fees – Predatory Lending – Forgery- Loan Flipping

 This service is a very specialized and imperative in identifying if a borrower is a victim of predatory lending. You should only consider the services of a company that has a strong legal background, because it is not just a mechanic document review. A forensic auditor should have the skills to perform not only a thorough investigation for miscalculations and to determine if the loan terms are accurate, and truthful, but also the legal skills to identify the applicable federal statute’s violations and understand the consequences which are damaging to the home owner.

The goal of the Forensic Loan Audit is to determine whether there were violations of federal law in your loan documents.  IF…predatory lending and origination fraud are found, then the borrower may be eligible for complete relief of the predatory loan (refinanced only) or a very favorable loan modification. A true “forensic loan audit” examines homeowners’ appraisal, mortgage and supporting documents, so legal defenses can be discovered that a homeowner can use to avoid foreclosure. Or to use the law offensively to obtain favorable refinancing on the borrower’s terms, an equitable and fair Loan modification, an approved Short sale, a possible principle reduction, etc..

 Spectrum Resources has for over five years continually researched banking actions and court case reactions pertaining to foreclosure and found the tides are turning due to the internet. There is more awareness in people of their consumer rights and the need for the skills of experienced forensic mortgage loan auditors. Even FDIC acknowledges 98% of all mortgages are fraudulent, is yours ?                                

Spectrum Resources (863) 967-0660 Email: SpectrumResources@tampabay.rr.com

Visit our other blogs: http://MoneySavingTips.PolkVoice.com  and

http://SpectrumResources.wordpress.com & http://WomanToWomanMagazine.ning.com

http://FinancialEducationAndOptions.blogspot.com   and for a 75 Day Credit Makeover:

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“Can A Debt Collector Garnish My Bank Acct.?”

July 17, 2009

Emergency FUnd“Can A Debt Collector Garnish My Bank Account ?”  Well yes, if you don’t pay a debt, a creditor or it’s debt collector can sue you to collect.  However, in all lawsuits, you are notified by your county court this event is happening. You MUST respond within the specified time limits to dispute this action.  If you don’t want them to automatically win. IF..they win, the court will enter a judgment against you. The judgment states the amount of money you owe and allows the creditor or collector to get a garnishment order against you. This directs a third party, like your bank to turn over funds from your account to pay the debt. 

 Your wages are garnished when your employer withholds part of your compensation to pay your debts.  Your wages usually can be garnished ONLY as the result of a court order.  Again folks, DO NOT ignore a lawsuit summons. If you do, you lose the opportunity to fight a wage garnishment.

 The next question that comes before me as a credit risk assessment planner is; “Can federal benefits be garnished ?”  Well many federal benefits are exempt from garnishment including:  Social Security Benefits, Supplemental Security Income ( SSI ) Benefits,  Veterans’ Benefits, Civil Service and Federal Retirement and Disability Benefits, Service Members’ Pay,  Military Annuities and Survivors Benefits,  Student Assistance, Railroad Retirement Benefits, Merchant Seaman Wages, Longshoremen’s and Harbor Workers’ Death and Disability Benefits, Foreign Service Retirement and Disability Benefits, Compensation for Injury, Death, or Detention of Employees of U. S. Contractors Outside of U. S. , Federal Emergency Management Agency Federal Disaster Assistance.

 BUT, federal benefits may be garnished under certain circumstances, including to pay delinquent taxes, alimony, child support, or student loans. 

 One way to avoid accessibility to any monies being pulled out of your account is to have separate accounts. Through further education you can learn how to do this efficiently and effectively to protect your assets. Call (863) 967-0660  or email: SpectrumResources@tampabay.rr.com to learn more.  

 Put our blogs in your favorites for fast referencing and more learning. http://MoneySavingTips.PolkVoice.com  and http://SpectrumResources.wordpress.com  and http://FinancialEducationAndOptions.blogspot.com

 Your tax exempt donation to help us continue to help others is always appreciated.  Mail to: SRDC  2014 Brentwood Dr. Auburndale, FL 33823  or  use online check processor: www.Checkman.com/pay4it/12985

“Hit The Pause Button On Your Foreclosure”

June 28, 2009
                                                 You Can Pause Foreclosure

You must first come to the understanding that the banks are not in business to make you happy, they are there to make money. To hit the pause button on your foreclosure, educate yourself as to what REALLY has been happening across the nation between the home owners, the banks and the court system.

When FDIC can announce that over 90% of mortgages in America are riddled with fraud, why does it come to so many a surprise that they  have been a victim?   Pop yourself a big bowl of popcorn, get a large ice tea and set back to watch the many movies shown on the website www.YouTube.com on ‘mortgage fraud’, or ‘lost mortgage note’.  This is only the beginning to your education, but what I have found to be one of the best reality checks.  

Florida is severely hit with foreclosures. I work as a foreclosure prevention counselor in one of the largest counties in the state.    Most people are totally naive when it comes to the corruption of the banks. Most people that are losing their homes only know what the lender has told them, they don’t know of the many facts that were not shared at the closing table.  They don’t know what a large portion of Americans has learned about the structuring of mortgages and money in the banking system.  They only know that the home that houses their family, the place they have invested time and money in is slipping through their fingers. 

You can get relief through education. Research online at Google by typing in the name of your state plus the words ‘statutes regarding mortgage notes’.  There are laws in place that can protect the home owner discover them. You can pay others or you can invest time and learn first hand, then take that knowledge to someone who can help you use it.    In fact there are several laws in place to pause your foreclosure.  Google “TILA Q & A ” and read how it can help you expose the fraud and keep you in your home.  There is the Fair Debt Collection Practice Act as well. You have protection,  there are options that give you a chance to come up with a Plan B.  Time to have all your loan documents from your closing audited to count the ways you have been a victim of fraud.  Time to raise money to file a lawsuit against the bank for being so dishonest in their dealings with you

You will discover that the more ways you are a victim, the more chances you have to be keep your home and negotiate a deal that could make you very happy.

You can find answers to how a letter can bring everything to a stop and also lay ground work creating a paper trail that will support your case.  Check out http://LivingLies.wordpress.com for more answers.

Spectrum Resources has one mission and that is to help you learn how to live inside your income.  By pushing the pause button on your foreclosure, you can regroup your thinking. Restructure your lives and come through this transitional period.   Come back often and check out our other blog @ http://MoneySavingTips.PolkVoice.com and email us at: SpectrumResources@tampabay.rr.com or call (863) 967-0660.

As a fund raiser we have the opportunity to offer, ” HEY! WHERE’S MY MONEY ?” a little 128 page book filled with big insight into daily money management written by local author Janet Shore. “HEY! WHERE’S MY MONEY ?” regularly sells for $12.95, but as a fund raiser Spectrum Resources offers it with a tax exempt donation of $10.00 including shipping,  in the form of a money order mailed to Spectrum Resources 2014 Brentwood Dr. Auburndale, FL. 33823 or through www.Checkman.com/pay4it/12985 a online checking payment service.

Ms. Shore’s book “HEY ! WHERE’S MY MONEY ?” is an easy to read and easy to follow instructional and motivational book. This could be a great gift for a young adult entering the responsibility world of debt and credit, and at the same time supporting our educational efforts. Please help us help others in providing financial literacy, all tax exempt donations are welcomed and greatly appreciated.