October 31, 2007

Loan Modifications: Wells Fargo, Citibank, HSBC, Countrywide

Filed under: Loan Modification

In “The Chasm between Words and Deeds”, an October 2007 report by California Resource Coalition, the following was noted with regards to loan modifications: (more…)

Early on Loan Mod

I had 8 rental properties I bought at one time.  all on a adejustable rate.  unfortunately 1 of the houses went into foreclorsure but it had pmi so the insurance company paid the loan off.  now I can’t refinance my primary house because or the foreclosure on my rental property. 

I have good credit except for that. 

Also, I am not sure, But I owe 310,000 on my house but I’m not sure it will appraise for that amount now especially here in Michigan. 

I don’t know what to do and my adjustable rate is up in MARCH OF 08

Kim (more…)

October 30, 2007

Sayest Thou What Oh Lender?

If, as is true, that in the vast majority of instances, it is mortgage servicing companies ( as opposed to “lenders” ) who are responsible for the collection and default administration activities regarding residential mortgages, why do virtually all industry, govt., and most surprisingly, private sector “loss mitigation” businesses, suggest that the people contact their originating lenders ( or that they work with the lenders ) ?

Would’nt it be a waste of valuable time and energy, and quite frustrating, to contact the lender, if they have no right or interest to that loan, and no authority to mitigate anything ?

Thank You, Cloud (more…)

October 28, 2007

Time-Barred Debt Counterclaim

Filed under: FDCPA,Junk Debt Buyer

hello – you could title this as “Written Contract or Open Account” — having difficulty figuring out the SOL here in GA for credit cards.

According to many internet sites credit cards are considered open accounts and therefore the SOL for that state would apply. However i am being sued by a JDB here in Georgia and would like to know if I have an absolute defense or not – they are claiming breach of contract and state the debt is based on a ‘written contract’ [the credit card account]. GA SOL for open accounts is 4yrs, for written contracts 6yrs.

Are credit cards open accounts or written contracts in Georgia? Any ideas?

thanks! Many Regards,
GA Mom

[BTW-have learned some new ideas from your site on how to get my score cleaned up-thanks!] (more…)

Chapter 13 BK 2nd Mortgage Cram Down

Filed under: Bankruptcy,Mortgage

Hi.  I filed Bankruptcy four years ago. 

My attorney listed a second mortgage as unsecured in my Chapter 13. The second mortgage was for more than the home was worth…so the second was considered wholly unsecured and my attorney was SUPPOSED to list in my plan that the lien would be avoided since there was no equity (stripped off).  The bank has never filed a claim and has never contested the unsecured status of the debt.

My attorney listed the debt as unsecured and I don’t have to repay it in my plan…but she failed to state how the lien would be handled upon discharge/completion of my plan. 

Now I have paid a fortune to the court to find out that the lien will continue to exist even after my bankrupty is over!!! 

A motion was filed to avoid the lien, but the court said it couldn’t be avoided even though there was no equity for the lien to attach to!  Maybe because it was a consensual lien? 

What can I do?  If I have gone through this entire nightmare just to end up with all this debt….I will cry!  Can I amend my plan or what should I do?  Desperate!  Help!

Thank you…P.S. I have spoken to eight BK attorneys here in Arkansas and NONE of them have any idea what I am talking about! 

Rachel (more…)

October 26, 2007

FACTA & Debt Collector Inquiries

Can a debt collector run your credit report?  This question has been asked many times here on the Broken Credit Blog and it has generally been posited that ‘debt collection’ is a permissible purpose under the FCRA.  A recent filing in Pintos v. Pacific Creditors Association, Case no 04-17485 (September 21, 2007, Ninth Circuit) changes things a wee bit in favor of the consumers of the world.  And oh yes, debt collectors [I know you read my blog too so pay attention] this is your warning!  Be afraid; be very afraid… (more…)

October 25, 2007

Lupe Loan

I recently got a copy of my credit report and it wasn’t good. A few years back I had lost my job and it was all down hill from there. I have 10 write offs (write off inclue; utility bills, cell phone, cable service and cash in advance loans and two credit cards). They are all small amounts that I owe, not one exceeds $1000 and if I add all the debt it’s less than $5,500. My questions are:

1) Should I make payment arrangements or I pay it all off in one go?

2) If I do pay it all off in one go, how soon after that would my score go up and by how much?

3)I’d like to purchase a home by July 2008, how soon would I have to fix my credit to make this goal realistic?

Lupe (more…)

Two Million Subprime Mortgage Homes Foreclosured

U.S. Senator Charles E. Schumer, Chairman of the Joint Economic Committee (JEC), released a report today analyzing the greater financial impact of the subprime foreclosure boom.

The JEC report entitled, The Subprime Lending Crisis: The Economic Impact on Wealth, Property Values and Tax Revenues, and How We Got Here reveals that families, neighborhood property values, and state and local governments will lose billions of dollars as  two million subprime mortgage homes are foreclosed. 

The subprime fallout report argues in favor of foreclosure prevention, which can save the economy billions in housing wealth and ease falling housing prices. 

Sen. Schumer was joined by Senators Amy Klobuchar (D-MN), Sherrod Brown (D-OH) and Rep. Carolyn Maloney (D-NY), the Vice Chairman of the Joint Economic Committee. 

The JEC report is the first of its kind to project economic costs on a state-by-state basis from the third quarter of 2007 through 2009.


Thoughts on Foreclosure

Filed under: Credit Cards,Foreclosure

I have visited this website more times than I can count.  The information is priceless.

I’ve never asked a question or made a comment until now.

First of all there is some good coming out of all this foreclosure mess for some.  First of all these foreclosures provide more data for the credit bureaus to sell.  Better deal for all lenders because it allows them to charge more in interest.  The more interest they charge the better their economy.  I can just see all those credit card special deals coming out now.  Put that charged off amount of your mortgage on a brand new credit card and we will give you $100 open to buy that you can spend any way you want to.  Great terms allowing you to take up to 35 years to pay and at a fantastic rate of only 28%.  What’s in your wallet? 

BrokenCredit.com thanks again for a great website.  It’s nice to see somebody that actually cares about us consumers.


October 24, 2007

The Low Down on Loan Mods

Filed under: Loan Modification

The California Reinvestment Coalition released a report this month titled: “The Chasm between Words and Deeds”.  CRC surveyed thirty counseling agencies across the state.  Among the findings: (more…)

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