June 30, 2009

Repeated Cease Communication

Filed under: FDCPA

I love your site, I check it everyday! You are the best authority that I use on consumer rights information (for the consumer) on debt and mortgage. I have a question regarding a cease communication.

If I send a cease communication to a CA who represents an “OC” JDB and I address the JDB and CA in the letter, since the CA is an agent of the JDB and essentially employed by the JDB, would that cease communication pertain to the CA and JDB?

Thanks For Everything You Do!

Chris (more…)

June 27, 2009

No Thank You!

Filed under: Miscellaneous

Dear esteemed friend,

Permit me to introduce myself to you, I am Desmond Eyadema, from Madrid-Spain, I will like to ask for your assistance to resolve and transfer into your account the total sum of $6.5 Million Dollars.

But please, my questions are:-

1. Can you handle this project?
2. Can I give you this trust?
3. What will be your commission?

If you can sponsor and handle this project, consider it and get back to me as soon as possible for more details. Thank you very much and God bless you, as I will be looking forward to hearing from you.

Best Regards.

Mr. Desmond Eyadema

June 26, 2009

No Thanks

Filed under: Miscellaneous

Good Day,
I need your assistance to transfer the sum of $32.5M, please reply for details.
Kwok Kin Hung.
Chief Operating Officer
Wing Lung Bank (Hong Kong)

June 25, 2009

Chase Raises Minimum Payments On Credit Cards

Filed under: Credit Cards

Consumer Affairs – Thousands of Chase credit card customers have gotten some bad news this month. The bank has informed them that the minimum monthly payment on their accounts is being raised from two percent of the balance to five percent.

That might not sound like a huge increase, but for many who are carrying large balances and are tightly budgeted, it’s a severe and unexpected blow. Kay, of Pottsville, Pennsylvania, said she contacted Chase and was told the change in policy was related to the poor economy.

“I was told I could possibly re-negiotate a lesser monthly payment but my interest would go from 3.9 percent to 21.99 percent. I was told that out of over a billion credit card holders 850,000 were effected by this change,” she told Consumeraffairs.com. “My monthly payment from my four accounts will go from $961.00 a month to $2394.00 a month. Needless to say I will not be able to make these payments and will end up defaulting on my accounts and probably claim bankruptcy.”

The change in minimum payment has little to do with how long customers have been Chase cardholders, or their credit ratings, though in an analysis of complaints to Consumeraffairs.com in the last few days, many customers do seem to have one thing in common. They all mention that they took advantage of a previous promotion and signed up for a Chase credit card, with the promise of a low, fixed rate for an extended period of time.

“In the past year I took advantage of balance transfer offers with their life-of-the-loan low interest rate offers of 5.99 and 6.99,” Wendy, of Cardiff By The Sea, California, told Consumeraffairs.com. “I basically used the card as debt consolidation this year in lieu of the economy, wanting to close some other accounts and just use the Chase card to pay this amount down. I am horrified at the new five percent minimum! This will increase my payment by about $475 a month.”

Dana of Dacula, Georgia, also took advantage of the promotion and transferred money to a Chase account at 4.9 percent. In August her minimum monthly payment goes from two percent to five percent.

“This could put me in default since it would cause my payment to more than double each month,” she told Consumeraffairs.com. “I do not want to use the card, I just want to pay it with the terms I agreed to when the card was issued.”

With new credit card rules on the way, thanks to changes by regulators and legislation passed by Congress, lenders are preparing for a new consumer lending environment. By increasing its minimum monthly payment for customers with low, fixed interest rates, Chase recovers that low-interest money faster, and can loan it out again at much higher rates.

The new credit card rules that go into effect next year prevent lenders from arbitrarily raising interest rates, but do not address the issue of minimum monthly payments. In fact, regulators in the past have encouraged lenders to increase the minimum payments, so that consumers pay down their balances faster.

But a number of consumers who thought they were doing the smart thing — transferring large balances to cards with locked in, low rates, are finding themselves in a trap. The increased minimum payment is now unaffordable. The price of keeping their payment the same is to give up that promised low rate, so that more of their monthly payment goes to interest each month, not paying down the principal.

Short Sale A Million

Wow, am I glad I found your site. I live in Southern California and am thinking about short selling my one bedroom co-op condo. I bought the place before I was married and had a baby. My husband’s name is not on any of the paperwork. Technically, we are not in distress since we have never been late, have money in the bank (about $7K), have a decent APR but want to move since our daughter is getting a little old to share a bedroom with us.

I bought the property in 2006 for $222K. I currently owe $150K on the mortgage and another $23K on a HELOC with the same lender from Pennsylvania. A similar unit in my building recently sold for $150K.  I think we will be close to covering the mortgage amount but would be completely short on the HELOC.  Do you think the bank will accept this short sale and would we be able to buy another property? We wanted to buy a house with an FHA loan right afterwards.

Also, if the bank does accept the offer what would be the best way to have it reported on my credit report.


Rebecca (more…)

June 24, 2009

Improve My Score Fast Please!

I have been in Escrow for the past six months. We were approved by a private lender and the BOA through the builder.  We have not been able to lock in a rate and we have not chosen our loan agent yet. We are waiting for a new home to be built.

I recently checked my credit score on creditreport.com and was shocked that my credit score was 587!  I contacted my realtor and she said I am may not be able to get a loan.  I am wondering if it is because of the credit inquiries and because I paid off a an old collection acct. a couple of months ago. 

I have been current will all my credit cards.  My lender mentioned rapid rescoring.  How many additional points will I be able to get with rapid rescoring?  Can I obtain enough so I would be able to qualify for the FHA loan? 

Any information would be super helpful.

Michelle (more…)

June 23, 2009

She Can Short Sell

Filed under: FHA Loan,Short Sale

I am a realtor and met with a lady about selling her house.  She purchased it, with and FHA loan in 2004.  She moved to a new home in 2008 and rented it out (a no-no).  She now wants to sell it, due to bad renters and is losing money each month on it.  Problem is she is upside about 40K.  She was 4 months behind and the bank is modifying the loan to get her caught up, but, she still wants to sell.  The bank knows it is FHA.  Will they (wells fargo) work with her on a short sale.  I understand the rules if it was owner-occupied, but, it isn’t.  Any thoughts?

Jim (more…)

Consequential Judgment

Filed under: Foreclosure,Judgment

My husband has rental property that he is unable to pay for since he lost his job.  I am NOT on that loan but we do share a mortgage on our primary residence.  My question is how will the foreclosure affect me?  Can a judgment be filled on our home which we both own…what are my consequences?

Brenda (more…)

Currently Thinking Short Sale

we are current on all of our mortgage payments and have never been late. we have a 1st and 2nd mortgage. We are seriously considering a short sale on our home. Our goal is to cover the 1st mortgage but the second (w real estate what it is today) will not cover the second. If we handle the short sale and approach the bank with a buyer before ever having been late on payments will credit be effected or can we negotiate with them so that we can repurchase immediately after the short sale of this home.

Laurie (more…)

June 22, 2009

Hitchcock Identity Theft

Filed under: Identity Theft

MercuryNews – Irene Prusik has been dead for six years. But in April, someone showed up at the Department of Motor Vehicles in Brooklyn to renew her driver’s license. The explanation given by prosecutors rivals the Hitchcock classic “Psycho”: It was her son, in drag.

Thomas Parkin, 49, was charged Wednesday in the bizarre plot to impersonate his deceased mother so he could collect $117,000 in government benefits. He and the man accused of being his accomplice, Mhilton Rimolo, pleaded not guilty to grand larceny, criminal impersonation and other charges.

Both men were ordered held on $1 million bail. Their lawyers did not immediately respond to phone messages left on Wednesday.

District Attorney Charles Hynes said the scam was “unparalleled in its scope and brazenness.”

Authorities claim that following his arrest, Parkin told them that because he held Prusik when she breathed her last breath, “I am my mother.”

Parkin, who lived with his mother, was accused of hatching the scheme after she passed away in 2003 at age 73. He managed to conceal the death by falsifying her death certificate, then collected $52,000 from her $700-a-month Social Security checks over the next six years, prosecutors said.

Authorities say Parkin also got another $65,000 in rent subsidies by falsely claiming he had a disability and that his mother was still alive and was his landlord.

Parkin used his friend Rimolo to pose as the mother’s nephew when going to cash checks and do other business, prosecutors said. A security camera photo from the DMV office shows a frail-looking Parkin in a wig and dark glasses, Rimolo by his side, as he fills out paperwork.

The ruse began to unravel amid a dispute over the mother’s home, which was sold at foreclosure in 2003. Parkin challenged the purchase by suing the new owner on his mother’s behalf so he wouldn’t be evicted.

As the property dispute dragged out, both sides eventually contacted the district attorney to accuse each other of fraud. By the time investigators arranged a meeting with the family in May, they already had proof Prusik was dead: a photo of her tombstone in a local cemetery.

The investigators played along as Parkin showed up for the interview “wearing a red cardigan, lipstick, manicured nails and breathing through an oxygen tank,” prosecutors said.

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