Debt Collection

Ten Things to Consider When Talking To Debt Collectors

11/04/11

No one enjoys repeated phone calls from mysterious numbers with voice messages containing the following: “we are calling to discuss an important business matter concerning [you!]” .  There are a few things to know when speaking to a debt collector that can help you understand your rights and their motivations. 1. Debt collectors are not [...]

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OCC Servicing Settlement--Will Homeowners Get Screwed (Again)?

10/04/11

The WSJ reports on the latest development in the implementation of the OCC's mortgage servicing fraud consent orders.  It seems that the banks will have OCC approved "independent" foreclosure review consultants (chosen and paid by the banks) review foreclosure files from 2009-2010 and pay homeowners damages if there are any problems found.  

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Exemption Policy: Sometimes it Doesn’t Pay to be Debt Free

09/25/11

We have two married 60-something friends who are artists in Santa Fe and own a very simple home with a rental house in the front. The house is tiny by all but New York City standards, and since their income is always in flux (some months several grand, many months nothing at all), they live very close to the bone. No credit card debts, no car payments, no mortgage.  The only fixed expenses they have are their $1,000 a month health care policy and a few utility bills. Generally, they get along just fine, but last month, when he ended up in the hospit

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Debt Collector Pseudonyms

06/13/11

Story here about debt collectors using pseudonyms because of the abuse they get. I don't doubt it. Debt collectors aren't exactly popular folks. I was recently searching for cartoons of various consumer finance topics and there were by far the most about debt collectors, none flattering. But I don't think that makes it ok for a debt collector to use a pseudonym.

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Another Robo-Signing Problem

04/21/11

The other shoe drops: allegations of robo-signing in credit card collections (courtesy of the AP and CNBC). If it is happening in assembly-line mortgage foreclosures, there is no reason to think it is not happening in other assembly-line debt collections.

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The Debt Ceiling: What Is It (and why do we care)?

04/06/11

As Congress argues over what to argue about, they are avoiding dealing with THE major financial issue that needs to be resolved now

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The Debt Ceiling: What Is It (and why do we care)?

04/06/11

As Congress argues over what to argue about, they are avoiding dealing with THE major financial issue that needs to be resolved now

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Bankruptcy Robosigning Business Challenged by Debtors, Trustee

02/08/11

A new amended class action complaint filed on behalf of Chapter 13 debtors, with their Trustee as additional plaintiff, describes in exhaustive detail the business of Lender Processing Services and its network of creditor attorneys and mortgage servicers.  The gist is that LPS sells the dominant software product to mortgage servicers, and the software is designed to refer all foreclosur

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