You are not the only one with a problem
Problems Riddle Moves to Collect Credit Card Debt
The same problems that plagued the foreclosure process — and prompted a multibillion-dollar settlement with big banks — are now emerging in the debt collection practices of credit card companies.
As they work through a glut of bad loans, companies like American Express, Citigroup, and Discover Financial are going to court to recoup their money. But many of the lawsuits rely on erroneous documents, incomplete records and generic testimony from witnesses, according to judges who oversee the cases.
http://dealbook.nytimes.com/2012/08/12/problems-riddle-moves-to-collect-credit-card-debt/?smid=li-share&goback=.gde_1081457_member_146153497
Foreclosure Settlement Fails To Force Mortgage Companies To Improve
"Over the last four years, some 3.6 million American homes have been lost to foreclosure, according to CoreLogic, a leading real estate research firm. From April to June, more than 300,000 homes began the foreclosure process, a 9 percent increase from the three previous months, according to RealtyTrac, which maintains a national database.
From 7 million to 8.7 million borrowers remain in significant danger of defaulting, according to analysis by Laurie Goodman at the Amherst Securities Group.
Those facing the most imminent peril are the roughly 4 million borrowers already two months or more past due on mortgage payments. Another 4 million have previously landed in arrears, with roughly half likely to slide back into default eventually, Goodman estimates. About 2 million borrowers are current on their loans yet significantly underwater -- meaning they owe the bank more than their homes are worth. From 20 percent to 30 percent are expected to default eventually."
http://www.huffingtonpost.com/2012/08/08/foreclosure-settlement-fails-mortgage_n_1754018.html
Beware of Forced Placed Insurance Policies!
Lapsed home insurance policy leads to $10,000 premium for North Palm Beach man
As most homeowners are aware, if your property is financed, you have to have insurance to protect the lender. If a bank learns a mortgage holder is not covered, it is allowed to secure a policy and pass the charge on to the customer.
http://www.palmbeachpost.com/news/business/lapsed-home-insurance-policy-leads-to-10000-premiu/nPPYC/
Problems Riddle Moves to Collect Credit Card Debt
The same problems that plagued the foreclosure process — and prompted a multibillion-dollar settlement with big banks — are now emerging in the debt collection practices of credit card companies.
As they work through a glut of bad loans, companies like American Express, Citigroup, and Discover Financial are going to court to recoup their money. But many of the lawsuits rely on erroneous documents, incomplete records and generic testimony from witnesses, according to judges who oversee the cases.
http://dealbook.nytimes.com/2012/08/12/problems-riddle-moves-to-collect-credit-card-debt/?smid=li-share&goback=.gde_1081457_member_146153497
Foreclosure Settlement Fails To Force Mortgage Companies To Improve
"Over the last four years, some 3.6 million American homes have been lost to foreclosure, according to CoreLogic, a leading real estate research firm. From April to June, more than 300,000 homes began the foreclosure process, a 9 percent increase from the three previous months, according to RealtyTrac, which maintains a national database.
From 7 million to 8.7 million borrowers remain in significant danger of defaulting, according to analysis by Laurie Goodman at the Amherst Securities Group.
Those facing the most imminent peril are the roughly 4 million borrowers already two months or more past due on mortgage payments. Another 4 million have previously landed in arrears, with roughly half likely to slide back into default eventually, Goodman estimates. About 2 million borrowers are current on their loans yet significantly underwater -- meaning they owe the bank more than their homes are worth. From 20 percent to 30 percent are expected to default eventually."
http://www.huffingtonpost.com/2012/08/08/foreclosure-settlement-fails-mortgage_n_1754018.html
Beware of Forced Placed Insurance Policies!
Lapsed home insurance policy leads to $10,000 premium for North Palm Beach man
As most homeowners are aware, if your property is financed, you have to have insurance to protect the lender. If a bank learns a mortgage holder is not covered, it is allowed to secure a policy and pass the charge on to the customer.
http://www.palmbeachpost.com/news/business/lapsed-home-insurance-policy-leads-to-10000-premiu/nPPYC/
