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Trail Loan Modifications Trash Credit Report and Credit Score

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Carolyn Said of the San Francisco Chronicle wrote an excellent article “Loan modifications often damage credit scores” that covers the reality of the damage that occurs to credit from a loan modification. Here are some excerpts. You should read the full article for more information “Struggling homeowners who get a loan modification to reduce their mortgage payments are often unaware ... Read More »

    2003 Backroads of American Debt – Day 3

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    Day three brought more weather surprises but also a great pair of back-to-back- interviews from people that were very honest about how they handle money. The first couple was retired and had not planed for retirement until just five years earlier and had never looked at their credit report. They trusted their banker to watch over them. The second interview ... Read More »

      Collection Lawyers Filing Thousands of Lawsuits for $20 or Lees

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      Since forming its own collection agency in July, 2009, Florida law firm LaBovick & LaBovick has filed more than 1,200 lawsuits against insurers in the Fort Lauderdale-based court. Some of the lawsuits seek as little as $3.89 in damages. A $16.99 lawsuit isn’t uncommon. Many are in the $38 range. Few crack $50. “It’s outrageous,” said attorney Douglas Brehm, who ... Read More »

        Worst Banks for Loan Modifications

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        Here is a list of the banks with the worst record for canceling loan modification requests. PNC Mortgage – 47.2% Aurora Loan Service – 46.8% CitiMortgage – 42.1% Saxon Mortgage Services – 40.8% Select Portfolio Servicing – 38.6% Wells Fargo Bank – 35.1% Worst banks for expired trial loan modifications without an answer. JPMorgan Chase – 45.3% Bank of America ... Read More »

          California Loan Modification and Foreclosure Scam Results in Four Arrested and Five Wanted

          California Foreclosure Relief

          California Attorney General Edmund G. Brown Jr. today announced that nine men engaged in a Southern California boiler room, tricked out in high-roller style with a roulette wheel and other casino equipment, have been charged with 97 criminal counts for stealing at least $2.3 million from more than 1,500 desperate homeowners who were promised loan modifications but received no relief. ... Read More »

            The Cost of Settling Debt – Action News Detroit

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            Here is a news report about the tax consequences of debt settlement. I’m afraid to say the report really glosses over the tax implications of settling debt and makes it seem as if everyone with forgiven debt will pay taxes but that’s not true. It’s more complicated than that. They key point to watch for is if the forgiven debt ... Read More »

              County Going After Employees 16 Years Latter for Overpayment

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              In an effort to collect money to Gwinnett County in Georgia the local government has decided to go after 180 employees that were overpaid one time, 16 years ago. The irony is the overpayment occurred back then to avoid a financial hardship. Time is up on that intention it seems. “The payroll anomaly dates back to Sept. 30, 1994, when ... Read More »

                2003 Backroads of American Debt – Day 2

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                Here is day two of the backroads debt trip. While I managed to survive the switchback West Virginia mountain roads in the dark the night before. Day two started with a big surprise, you’ll see. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Read More »

                  Infographic on Retail Closures

                  Which Retailers Are Closing Their Doors

                  Here’s a very nice infographic on which big retailers are closing their doors. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Click on image for larger view. Read More »

                    SmartBuy, Frisco Marketing, Integrity Financial, MilitaryZone and Rome Finance Company All Accused of Scamming Soldiers

                    New York Attorney General Andrew M. Cuomo today filed a lawsuit against three nationwide lenders and their affiliated companies for preying on members of the military by selling them grossly overpriced electronics and then trapping them in illegal and open-ended credit plans. Attorney General Cuomo has also notified Defense Secretary Robert Gates and Secretary of the Army John McHugh of ... Read More »

                      LifeLock CEO Has Identity Stolen 13 Times While Promising in Ads That LifeLock Protects Your Credit

                      Todd Davis LifeLock

                      Excerpts from a great article out of Phoenix that you need to read if you are interested in LifeLock. Apparently not only does the service not work but the guarantee they use to promise to protect customers is full of holes as well. Most telling was the fact that CEP Todd Davis has had his identity stolen 13 times since ... Read More »

                        If You Owe Chase Bank, Forget About Debt Settlement.

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                        In recent communications with Chase Bank they helped me to understand their policy when it comes to working with debt settlement companies, they won’t. Paul Hartwick, spokesperson for Chase told me, “Chase will not work with debt settlement companies. Customers who notify Chase that they are working with a debt settlement company will be advised of this policy and encouraged ... Read More »

                          MTV Looking for Person with Money Troubles for Show

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                          MTV contacted me and is looking for someone to appear on one of their shows, True Life. The information is below if you interested in being on television. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? True Life is MTV’s award-winning series that covers diverse topics that are important to our audience, ranging from pop culture ... Read More »

                            Construction Company Avoids Having Their Bank Account Artificially Stimulated

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                            A Nebraska construction company avoided being scammed out of thousands of dollars, thanks to the help of its bank. The company, Midcon Construction Inc., received a letter April 20 that appeared to be from the U.S. Department of Transportation. The letter requested the company provide financial information to be eligible for procurement. The employee faxed Midcon’s bank account number and ... Read More »

                              Consumer Attorney Jason Rapa Speaks Out About the Importance of Validating Debt When Sued

                              Today I’, talking with consumer attorney Jason Rapa from Pennsylvania. We talk about both debt validation and debt collector behavior. Today, bad debt buyers are unable to cough up proof a debt is valid and actually legally collectable but depending on where you live, the inability to validate the debt can’t be relied on alone to prevent you from being ... Read More »

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