Payday loans

payday loans

Question:

i received a payday loan in set and had issues with my bank account and made them aware of it, they then told me it was going to go to collections, a company named i-collect in which i havent received a phone call. now im getting calls from a company named ccrm stating they represent Hawiian midland financial, but they refuse to send a invoice so that i can pay the bill or anything. and when i contact the company i got the loan through they insist they only go through i-collect. i have received nasty voicemails from ccrm stating jail and going to court and i better get a good lawyer. please advise what to do or what is possible, the company dont have a number for me to contact i-collect. i asked how do i pay the loan off if i-collect dont contact and the loan company rep said that she dont know

Answer:
If I were in that kind of situation my first thought would be that they must not want to get paid very badly. It seems logical to think that if they wanted to get paid they would provide me with the address where I could simply send them a U.S. Postal money order by certified mail return receipt requested. That is the only way I would pay them because I know that any debt collector who won't be up front with me would never give me a receipt for my money so I could prove I had paid the debt.

On top of that I would also know that a debt collector who wouldn't give me full contact information and even got so far out of line that they threatened me with jail was a debt collector who obviously wanted me to sue them for those violations of FDCPA and so I would be only too happy to oblige them.

Of course, I would be recording their phone calls and I would have sent them a debt validation letter within 30 days of their initial contact with me. I would be using the list of 18 questions to be found at 18 questions for debt collectors every time they called. They would either answer the questions or I would simply hang up on them. Then if they did send the account to a lawyer I'd sue them again and then send a debt validation letter to the attorney and get ready to start gathering evidence against the lawyer so I could take the lawyer to federal court naming the debt collector as a co-defendant.

I'd also be watching my public record at the courthouse on a daily or weekly basis so I would know when they filed a lawsuit against me and I would respond to their lawsuit before I ever got served by a sheriff. I wouldn't wait to get served.

Now why are you worried about how to pay them when you should be worried about how to make them pay you to go away and leave them alone?

Homebuyers beware.

ccscissors Newbie

New Mortgage Guidelines

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I don't know how it was before the housing crisis, but what are the current rules when two unmarried people want to buy an apt together (mind you the apt costs as much as some houses), and person A has great credit, and person B has horrible credit? I think they could both have the house in their names/buy the house together before because person A would shoulder the responsibility for person B's credit. But I'm not sure if its that way now. And I dont know if you have to also have liquid capital to boot. Does anybody know.

Quote:

Originally Posted by greg1045 Nothing dramatically will change. Both applicants' credit reports will be scrutinized, both applicants' wages will be verified. Doesn't ,matter one way or another if the two are married to each other or not.

Not quite the way it can work. Assuming A has great credit and B has bad credit or no credit, the A credit can be used as the responsible party without consideration of the B credit. B can be on the mortgage but not on the note. The note is the negotiable instrument and the mortgage is the security for the note. There are many potential traps or pitfalls in the process that borrowers need to be wary of. Firs t of all, one or both parties should attend all meetings with brokers, lenders or anything to do with the process and both should be carrying digital voice recorders. Borrowers should always stay away from any kind of Adjustable Rate Mortgages better known as ARM type loans. ARM loans will always keep on costing more and more each month, often ending up with the monthly payments being two, three, even four times what the loan started out costing. ARM loans are nothing more than a foreclosure waiting to happen.

Borrowers should steer clear of notes which contain any reference to a company named MERS or Mortgage Electronic Registration Systems. Borrowers are usually told that MERS is nothing but a data base for the storage of notes and mortgages but the truth is that they are also designated as the servicer of the note and ostensibly have the power to foreclose in lieu of the true lender who probably won't be the lender in fact. The final true lender is seldom if ever revealed or even known to the present lender who normally holds the note for a short period of time, often less than a month.

Once a lender has a sufficient number of outstanding notes in hand they are all bundled up and sold to a larger lender while the present lender remains the true servicing agent and the unsuspecting borrower continues to make his payments to the original lender. The note will eventually be sold on the securities and exchange markets to investors world wide who will each buy a tranche (piece of the original loan) Tranches are usually sold in amounts of $25,000 each so that if a note is worth $100,000 there might actually be four investors each owning one tranche. At the time of securitization the note and the mortgage are actually separated.

It is imperative that the borrowers understand as much of the loan process as possible so an attorney who is knowledgeable about notes and mortgages should always be hired to review the paperwork before signing. If at all possible one should hire an attorney who is also a mortgage fraud investigator. I would recommend Norm Bradford of Maryland or Neil Garfield of California. There are many more good ones out there and they are not very difficult to find if one searches for them but the important part is that whomever is hired should be both an attorney and a recognized mortgage fraud investigator. They won't be cheap, usually costing from about $500 to about $1,000 but are well worth it. If that is not affordable then borrowers should be well familiar with such things as the right to recession and the fact that both borrowers must be provided with written notice of their right to rescind the note within 3 days of the signing. If that condition is not met the right to rescind never expires.

Be very, very careful about buying a home at this time. The house you pay $250,000 for today will probably be worth much less than $100,000 next year. The housing bubble has burst and Obama isn't going to fix that. He will only throw more and more money at the problems thereby making the final economic crash much worse than it would have been had he not meddled with it.