16 May
Posted by Mark Wood as Financial Articles
In Alabama the foreclosure is a private matter without court intervention. Then if you don’t leave, you get sued. Its called an “Ejectment” suit because the mortgage company is trying to eject or evict you from your home.
Let’s look at this and see if this is smart or dumb for most mortgage companies to do and how getting sued (not normally a good thing!) for ejectment can actually be a blessing in disguise.
MORTGAGE COMPANY – YOU BETTER HAVE BEEN RIGHT WHEN YOU FORECLOSED
There are actions we can take in life that “magnify” or “multiply” the good or the bad of previous actions. Take foreclosure in Alabama. The mortgage company forecloses.
Let’s say it did not have the right to foreclose (a common occurrence in Alabama). This is bad enough, right? An improper and illegal foreclosure. This leads to damage to your credit report.
Philly.com has posted an article about how not reading the fine print when signing a contract can really backfire. Lester Griffin, a preacher in Philadelphia, found this out the hard way and has been fighting a $430 fee that DirecTV says he owes for “early termination.”
DirecTV says he owes the fee for cancelling early on a two year contract, but Griffin says he didn’t know he signed a contract and has refused to pay. DirecTV sent the bill to a collection agency, but Griffin still isn’t giving in.
DirecTV says Griffin had formally agreed to its terms – including the early-termination fee – on the day of installation, when the installer handed him paperwork to read and sign.
Spokesman Robert G. Mercer says Griffin should have already known about the fee, which he says would have been mentioned in his sign-up call with Verizon and was outlined in a preinstallation “Congratulations” letter that confirmed his appointment and said, “Please take a moment to review your order.”
Griffin says he doesn’t recall anything mentioned about a contract, even when DirecTV came to his house to set up the equipment.
The Wall Street Journal has posted an article about a “fraud” committed by a major national bank in a foreclosure lawsuit. The Florida case began in December 2007 when U.S. Bank N.A. sued Ernest Harpster, a homeowner, after he defaulted on a $190,000 loan from January of the same year.
The lawyer who represented the bank drafted up an “assignment of mortgage” document that said the bank acquired the mortgage in December 2007. The document was also dated December 2007. Circuit Court Judge Lynn Tepper looked into it and found that the document couldn’t have been written until 2008 and thus the bank couldn’t prove that it owned the mortgage when they sued Harpster. She dismissed the case because she felt that the document…
“did not exist at the time of the filing of this action…was subsequently created and…fraudulently backdated, in a purposeful, intentional effort to mislead.”
The mistake was blamed on “carelessness” and that the document was drafted up and signed in 2007 but wasn’t notarized until a few months later.
Unfortunately many people are not well informed about the credit procedures manual. After reading this article you’ll become more knowledgeable in the given branch in a good way.
You have to resume your credit history before counting your gainful credit scores. Profitable credits are given only to those ones who can guarantee the repayment in time. If you take the credit for the first time, no credit agency would have any data of your paying capacity.
Now we’ll give you some advice on how to obtain the most profitable credit.
No matter whether you are young or experienced, our advice will help you to cope with obtaining of credit. You may take the credit for the goods you’ve chosen at the store.
For instance, you need to buy something and you want to obtain the credit. You should be patient and keep your way.
Rebuilding bad credit can be a challenging task because it requires people with poor credit to develop good credit consistently. Is it really hard to do so?
Be frank, it needs some effort and techniques. Credit rating can be rebuilt by obtaining a “special” credit card. Here are some useful tips I would like to share with you.
- In general, many lenders are unwilling to issue cards to people with poor credit history. However, there are unique providers in the market who are aggressively doing so. Orchard Bank, New Millennium Bank, Centennial Bank and First Premier Bank are the popular banks which offer this facility for people with poor credit rating as well as for those bankruptcies.
- There are basically 3 main types of credit cards for bad credit, i.e. unsecured, secured and prepaid cards. Unsecured cards do not require any security deposit from the applicants but the interest rates are usually high.