CREDIT TIP #16 Turn the Tables, Stop Running From Your Collectors And $ue Them.

TURNING THE TABLES: STOP RUNNING FROM YOUR COLLECTORS AND $UE THEM

By Satin Crable, Jain Credit

When you see a 1-800 caller on your phone, most people run scared and hide for cover.  But why run, when you could sue?

A growing number of Americans are learning the rules of the game and winning.  As a consumer advocate, it’s my job to keep you in the know about everything new in the credit world post recession and how to live life on your terms now!

To be clear, when I say Collection Agency, I mean the 3rd party junk buyer who purchases debts from the Original Creditors literally pennies on the dollar. $0.02 – $0.13 to be exact. Which is why they offer ”settlements” so readily.

There is A LOT of legislation to protect you, the consumer, from the unfair and predatory practices of banks and collection agencies, like the Fair Credit Reporting Act, Fair Debt Collection Practices Act, the Privacy Act, Telephone Consumer Protection Act and dozens more. But…

                                                                            First let me say I’m not advocating not paying your original creditors. You should always pay the people you owe. But what I am saying is that NOBODY owes a third party junk buyer debt collector, because you never entered into a contractual agreement with them.

According to the ACA International 2011 survey, 3^rd party debt collecting profited $10.3 Billion dollar in 2010.  So how do they make billions collecting on debt not owed to them? Great question!

Collection agencies have been known to use overly aggressive tactics to coerce people into verbal contracts.   Collection agencies have done everything from  using your facebook account against you to charging illegal “fees” to whacking: i.e. taking your banking info and collecting more than you agreed to.

If you answer yes to any of the following question then you could be entitled to money. Make your debt collectors pay you.

Frustrated with the slow turning economy, the lack of bailout for Main Street, and just tired of being steam rolled, a growing number of consumers are fighting back. Each of the following violations, mentioned, are worth $1000 – $3500.  More Americans armed with knowledge that there is almost always collection violations are recovering some of what they lost in the Great Recession.  Craig Cunningham, a former real estate investor from Texas, has recovered over $20,000 of the $100,000 he lost through lawsuits.

• Think your rights have been violated?
• Ready to turn the tables and join the growing number of hard working Americans who have stopped running, stand up to their collectors, and win?
• Ready to live life on your own terms?
• And committed to your own success?

If you think your rights have been abrogated and you are ready to go from victim to Victor, then contact us at Jain Credit.  Our mission as consumer advocates  and our powerful network of accountants and attorney is to empower the lives of Americans post the Great Recession so that you can live life on your own terms now.

Call Us:  1 (800) 306-7432 or Email Us At:   info@myjaincredit.com

 

GOT FORECLOSURE…

GOT FORECLOSURE? GET FORGIVEN.

 By Satin Crable

 

Satin Crable, the Credit Success Mentor, is founder of Jain Credit, a highly sought after credit restoration firm that developed a proven method that has helped consumers nationwide rehabilitate their credit ratings post-recession using advanced tactics, consumer advocacy, and specialized knowledge of the new laws. To get more information on what new laws may apply to you or someone you know; receive her free e-book, “Credit Secrets Revealed” and weekly credit success articles, visit myjaincredit.com.

 

What would you say if I told you that the banks would just forgive all of your foreclosure debt?  

Sound too good to be true? Well the US Department of Justice and the State Attorney Generals don’t think so.  If you’ve had a recent foreclosure, been denied a loan modification or your home’s value is upside down, there’s a good chance that your mortgage debt can be forgiven in what is now called the National Mortgage Settlement.

Read on to see if you’re eligible.

There’s been a lot of foreclosure fraud in the last few years.   In February 2012, 5 banks were ordered by the Department Of Justice to refund money to homebuyers whose homes were improperly foreclosed on.  If you started a mortgage between 2004 and 2009 or your home foreclosed between 2008 and 2011 then you may be entitled to 1.) Loan forgiveness 2.) Cash back or 3.) Principal reduction.

PLAYERS

- Bank of America: 877-488-7814

- Wells Fargo: 800-288-3212

- Citigroup: 866-272-4749

- Ally/ GMAC: 800-766-4622

- J.P. Morgan Chase: 866-372-6901

WHAT IT WILL LOOK LIKE:

- In June of 2012, the banks began mailing out letters regarding the settlement.  You are automatically opted in if you don’t opt out. You may have already received a letter in the mail.

- For Wells Fargo:  the administrator will contact the people on the list. A public announcement will be made available along with a website, and an 800#. The administrator of this settlement is to be announced 60 days after July 12, 2012 and the payback is due to be completed within the following 6 months.

- Homeowners who have already been foreclosed on are eligible for a cash payment. Contact your State Attorney General to get the forms. Payments are due to be paid in early 2013.

-  Relief is due for eligible wronged borrowers.

- $17 Billion in principal reduction

- $3 Billion in refinancing

- $1.5 Billion in cash back

Who is Eligible:

1. Borrowers who lost their homes to foreclosure between Jan 1, 2008 and Dec 31, 2011 (cash payments).

There are a lot of changes on the horizon. It’s Main Streets’ turn!

2. African Americans and Hispanics who had a loan with Wells Fargo in Baltimore, Chicago, Cleveland, Philadelphia, Washington D.C., San Francisco or Oakland.

3. Borrowers who are currently upside down (meaning they owe more than what the property is currently worth).

4. Homebuyers whose mortgage payments cost them at least 25% of their monthly income.

PROS

- Principal forgiveness could be an effective tool to remedy the mortgage economic crisis and prevent future foreclosures.

- Main Street is finally getting some much needed monetary relief!

- Banks are being held responsible for their financial crimes against Americans.

- Former homebuyers whose property foreclosed can receive cash.

- Current distressed homebuyers can be eligible for 1.) A reduction on the principal mortgage averaging 30% monthly savings AND 2.) Loan modifications with reduced interest rates.

-  Programs have been created for future homebuyers to assist with down payments.

- Banks are no longer allowed to double dip. That means they cannot begin the foreclosure process on a property while a homebuyer is seeking a loan modification.

- Banks have more rules that encourage them to exhaust all loss mitigation remedies before foreclosing a property.

CONS

- BEWARE, loan forgiveness is not free. It can be taxable and is considered as income.  So technically, unless homebuyers are eligible for exclusions, they may have to pay taxes on money forgiven.

- $1,800 in compensation just doesn’t seem like enough for losing a home.

- All the banks mentioned have cited this as their reason to stop lending thru mortgage brokerages.

- Banks may not have to compete any more to offer potential homebuyers the best rates.

- It will make the process of purchasing a home even slower than it already is.

- Many experts believe this is just a slap on the wrist.  The cost of doing a day’s worth of business in comparison to the damage caused by banks’ illegal activities.

WHAT DO I REALLY THINK:

A bailout out for Main Street is way past due: 

It’s about d@#% time!  There has been a Wall Street Bailout. A Main Street bailout is way over due! So on one hand, I think it’s great that borrowers will finally get some relief. And I think it’s great that consumers have someone fighting for them.

Will the State be able to enforce it? 

This could help a lot of people out. But I wonder how well the State will do at enforcing it?

It should be a lot more:

This gesture provides something for Main Street, but it is just that, a gesture.  They didn’t even finish the investigation to determine the extent of the damages before coming up with a settlement.

People who don’t read this might not get the heads up that debt forgiveness = taxable income. 

This is huge! I’ve seen the letters.  They don’t point this out. So though it sounds like relief, unless consumers find their eligible exemptions and properly file, this program could add to their debt but from a different source.  A formidable source at that; the IRS.  It may be a process that consumers do not want to navigate alone.  Talking with knowledgeable experts in the financial field can help them find out what solutions they may be eligible for.

Was this tip helpful?  Please let me know by leaving a comment. I look forward to your opinion.

Credit Tip #14: Don’t Wait! A Cautionary Tale..

Today I got a phone call from a woman sobbing in tears!

She was recently awarded a lot money for her business. But to get it she had to live in the city and she lived in the suburbs. So she had to relocate pronto or risk losing everything.  She had found the absolute perfect apartment to lease BUT…

She had bad credit.  No matter how much income she could prove, the realtor told her, that unfortunately, there was another bidder with better credit. She called me last night, panicked, stressed, and asking for a credit miracle… within the next 24 hours!  IRONICALLY, she was set to sign up for her credit program 2 months ago!  But postponed her credit goals with a promise to begin soon. Well soon wasn’t soon enough, in fact, it was too late.   If she had committed to her goals then, she would have been prepared for the great opportunity now.

LUCK = when preparation meets opportunity

Don’t let this happen to you!  Don’t be un-lucky!  Just imagine yourself in her shoes.  Getting awarded a great financial opportunity and then it slips threw your fingers all because of something you shoulda, woulda, coulda done sooner than later. “Fate it seems is not without a sense of humor.” #whosaidit

Most people don’t realize it but you could be just  90 – 120 days away from your credit goals instead of years. I audit a ton of files and a lot of the time people just need a few tweeks here and there to be creditworthy and don’t even know it. Additionally, so many good changes have happened since the Great Recession of 2008!   Did you know that the IRS actually wants to help people remove tax liens from their credit profiles and have set up a way to do so?  Or that collections and chargeoffs are easier to remove based on the new FACTA Amendment of July 2010 ?  Or how the Student Loan Forgives Act might help you?  Or that Bank of America is willing to forgive thousands of mortgage dollars for homeowners because of  misapropriated foreclosures? Why ? Because the American Economy NEEDS for you to have good credit!

If you have dreams that might involve credit goals, then don’t wait. If you’ve got the notion and its been eating at you, there’s probably a good reason.  Something could be brewing for you now

My question to you is:   Where are you gonna be in the next 120 days? In the same place?  Or somewhere new?

Get your FREE copy “Top Credit Secrets Revealed” Ebook at www.myjaincredit.com or email info@myjaincredit.com.  JAIN Credit, 1-800-306-7432, Chicago, IL.

Good Credit is Sexy Newsletter (November-December)

Good Credit is Sexy Newsletter (September-October)

Good Credit is Sexy Newsletter

Hello world!

Hi,

My name is Xavier Ferreux, I am a French employee at Jain Credit for 5 months.

My background in Paris was Financial education, experience in banks and credit  companies.

My first impression when I discovered the American credit system, was that I thought that everything  was so complicated and the American citizens were in a “sphere of consumption” where the more credit line you have, the best chances you will have to get a loan and be appreciated by the bankers.

Thanks to my experiences and my knowledges, my approach through the credit market on the US was a little bit suspicious to the lenders, because I knew perfectly how it is easy to exploit the consumers with high interests without giving education on the risks they can encounter.  I knew also in the other hand that I was in a Capitalist Country so exploitation of the people through the credit market could be even worst than I imagined.

Jain credit taught me how to undertake the credit market with a positive approach, helping me to realize that WE can give instruction and WE can also help those people to realize their dreams.

Quickly the credit market appears easier to master and for every problems encounter over the credit market, Jain Credit had concrete solutions to propose.

The “credit world” is already very complex and it will become years after years even more difficult to understand it, that’s why a company like Jain Credit must be your partner!