Strategic Default Monitor – How To Strategically Default

Thursday, September 17, 2015

Preparing for the Loan Modification Process

Steps to a Successful Loan Modification:

  1. Determine your eligibility status before contacting your lender
    • You must have suffered a financial hardship that makes your current. mortgage payment at the current interest rate unaffordable.
    • You must have steady income (other than unemployment benefits) for at least 3 months.
    • Your income must be greater than your expenses (excluding your mortgage).

Monday, September 14, 2015

Debt Defense News Alert

Consumers Will Get $60 Million in Refunds From Debt Collectors 9-12-2015
Two of the nation’s largest debt collectors must refund nearly $60 million to consumers and stop trying to collect on another $128 million in debts, after an action filed by federal regulators Wednesday. San Diego-based Encore Capital Group and Virginia-based Portfolio Recovery Associates are accused of pressuring consumers with false statements and churning out lawsuits using robo-signed court documents by the Consumer Financial Protection Bureau. The two firms and their affiliates purchased a mammoth amount of debt resulting from unpaid bills — together, more than $200 billion in defaulted consumer debts on credit cards, phone bills and other accounts, according to the CFPB. Encore and Portfolio purchase the right to collect on the debts for pennies on the dollar, then attempt to collect the original amount from consumers... Read More at Time Money