Business Week Article a "Must Read"

hannah · 11-03-2007, 10:21 PM

roybean · 11-04-2007, 10:33 AM

I read the public comments below this article and it is amazing how many people there are that STILL do not know their rights or anything about consmer laws. However, (out of judge's mouth) I was told that congress wrote these laws for consumers, but wrote them so that most people don't understand them.

hannah · 11-04-2007, 11:00 AM

I wonder how many people have already been sewer served on a CH 7 debt and have default judgments from the IIB debts.

roybean · 11-04-2007, 11:24 AM

Thousands, no doubt. And notice how Capital One seems to always be in the picture for unethical behavior, but they've got millions so they get away with it. Many of the comments mentioned Cap1 and the few who do sue Cap1 lose because they didn't follow the laws and statutes.

Pale Rider · 11-04-2007, 12:11 PM

Almost makes me want to file BK so I can get in on the Debt Collector Lotto. Unfortunately, the collectors have never responded after receiving one of my letters.

drivel · 11-05-2007, 10:16 AM

anyone else troubled by the fact that the guy in the article had his bankruptcy discharged in 2002 and was then applying for a quarter million dollar mortgage in 2003?

jlynn · 11-05-2007, 10:34 AM

I'm not troubled by the mortgage amount. Something may have happened to change his financial status. New job, new wife, with good job, etc. It appears he was also able to cough up $9K to pay Crap One. Not any easy feat for the average "factory worker" appx one year out of BK. Even under the old BK laws.

I'm more troubled by the fact that Wachovia wanted the documentation from the creditor themselves, rather than the court ordered discharge papers.

Also, your use of "quarter million dollars" makes it sound a lot more fantastic then $250K, which in some areas of the country will buy you a 1 bedroom shack.

drivel · 11-05-2007, 12:40 PM

Quote:

Originally Posted by jlynn

I'm not troubled by the mortgage amount. Something may have happened to change his financial status. New job, new wife, with good job, etc. It appears he was also able to cough up $9K to pay Crap One. Not any easy feat for the average "factory worker" appx one year out of BK. Even under the old BK laws.

I'm more troubled by the fact that Wachovia wanted the documentation from the creditor themselves, rather than the court ordered discharge papers.

Also, your use of "quarter million dollars" makes it sound a lot more fantastic then $250K, which in some areas of the country will buy you a 1 bedroom shack.

It's all how you say it. it was that or point OO two five hundred million dollars

centex · 11-05-2007, 12:58 PM

to-may-to, to-mah-to...either way, a quarter mil gets a POS in this town.

Well, POS by my standards as well as those of the appraisal district...

jlynn · 11-05-2007, 01:04 PM

Quote:

Originally Posted by drivel

It's all how you say it. it was that or point OO two five hundred million dollars

Nice of you to ignore my other points.

Enigma · 11-05-2007, 01:45 PM

Location is relative - a friend is moving to IN, an hour North of Louisville KY. Bought 4, 3 1/2 on 11.5 acres. paid $28,000. It's not really a fixer-upper, but he figures he'll put at $50k to make like he wants.

Hedwig · 11-05-2007, 01:48 PM

I don't know if I'm bothered by the mortgage application or not. I don't have enough information. If the person filed BK because of some catastrophic event, such as large medical expenses, I may not have a problem.

If he qualifies for a conforming loan and has an appropriate down payment, I don't have a problem. If, however, he is getting one of these interest-only or low intro rate loans for a house he can't really afford, which will put him back in huge trouble in 3-5 years, then I have a problem with it.

What I really have a problem with is that every case that's been discussed has involved a "clerical error" and has been fixed when contact comes from the courts. I suspect it's not clerical error at all, but an attempt to do exactly what happened--extract money from someone who no longer legitimately owes it.

Enigma · 11-05-2007, 02:03 PM

I very seriously doubt it is due to clerical errors.

I was recently involved in litigation with one of the parties mentioned in the article. They stalled at answering discovery, when ordered by the court to answer, they claimed the information was no longer available, they claimed they never received our motions even though they were sent CMRRR. Only when the court told opposing counsel they were going to be held in contempt, was the information forthcoming.

Hedwig · 11-05-2007, 02:06 PM

That's where I was going. "Clerical error" is the biggest joke I've ever heard.

Cap One is one of the companies that used to hold payments for several days so they were late and they could charge the late fee. Only after several lawsuits, including a class action, did they shape up.

Enigma · 11-05-2007, 02:12 PM

Quote:

Originally Posted by Hedwig

That's where I was going. "Clerical error" is the biggest joke I've ever heard.

Cap One is one of the companies that used to hold payments for several days so they were late and they could charge the late fee. Only after several lawsuits, including a class action, did they shape up.

They still do it. Which is why I love Regulation E. I pay at their website (car lease) and they cannot hold that.