Something new to watch out for! I would add the same will go for "credit counselours as well... http://www.msnbc.msn.com/id/20726765/
Ironic If they had filed bankruptcy, chances are they would have kept the house either through a homestead exemption or because the lender would rather reaffirm the secured loan instead of having to deal with a forclosure. It's too bad people are so afraid of bankruptcy. Not that it should be a goal in your financial plan, but if you're in trouble, the first way to get out is to admit that you're in trouble. My favorite excuse for not filing bankruptcy: I don't want to ruin my credit. Ironically, by the time they are in that situation, their credit is already in the toilet and by filing bankruptcy they'll get themselves and their credit out of the toilet much more quickly. Like many people, I used to think that bankruptcy was not the honorable thing to do, however with things like default pricing that can change the rate of your loan on a whim, it seems like the only thing left to level the playing field.
It is these scams that make me sick, and get my blood boiling....I am a business man, and I am the first to promote making a profit BUT...at the expense of someone down and out is simply heinous. I am always amazed at how good these scam artists are, and I wonder how they sleep at night. It is scenarios like this that keep me posting, hopefully boards such as this will drive these scam artists out of business.....
To keep up... ...there needs to be infomercials on at 3:00am along with all the other "get rich quick" and "get out of debt" infomericals on at that hour. If you think about it, that's perfect: That's when people with money troubles are awake flipping through channels and the ad rates are dirt cheap.
I agree, thank you biz, I also seen this coming, the scam artist are always waiting on the next big thing and many, many will get hooked on them and get taken. It's a shame because just like credit and credit repair and rebuild many people dont know where to turn until they find board like this and many cases it is too late. It is driving me nuts that our government is not doing much about the mortgage industry, but yet sending millions overseas to help other nations. What does this tell us, with homeless numbers the highest ever and foreclosures at the depression levels, our government is failing us. Biz, I have only been a member of this board for a short time and I am absolutely impressed with your input and knowledge and willingness to help others.
Thanks for the compliment, I truly appreciate it. Thankfully the school systems are starting to teach some of these subjects now, and hopefully the future will see new generations of informed consumers. The government is stepping in to help with the mortgage crisis going on, but there is a lot more to this issue than meets the eye. But, hopefully this board, and others like it, will help offest the lack of knowledge, and help defeat some of these scam artists. Information is power!
