Be Good To Your Money Bulletin http://ezezine.com
WOW! I have received sooo many emails about my recent newsletter
article on the "payment processing companies". Most of the emails were
horror stories. I did a lot of research to find answers. My
conclusion--the payment processing companies are not mortgage companies
so they are governed by different rules. THIS IS NOT GOOD!
This horrible epidemic is spreading rapidly across the nation. I want
to share with you a portion of an article by Lisa Parker of NBC 5
Chicago. The entire article can be found on www.nbcchicago.com .
("They (the debt collectors) don't even actually have to foreclose.
They could just file a collection lawsuit against the homeowner, get a
judgment against them for the full face value of the loan, and then
garnish their wages forever," van Zalingen explained.
Debt collectors are not governed by the same strict regulations as are
lenders, and are part of an industry notorious for past abusive
collection efforts. Housing advocates worry that more banks will turn
to this method, because it will save them money and messy situations.)
I STRONGLY encourage you to share this email with as many people as
possible. This is going to lead to a major disaster!
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