Home Foreclosure
Foreclosures are becoming more and more a reality for a lot of people who were scammed by unethical mortgage companies. People were promised a home even though they couldn’t afford the payments and bought more than they should have.
The trouble is not only with mortgage scammers; it also stems from credit bureaus not being diligent with checking accuracy of negative information in credit files. Another common problem with credit bureaus is the practice of medical payments, not paid by insurance companies on a timely basis, that are allowed to be sent to collections.
Then, of course, there is the bankruptcy laws that were recently changed ; these laws give no relief to credit cards while causing tens of thousands to lose not only their credit cards but also their homes. Next are the credit card companies that are lowering credit limits when credit scores go below a certain point; this loses debt to credit ratios causing scores to drop yet again and putting people into a credit tail spin with no hope of recovery any time soon. There are many more factors involved that are causing this Perfect Storm of a Credit Hurricane to hurl peoples lives and fortunes into the hands of big business and the banking system.
(A side note: do you know the definition of “Mortgage”? It’s Latin for death contract, a thirty-year death contract. Heck, we have heard of 45, 50 and 100-year death contracts. You can leave a legacy of debt for your children to keep paying.)
Fun stuff.
A home foreclosure on your credit report is a very costly thing as there are probably additional lates, multiple lates, consecutive lates, collections, etc, that are all causing your scores to not only drop like a rock but, additionally, secure a very low score for a very long time. There does comes a break to your credit score after 2 years, but the negatives stay for 7 to 10 years unless you work with a legitimate credit repair company, one that uses attorneys, to remove the negative items. This can get you back on track with life with the ability to start moving forward once more.
The credit bureaus, under oath after a subpoena have openly stated that negatives on a credit report have no significant financial consequence other than financial gain for them.
The question then to ask is: “Why, then are they imposing 7 and 10 years for negatives that only cause pain and suffering, combined with added financial burden, to American consumers?”
What a scam they are to the American people. Congress should shut them down or, at the very least, require a revamping of the whole system to clean up the mess that credit bureaus have created with their total negligence of responsibility for accurate reporting and verifying that accuracy.
Ok, time to get off the soapbox and calm myself before moving on.
I think you get the picture. You, the little, average, normal American, are being punished way before you are found guilty without a trial or admittance of guilt. You are required to pay, over and over again for the credit bureau sin of not report accurately.
Well, I am doing something about this. I am here to tell the world about how to manage credit PLUS overcome the challenges faced by the credit industry and their injustices to the American people all for the sake of greed.
Please educate yourself on this issue; take precautions to learn all your can about credit and credit management. In the long run, it will save you tens of thousands of dollars, or more, because you educated yourself.
Heck, it could save your home, your car, your life, because you learned the secrets of credit.
