Florida Mortgage Broker
Real-Life Stories Could You Be
Note: All these stories are true. Some were fictitious names reflect the will of individuals.
Auto Resume: Lountz Isabel and her husband John Lountz are in their early sixties. Who are raising their family and decided, after several years to be relegated to the rent, which wanted a small house of their own. Isabel works at a local hospital and William works at a local car dealership as a man of detail.
Nor have a college education, let alone secondary school education. Their meager savings (about U.S. $ 6,500) is equivalent to ten percent (10%) the deposit of the house of their choice in their neighborhood. Do not think that anyone can buy a house for less than $ 75,000, but found no one. Well, when asked for A Mortgage, who thought that your credit is decent. After all, the poor have paid their bills by going to the post office and purchase money orders.
Since its mostly poor, all I ever have been funded a few pieces of furniture and used cars in your life. He never afford to buy a new car, if they were always a lot car and listen to false promises that knowledge. Well it seems that Lizzie (nickname) has purchased a Nissan Car Sales Rabbit Ugly
They were kind to sell a 1,000-car $ 2000 dollars plus interest (about 36%). After a $ 250 deposit and monthly payments for more than eighteen months, Lizzie became ill at work and had to take a break. Naturally, they could not make car payments to William and Lizzie Rabbit ugly road and said the manager of his problems.
The manager makes your mouth water because William had the car in better condition than when they bought about eighteen months. Lizzie was distraught because she could not continue with the payments. The manager said not to worry about anything. Is likely to sell the car and not make their payments past six months.
Lo and behold, we get involved in your credit report in the process of obtaining approval for a mortgage. Entry Yes, it was in black and white. "Ugly Rabbit auto financing" to the family indicating a "return volunteer. "Note that the word recovery means recovery. Whether or not voluntary or involuntary, the credit experts do not give a damn. Just because you have a recovery is a no-no credit.
When we read that, I immediately asked Lizzie and asked if he had received correspondence banking or finance company will tell you the date, place and time of sale. She was adamant. She received nothing. This is where knowledge measures in
I read by chance the website of the Attorney General for the state of Florida for one night. I was curious about embargoes. Wow, that education. I found a test case in Tallahassee, Florida, Barnett Bank vs. Johnson. I think it was the 6th Circuit Ct, the Bank continued to arrest Johnson deficiency regarding the resumption of his van
The communication
The bank did not inform Mr. Johnson of the date, time and place of sale. In addition, the sale was made at a dealer auction only. Without notifying Mr. Johnson from the foregoing, the judge ruled that because Mr. Johnson was denied the right to redeem his truck and therefore it has lost interest, the amount the bank has received full payment and the bank is not obliged to await a decision.
Second, when the truck was sold to a dealer auction, the public was denied the right to offer, so that the amount collected is not benchmark fair value. The truck was sold in what was described as a commercially reasonable sale.
When I realized the impact of this test case, it became clear that Lountz family was the victim of the same situation. Now I remember the Fair Credit Reporting Act and Fair Debt Collection Act. The dealer can not provide Lountz 'families with 100% of the information on their behalf.
Hell, he could not provide evidence of shipments telling when the vehicle is sold. I knew he sold it to her boyfriend on the street. There was no auction. The distributor clearly evaded the law. So when he wrote the letter to the credit reporting agencies to dispute and requested all information about the transaction, it could not contribute.
The result was that Elizabeth called me excitedly one night. She said: "Mr Regis I a letter from the credit bureau. They have refused. "I said," Elizabeth refused to leave. "The response has been clarified eliminated. I said, Elizabeth, his record life has been removed from your credit report. End of story. Have your mortgage and send me a card every Christmas.
After helping some twenty-five people in the Orlando area, I see something strange happens. Now the newspapers are by far the Bank resumed advertising and sales finance company. The public is invited, NO DEALERS. Unbelievable When looking for a man becomes another man's means of survival.
I have many stories about embargoes. The simple fact is, distributors (especially auto dealers) know the law or are totally ignorant. They think that these bastards fell of a fruit truck last to leave the city.
They have no place to turn to what you have to live and remain affected by high interest rates and lenders unscrupulous. I hope that the knowledge gained can help other souls, poor bastard. I can write stories about stories of seizures, but also have other areas to cover.
Regis Sauger
Regis Sauger is a licensed Mortgage Broker in Florida, an author, lecturer on credit awareness. He has conducted seminars for underwriters, attorneys, Mortgage Lenders, realtors and the general public. Get Out of Credit Prison
Mortgage Broker Profile: Chris Mencis, Orlando, Florida
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