Tuesday, January 31, 2006

Creditwrench and predatory lending

Recently someone posted this to Creditwrench's board"
Hello forumI'm trying to help my sister. She refinanced her house back in 95'.
Now she's trying to sell it. The mortgage company she refinanced through has
really stuck it to her. After ten years of making monthly payments to the
mortgage co. she now owes $20,000 more than the amount she refinanced. Plus they
have placed a lien on the property that has been growing with interest. Also for
the past ten years her monthly mortgage payment was $850.00 a month and only
$22.00 of that amount was going towards the principal, the rest is all interest
and it hasn't changed in ten years. She says she was not aware of any of
this.I'm sorry I don't have the name of the mortgage co. right now but I can
get. My sister says they have been involved in scandals ripping off home
owners.Do you know anything we can do?

This was Creditwrench CEO Billie Bauer's response:

There may be some things that can be done. I'd have to know quite a bit
more about the situation and I wouldn't discuss it in open forum anyway. You can
call me at anytime and I'll be glad to discuss it with you

The poster's sister could very well be a victim of predatory lending. A practice quite prevelant in the time period offered, and for which there are established legal remedies.
Her sister is in serious need of legal advice for her situation. And, unfortunately, she posted her question at Creditwrench; a huge mistake.
Creditwrench CEO Billie Bauer will likely attempt to lure her to become a Creditwrench student. If she chooses to do so, she will be subjected to his unlicensed practice of law, which could result in her sister, not only losing her home, but encumbered by a deficiency judgment for the balance of the mortgage.
Creditwrench CEO Billie Bauer lost his home due to default, and has had to rent his residence since. Why would anyone follow his advice relative to mortgage obligations?

Saturday, January 28, 2006

Theft of services

Creditwrench CEO Billie Bauer recently posted here, this statement:
Debt collectors sometimes also use numerous calls to business concerns trying to
harass the consumer into paying up. Several calls a day. When they do that they
are little more than criminals because they are actually stealing the services
of the employer. Theft of services pure plain and simple.

He went further to state that a debt collector was actually convicted by an employer for "theft of services" for calling an employee at their place of employment.

Though, as usual, Creditwrench CEO Billie Bauer was unable to provide the case information. Of course that's difficult when it's all in your mind.

Theft of services is not any different than theft of property, and is a criminal offense. An employer, contrary to what Creditwrench posted, cannot convict someone of "theft of services", only the state can prosecute a criminal offense.

Theft of services, like any other theft, involves the taking by deception, force, or other means to avoid paying what a person knows is only available for compensation. Making a phone call to a business is not an action that one would expect is only available for compensation.

Creditwrench CEO Billie Bauer stating that an employer ever convicted a collector for theft of services is false and misleading.

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