http://www.destroydebt.com/blogs/boomershout.html Boomer Debt Begone www.destroydebt.com Fri, 25 Jan 2008 01:43:45 GMT webmaster@destroydebt.com webmaster@destroydebt.com http://www.destroydebt.com/blogs/boomershout/136-are-you-one-of-the-41-million-in-us-cant-afford-basics.html http://www.destroydebt.com/blogs/boomershout/136-are-you-one-of-the-41-million-in-us-cant-afford-basics.html Fri, 25 Jan 2008 01:43:45 GMT According to MarketWatch about “one in five working American families can't afford basic needs, and many scrape to get by on insufficient income and government aid.”   “Many of these workers earn too much to qualify for "work supports" such as Medicaid and food stamps, while their employe...
 

“Many of these workers earn too much to qualify for "work supports" such as Medicaid and food stamps, while their employer-provided health insurance doesn't cover enough of their basic medical costs, according to the report by the Center for Economic and Policy Research and the Center for Social Policy at the University of Massachusetts.”

 

“Many of these workers earn too much to qualify for "work supports" such as Medicaid and food stamps, while their employer-provided health insurance doesn't cover enough of their basic medical costs, according to the report by the Center for Economic and Policy Research and the Center for Social Policy at the University of Massachusetts.”

These problems did not occur overnight.  This economic debacle began as far back as 1970 and has been growing and getting worse ever since.  The main stimulus that has been driving all of the factors has been greed.  The desire to make money has been central to the financial rape of the American worker.  Almost everyone jumped on the band wagon and we, and I include myself, all of us went along. 

Beginning in the ‘70s the one family paycheck was not meeting the needs.  So the wife had to go to work to help pay the bills.  Of course she did not mind at first because being able to work meant that she was getting the equal role in society that she had always deserved.  What very few of us figured out was that while the equal job and equal rights for women was good it was happening for the wrong reason.  It was a way to continue the money squeeze on the family. 

Simultaneous with the squeeze new labor saving goods were being invented for the home and the office.  Things like automatic this and automatic that and new goods to spend money on each year.  Things that each of us just had to have.  New cars, two cars, new stoves, new dishwashers net everything.  Many of the products were advertised to have a long life with few break downs.  However, once the manufactures had saturated the market with their products then they stopped worrying about how long their products would last and started finding ways to obsolete their old products by producing the new and improved.  Take TV as an example.  We have gone from black & white to color to bigger screens to wide screen and now we have High Definition without a backward look. 

We don’t repair things today we replace them and we are faced with doing that replacement every couple of years or less. 

It isn’t that the old does not work its that to keep the economy running the consumer has to buy more and more and more with money that buys less and less.

And now we have consumed too much.  Our overweight bodies show it.  Our gadget filled houses bulge with stuff that we thought we just had to have and really cannot afford.  For example how long did you use the old black phone before cell phones came along?  We have to stop.  We are being forced to stop and evaluate our lives.  To change our ways, to cast off our debts, to hold on to our homes we must “hunker-down”.  We must find the ways and the means to protect our very existence while we dig our way out of debt.  To protect you from unsecured creditors you may want to take a look at www.asprogram.com .  They have real people that will talk with you when you call. 

Another thing to do is to re-evaluate all of your daily, weekly and monthly expenditures and as you write down each of those costs determine if it is something that you really need.  Is the cost a necessity or not?  If you do not need it to stay alive then stop the cost.  This must be your first step in putting your financial house back in order. 

 ]]> http://www.destroydebt.com/blogs/boomershout/77-hooray-for-judge-christopher-a-boyko.html http://www.destroydebt.com/blogs/boomershout/77-hooray-for-judge-christopher-a-boyko.html Thu, 20 Dec 2007 01:24:26 GMT Judge Boyko, United States District Judge on October 7, 2007 set the record straight for all US homeowners facing foreclosure.  Basically the Judge ruled that if the bank or mortgage company attempting to foreclose on your property cannot show a: “…copy of the Assignment of the Note and Mortga...
“…copy of the Assignment of the Note and Mortgage, executed as of the date of the

Foreclosure Complaint.”

They do not have appropriate proof for foreclosure on your property.  Excerpt below is taken from public court record:

Plaintiff’s, “Judge, you just don’t understand how things work,” argument reveals a condescending

mindset and quasi-monopolistic system where financial institutions have traditionally controlled, and still

control, the foreclosure process. Typically, the homeowner who finds himself/herself in financial straits,

fails to make the required mortgage payments and faces a foreclosure suit, is not interested in testing state

or federal jurisdictional requirements, either pro se or through counsel. Their focus is either, “how do I

save my home,” or “if I have to give it up, I’ll simply leave and find somewhere else to live.”

In the meantime, the financial institutions or successors/assignees rush to foreclose, obtain a

default judgment and then sit on the deed, avoiding responsibility for maintaining the property while

reaping the financial benefits of interest running on a judgment. The financial institutions know the law

charges the one with title (still the homeowner) with maintaining the property.

There is no doubt every decision made by a financial institution in the foreclosure process is

driven by money. And the legal work which flows from winning the financial institution’s favor is highly

lucrative. There is nothing improper or wrong with financial institutions or law firms making a profit —

to the contrary , they should be rewarded for sound business and legal practices. However, unchallenged

by underfinanced opponents, the institutions worry less about jurisdictional requirements and more about

maximizing returns. Unlike the focus of financial institutions, the federal courts must act as gatekeepers,

assuring that only those who meet diversity and standing requirements are allowed to pass through.

Counsel for the institutions are not without legal argument to support their position, but their

arguments fall woefully short of justifying their premature filings, and utterly fail to satisfy their standing

and jurisdictional burdens. The institutions seem to adopt the attitude that since they have been doing this

for so long, unchallenged, this practice equates with legal compliance. Finally put to the test, their weak

legal arguments compel the Court to stop them at the gate.”

Case 1:07-cv-02282-CAB Document 11 Filed 10/31/2007 Page 5 of 6

 

What does this mean for homeowners about to be foreclosed?  It seems to mean that if the parties initiating the foreclosure cannot produce the appropriate documents showing that they have the legal right to do so that the homeowner may have the grounds to negotiate the foreclosure. 

 

This situation tends to occur when your mortgage is sold to a third or even a fourth party and the required documentation does not get into the hands of the new mortgage owner. 

 

I know that you may have many, many questions at this point and I will endeavor to find the answers as I continue to research this issue.  Please send me your questions at Waddell@boomershout.com

 ]]> http://www.destroydebt.com/blogs/boomershout/41-bboomers-fighting-credit-debt.html http://www.destroydebt.com/blogs/boomershout/41-bboomers-fighting-credit-debt.html Fri, 30 Nov 2007 09:17:12 GMT B’Boomers fighting credit debt 40% of the 78 million Baby Boomers are in hock to creditors.  The Boomers who were known for paying their bills are now being fleeced by credit card interest rates and medical expenses that are out of control.  Where can they turn?  Let’s face facts.&... B’Boomers fighting credit debt

40% of the 78 million Baby Boomers are in hock to creditors.  The Boomers who were known for paying their bills are now being fleeced by credit card interest rates and medical expenses that are out of control.  Where can they turn? 

Let’s face facts.  Say you want to work and can physically work, but who is going to hire you for a job where your talents can really benefit the company even though you might be willing to work at a lower wage?  It is true that there are a few employers that have seen the light and know that what you bring to the job is experience and dependability that is hard to find in younger workers.  But these visionaries are few and far between.

So while you are waiting to find a way to pay your debts you continue to use up your assets to keep the door open and put food and medicine on the table with nothing to shield you from the day when your credit is used up. 

What are the options: debt counselors, debt consolidators, taking on more debt or having some attorney incorporate or help you give your assets away?  None of those solutions are too inviting.  On a personal level, since I ran my own business and had several deals in the works I believed that if I could just make it through another month or two, I could begin to pay off my bills.

In my search for a solution I ran across an article that said that once your debtors have gotten the full price for the merchandise, they let you buy on credit and you start running in arrears, many will sell off your debt to collection agencies for pennies on the dollar.  That astounded me.  In other words a collection agency, that had bought my debt for pennies, was now going to try to get me to pay for that same item again including interest and penalties.

I said there must be a law and there is, the law is that interest, late fees and other penalties on unsecured credit card debt is not controlled or regulated by the Federal Government and hasn’t been since the 1978 Marquette Bank opinion that permitted national banks to export interest rates on consumer loans from the state where credit decisions were made to borrowers nationwide.  That was when certain states like South Dakota, who was hurting for jobs and revenue, cut a deal with Citibank and others to relax and do away with credit card usury regulations altogether.  Now the credit card companies are making more than the oil companies because they are not regulated.  You and I the credit card borrowers, are the only ones that can influence the interest rates of the credit card companies by paying down our revolving debt and becoming “deadbeats” (people who monthly pay off their cards) instead of “revolvers.” .  

We the people have to take control and fight back anyway we can since very few of our legislatures seem to care.  What each of us needs is time.  Given enough time most of us will find a way to pay off our debts. ]]> http://www.destroydebt.com/blogs/boomershout/40-us-government-condones-usery.html http://www.destroydebt.com/blogs/boomershout/40-us-government-condones-usery.html Fri, 30 Nov 2007 08:51:09 GMT US Government condones USERY There are no Federal laws controlling the rate of interest NATIONAL BANKS can charge.  Interest rates are only controlled by state laws.  Any bank that claims that is a National Bank (See http://www.lectlaw.com/files/ban02.htm) is not subject to their states U...
There are no Federal laws controlling the rate of interest NATIONAL BANKS can charge.  Interest rates are only controlled by state laws.  Any bank that claims that is a National Bank (See http://www.lectlaw.com/files/ban02.htm) is not subject to their states USURY laws when it comes to credit cards.  That is why NB banks locate their credit card divisions in states with very liberal or non-existent usery laws.  Without any laws to inhibit and control their business the sky is the llimit and they will and do charge whatever the traffic will bear.  This is why credit card interest rates are so high and going higher every day and why the late fees and penalties are astronomical.  

Whose fault is it?  Mine and yours and everyone who wants more than they can afford and is willing to pay an interest rate that can make the goody cost more than its original store price.  I grant you there are some responsible credit card users.  The credit card companies call them “deadbeats” because they pay off their credit debt on time and pay no interest.

When you see home foreclosure numbers rising and mortgage companies claiming they are in trouble and the housing market going flat you are seeing the signs of insolvency.  The American public is tipping toward insolvency: Wikipedia defines, Insolvency as a financial condition experienced by a person or business entity when their assets no longer exceed their liabilities.  When a person or entity can no longer meet its debt obligations when they come due, that is commonly referred to as 'cash-flow' insolvency.  This is when the plastic comes out and we try to hold out until our situation gets better while it continues to get worse because we are permitting USURY to take over and ruin our lives. 

Even though this overextended condition is something each of us did to ourselves, for whatever reason, it is still something that had we known better we might have avoided.  Now debt counselors, debt consolidators, and other kinds of debt advisors, some good some bad, are sucking at our pain.

The real problem is that most of us know what to do, if we had a way to do it, pay off our debt.  Most of us could manage our debt if the credit card companies were not constantly raising our rates and charging exorbitant late fees.  What we need is a shield, a way to hold the unsecured creditors at bay while we get our finances back in order. ]]>