Thanks for this video on the dimes for dollar concept. I live in MD, have a rental property in Ft Washington MD with serious negative cash flow (mortgage in 2400, rent is 1800) that is upside down with one mortgage only and also has PMI. Renters are three months behind and the eviction process is taking awhile;they should be out in another 30 days. Meanwhile, I am borrowing money to make mortgage payments so I am looking at either a short sale or deed in lieu. Unfortunately I will probably also be looking at a deficiency judgement no matter what I do in unloading the property and this video has helped me see a way to minimize the damage.BTW,my own home is secured with the same bank and has an avaialable line of credit of 100K which I am afraid that if I persue the short sale or deed in lieu for the rental that the bank may not approve either unless I come to the table with cash for the defieciency. So I may just let the property "go" and deal with the judgement as you suggest in this video….Thanks, Deniz

Deniz, good luck with your situation. I am really not a fan of "borrowing from Peter to pay Paul." Rather I encourage folks to resolve the underlying cause of their getting into more debt. I am glad you are thinking in terms of short sales or deed in lieu. A short sale may put you in the best situation as it can minimize the lender's losses, and also let you negotiate with the lender for a much more favorable situation.

warmly

–Richard

Very interesting information - I don't know much about the collection process (but need to learn due to zero income for several months) - thanks for the insight. How do I get the full description of the "dimes on the dollar" system? Is that part of your Mortgage Relief Program or can I purchase it separately. Thanks again for the information.

I include a way to settle debts for about 30% - 50% on the dollar in the Mortgage Relief Formula program. But the Dimes on the Dollar method is part of a different course and this is shortly being offered as a separate course. It covers the detail of settling for 10 cents or so on the dollar, and getting your FICO score back to respectability.

warmly

–Richard

Richard, Thank you for the information. Among the 8 credit cards that I have balances, I have 3 Chase credit cards with 6K & 8K balances at 0% that will expire in April 09, and 30K at 3.99% fixed until paid in full. Good rates. I also have a HELOC also with Chase with a balance of 53K. If I stop paying my credit cards, but continue paying the HELOC, because my residence is tied with it, can Chase go after our residence since we are dealing with the same company? What do you recommend is the best way to settle our credit cards for dimes on the dollar without Chase going after our residence?

Of course, I can't give advice in specific situations. But if it were me, I would probably find that I didn't have much equity my my house and you probably don't either. So what is there for Chase to go after?

Most likely nobody will go after you. They may sue you but rarely do. They will threaten and eventually charge it off and you will be contacted by a succession of collection agencies.

At some point, a "zombie debt" buyer will call and try to collect. Eventually you can collect for a dime on the dollar. If you want to settle sooner, you could settle often with the original creditor for $0.30 to $0.50 on the dollar.

I recommend you do this yourself and don't go to a ripoff firm who will do what you can do better for yourself, and charge for it, and maybe screw it up.

warmly

–Richard

Hi Richard,
We live in CO and have 2 second mortgages, on two different properites equaling 200k and 75k in credit card debt. All business related.
Things were ok until I stopped having closings with Real Estate transactions.
Here is my question: So we stay current on the 1st mortgages, which is not a problem. One house does have an additional 100k in equity the other does not. Can the 2nd forclose here? I will call an atty as well. We am using savings to pay these monthly, and it is time to stop the bleeding.
I do have the money to settle the 5 t0 10 cents on the dollar and then repair our credit with the plan.
We also have assets in another state that there is equity in. They will be moved to an LLC.
At this time we are current on everything.
Thanks for your thoughts.
Tena D

Greetings Richard, You have provided helpful information on credit card/ unsecured debt, but pointed out it does not apply to student loans. My sister and I are besieged by federal student loan creditors and would most welcome any suggestions for this scenario. I even left this country for 8 years to get off their radar. I understand that bankruptcy will not discharge student loans….Many years ago I was told I needed to "change the character" of the loan in order to discharge it…I was still confused, and still as broke. I'd be grateful for any words of wisdom. kind regards, Frank E

Ugh. Frank, the student loan stuff is a minefield. I am so sorry for your plight. There is one loophole I am aware of, that if you are in "public service" for 10 years your loans are forgiven. This is a better loophole than permanent disability which I don't consider a loophole. They have re-legalized indentured servitude on the USA and they call it "student loans."

warmly

–Richard

Thank you for this video. Due to bad marriage where husband got two illnesses, layoffs, and again lay-off from a subprime lender, and having to move due to job loss 4 times in 2 years, and now having 4 temp jobs just in the last year, needless to say debt from bad marraige and trying to pay off since ex is on disability (but thank goodness for that as I was still supporting him even after he left), my income is 1/3rd and even doing housework to suvive, needless to say I haven't been able to pay for anything except food and basics, and have incurred other debt such as more medical bills due to no health insurance.

Fortunately, I learned the hard way from a bad short first marriage where behind my back my ex ran up over 10K of bills to never have a credit card again in my life. But I wish I had known and understood what collection agencies did. I paid off within 4 years the whole 10K in full on my own after divorce even though it wasn't all my debt, including his dentist and doctor bills. In and out of work, then dissappeared, so they came after the one with the money. I even believed one company that said since he was on my work health insurance so I had to pay off his dental bill, and I did it. I was raised to not believe in credit, having debt or declaring bankruptcy (old-fashioned Eurpeon parents, that neither one ever had a credit card or financed a car - saved and bought with cash)

I and I know many people do not understand or know that collection agencies have actually purchased the debt. I thought they were just a servicer getting a commission but sometimes did wonder when I got an offer to pay off and they cut in half. I didn't have the money to pay half 'in full' anyway so didn't askks how or why, so kept trying to make small payments to the original bank or company and paid off 10,000 in debt in 4 years. Which makes me wonder now how the collection agency got their money,if I was paying the original company, but they did stop bugging me. A friend told me if I paid the collection agency there was no chance of the original company taking the debt off my credit. Guess that was a wrong belief too.

My current debt is mostly medical from recent marriage, and finally but after he left my ex is on disability, so no child support ever and he can't pay for anything.
My son and I have had medical issues then and now as well. Going to emergency rooms for myself and son a couple of times resulting in 2,000 per visit due to no health insurance. And, a few other doctor or non-credit card type of debt. I just figured when I finally get good stable work where I can pay above basics, I'd start making payments again. I felt it wouldn't be fair or offered to reduce doctor or hospital payments due to it' s not a credit card. I never knew that paying partial would enable me to also clean up my credit score. I figured that would be a lost cause too, or worse score since I was not paying the whole thing, so why would anyone be willing to help fix my credit was my thought.

In 5 short minutes just listening to this one video you have changed my life and thought process. No one I know has ever said what you have said on this video in all these years! When I get back to my normal salary I earn $50K a year or more, plus starting a business venture with my fomer VP (she has a little money to invest, and I have the ideas). It will be non-profit or community based help information as we came from the identity theft and fraud prevention world.

Hopefully much like your information and Blown Mortgage where I initially found your website link. Consumers need to be empowered with information. I can't afford your program at this time in life, but the articles and free videos so far have had an amazing impact in just 2 days, and especially after watching this short video I am compelled to comment.

And I learned it is not bad or wrong to just wait until I can afford a payment or able to make a deal. The lift of self-imposed guilt after watching your video has been instantly amazing. Even though I am in circumstances beyond my control due to job lay off, the worry and guilt has been terrible. I am grateful that this video was there, such an education in a small time frame on just the intial video that I never knew. Amazing that no one else is giving these kinds of details on just how a collection agency works and how they conduct business. I even tried a debt consolidation company - didn't go for it on the initial consult. Confusing, and if you don't have the money even if payments are reduced can't do much about it anyway. I'm going to organize and get ready all of my debts for the day I can pay something and negotiate like crazy. I really also like the idea of the gold and silver coins, I've wondered about purchasing something that could have a quick return on value without having money in the bank once I can save something.

Thank you, there is finally hope that I too can fix my credit, pay off my debt, which isn't really that much compared to some about 10K, and maybe finally be able to qualify to purchase my own home.

One question, several times when a debt was paid off, and in second marriage my ex did have a small credit card for parts for his business, which got behind when he first became ill (diabetes) but we did eventually pay off, there were supposedly collection agencies that called and said we had debt owing (it was still on credit report and we were trying to get removed after paying off). They wanted faxed proof and he was ready to do it and I stopped him. I instead wrote a letter and demanded the proof of where they got the 'collection' from and why were they collecting on a paid off debt, etc. etc. The very next day the fax number was disconnected and within a week the phone number was gone. What are these, how do they get our info and phone number if they are 'not' working with the original bank we dealt with? Luckily no other personal info was sent to them, but they seemed to be a predator bogus company. If we didn't keep good records, I can see some poor people paying a debt a second time, or partial, and that would be free money to this bogus company. But how do they get no only our phone number but the debt information? Unless the original bank got confused and turned over a 2nd time, which we couldn't get through to them to answer this, I've always wondered how this happened. And we got calls more than this one time on same debts paid off.

I apologize if this is a bit lengthy, but I wanted to get my thoughts out and thank you for a great website. I've visited many and coming from the fraud investigative world, I've double-check your information and find you to finally be a person imparting real truths and empowering the public with knowledge to do things themselves rather than hiring companies and lawyers. Thank you again.

Thank you for the tips Richard.

On the video you mention that the collection co. purchases the bad debt usually for .01 - .05 on the dollar. I'm just curious whether the original creditor would ever be willing to strike the same deal with the debtor themselves since that's all they're receiving anyway from the collection co.? It would make sense in my opinion and would probably be a lot less hassle. What are your thoughts on this?

Hi Richard

First let me say thank you for the wealth of information that you have provided. I am going to put my house up for a short sale (in Florida) and I wanted to know if you think it's better to purchase a new home before we sell the first? We have already been pre-approved for another home loan. I would be grateful for any advice you have.

Thanks,

Kara M

Richard, I quit paying on my credit card and it was charged off. The collection agency will not accept anything lower than 40% of debt. I will keep it simple. My debt is 20K. I told them I had 4K cash ( that is 20% and they would not take it). They want 4K now and $300 per month for 12 months. That is $7600 by the time it is paid off. What do I do now? I have purchased your dimes on the dollar, but do not understand what to do now. They told me when I can meet their terms to call them back and told me to have a nice day and hung up.

I can't say what you should do. I would regard their remarks as part of the usual negotiation. There are several tricks. One is to fax a letter to them saying "pursuant to our conversation, I will pay $4000 and you will release me from all further liability and retract any derogs on my credit reports. Please sign this and fax it back and I will get you the $4000."

Another is to simply wait for another day or week and try again. Someone will call you another time and you can make the offer to them.

Many times it is simply time that has to go by. The longer the time that goes by, the better the deal you will get.

warmly

–Richard

Interesting concept, but what about all the "reported late" hits on the credit report? Seriously, isn't it much more difficult to clean up than you mention? And what if the collection agency will not settle for a dime on a dollar?

Thank you soo much for this information!
I keep having thoughts if I buy your program it might not be what what its said to be, but I keep having better thoughts in seeing you provide some information even before purchasing it. Why do you actually give information like this(videos, etc) even if people havent purchased from you yet?

Well I am interested so I guess I might just purchase very soon.
By the way is there a way to contact you directly if possible?

Thanks again!

I keep requesting the preview video of Credit Card Relief only to be bumped out saying I am already signed up to receive emails…how do I access this preview? I really need help and advise!! My husband has been out of steady income for about 4 months now (he is the major income producer) and we haven't been able to pay the mortgage…we applied for a loan mod and was just informed that we do not have enough income coming in to qualify for a loan mod!! Isn't that the point of a loan mod…to get you through this financial hiccup…We just received a letter from an attorney on behalf of our mortgage company stating that they are beginning foreclosure process…Please help us!!!

Michael, I would like to know what is your outcome? since your last time posted on April 26/09? I am planning to do so, but, your case is what I am worry about.

Hello Richard: Please correct me if I'm wrong but the original creditor has no standing in selling the debt if they received any from of compensation in leu of payment from the debtor- in this case a tax benefit through a charge off. They have already received their repayment by way of the charge off and the debt owed has been offset. There is no damaged party at that point because the creditor has been made whole( at least digitally)..I would like to heard an attorneys explanation of this 'slick Willy move' of ripping off people at least 3 X's….First with the 'loan' ,then with the fees and usury on the loan, then selling this non performing loan to the highest bidder and claiming a charge off for the whole amount- all the while having none of their own funds at risk. The term I'm referring to is ' accordance and satisfaction' of the debt and also referenced in the federal status of The Fair Debt Collection Practices Act'. Although, every time I tried to use this law and have written to the FTC and the creditors on my behalf , they ignored it at first and then eventually went away. Never heard back from the feds on the banks flagrant violation of the same law… nice law…… why don't they just enforce it to protect the people of whom it was designed for??

Richard,Is the Dimes on the dollor system available now to purchase? Iam very much interested. Thank you,Barry

Richard,

A question I'm dying to ask…About your video on a website promoting you program for TILA & RESPA violation. In the video, you started to explain what RESPA stood for, but couldn't!!! If you were really in the mortgage business, as you claim, that is one of the MOST IMPORTANT thing mortgage brokers deal with, yet you didn't even know what it means!?! WOW, and you're going to help people with THEIR problems???

Richard,

I already purchased two of your courses. I was wondering when the "new" credit card module will be available for those of us who wan to start a business helping people settle or dimes on the dollar.

Please email or call me.

Thank you,

Ed Ryan
Watertown, CT. 06795
203-695-8537 EST

Hi Richard,

In your advice to Frankey in regards to student loans, you mentioned that you are in "public service" for 10 years the loans can be forgiven. Can you please define "public service".

Thanks

Hello Richard.
My life was sorta set with 1 home paid off and a second home in Las Vegas on the market for sale, with a renter in it that gave me a deposit to buy it for $225K. I then lost my job but did not worry to much because the home would be sold with-in 9 months as the renter was getting his finances in line. After 9 months he was ready to buy. Then mr obama said corporations should not go to Las Vegas and the bottom fell out of the Real Estate. Over night my home went to $55.K just what I owe on it. The renter bought down the road a place 2 times the size for the same loan he secured for my home.
Now that brings me to my problem … I have not worked in 3 years and the credit card was only to be used until the L/V home sold. My live-in partner (not wife) of 21 years started to juggle C/C you know the 0% or low % type. We are now $70.K in debt. The new renter in our L/V home has not paid rent for 3 months, resulting in non payment of mortgage. I am 61 and have a disability that keep me at home but this overwhelming debt and all the sleep I lose worry about it has affected my health even more. I do not know what to do anymore could you please show me the path to getting rid of the L/V home and how to get closure on the C/C debt. I do not even have a credit card to buy your program, can you take a money order ? if so what address do I send it to ? as it does not look like your set up for this type payment.
Respectfully, Frank

Thanks for your website advice, Richard. I've managed successfully to wipe out my credit card debt over the last year - some payed and some charged off. so far no change to my high credit score. Now I have a bigger problem. My house has a 30 yr- $100K first and a 5 yr- $200K second (equity line) taken in 2006. Its recent appraisal came in at $310K. I cant get any one to refi the total - not enough equity. Would it be possible to do a short payoff with only the second noteholder to get the total debt down to less than 80% of value so I can do a refi. ? I have the money to do that. My second comes due in Aug 2011. I've looked into the Government programs, but I've been waiting now 5 months for a response to my Making Home Affordable app. Cant wait any longer. I'm persistent with the creditor, but I seem to get the same guy all the time - and he blows me off.
Richard Tello

Hi Richard,

I am being sued for the second mortgage. I owe $100K and they just served me papers. I cannot pay this amount and I just became unemployed. What do I do?

Jaclyn

Just looking for credit repair only at this point..have been through foreclosure and Chapter 7…have no credit card debt…

Interested in being affiliate but do not want to purchase entire program. Is that possible?

Thanks

Richard, After being disabled for awhile and now getting back on my feet, I'm buried in both student loans and credit card debts. When it gets to be so much, doesn't bankruptcy make sense at some point to at least clear the credit card debts?

Richard,

I got served with judgment two years ago when husband was out of work. A friend of my husband's was a lawyer and he called them. At that time they offered a lump sum settlement (way more than we could afford) or $55 a month payments. We have been paying that totaling $1100 we have paid. They have been charging interest the whole time so therefore my balance has not went down. I have asked them now give me a settlement amount but they will only give me 10% off the amount which is even higher than what they offered two years ago! It is ridiculous for me to keep paying and putting money into their pockets and getting nowhere! I am afraid to not pay because then I am afraid they will garnish my wages or try to sell my house or something! I have never had this situation in my life until my husband lost his job. Any suggestions? I know you can tell me what I should do and I would not hold yo liable to anything, however maybe you could give me a scenario from experience or someone else's situation. Thanks!

Hi Richard,
I have an Issue Im looking for a little guidance for, my former boss of the last 17 years just passed away, I have worked for him since I was 18, (Administrative Secretary) Anyhow, he helped me purchase a 242,00 home back in 2004, with cash, Deed and Title were both and still are in my name although 2 weeks after purchase there was a mortgage filed and then another, to total the amount of the house. And we all know what 200,000 houses are worth today…its now up for sale for 195,000 anyhow, since hes passed I am having the hardest time getting these mortgages discharged, both do not have an original note nor was a schedule of payments ever made up, also he had handwritten a note stating that upon his death I am forgiven the debt on mortgages. I found out that I need to get an original death certificate to have it discharged and he had told me to go to the family attorney, (Whom Ive had represent me in the past) Anyhow the family is giving me a hard time about it. Any Suggestions and since there is no original note can they legally get my money from the sale of this house? Times have been hard and I was on unemployment when he was alive and sick, now ive been forced to file for disability due to my BiPolar becoming even worse through all this stress. I would really appreciate any comments you may offer about my situation. Thanks, Niaka