Comments on: Part I: Jail is not an option… http://www.notebuyingprofits.com/blog/1468/part-i-jail-is-not-an-option%e2%80%a6/ Real-Life, Up-to-Date Training to Profit from Defaulted Mortgages Mon, 20 Jun 2011 02:09:29 -0400 http://wordpress.org/?v=2.8.2 hourly 1 By: Chuck Diaz http://www.notebuyingprofits.com/blog/1468/part-i-jail-is-not-an-option%e2%80%a6/comment-page-1/#comment-863 Chuck Diaz Mon, 19 Oct 2009 18:03:21 +0000 http://www.notebuyingprofits.com/blog/?p=1468#comment-863 On the collection issue, you do have the right to advise the borrower on the note that we would own, that since they are not paying and not co-operating that you are going to refer it to an legal counsel to start the F/C process, if this is in fact what you intend to do, correct? On the collection issue, you do have the right to advise the borrower on the note that we would own, that since they are not paying and not co-operating that you are going to refer it to an legal counsel to start the F/C process, if this is in fact what you intend to do, correct?

]]> By: notebuyingprofits.com http://www.notebuyingprofits.com/blog/1468/part-i-jail-is-not-an-option%e2%80%a6/comment-page-1/#comment-860 notebuyingprofits.com Sat, 17 Oct 2009 19:37:28 +0000 http://www.notebuyingprofits.com/blog/?p=1468#comment-860 Vlad, we could probably debate the exact meaning of the rule, but like many legal issues, it often comes down to the specific details of the situation. Probably best to consult counsel if you want definitive guidance. Vlad, we could probably debate the exact meaning of the rule, but like many legal issues, it often comes down to the specific details of the situation. Probably best to consult counsel if you want definitive guidance.

]]> By: Vlad http://www.notebuyingprofits.com/blog/1468/part-i-jail-is-not-an-option%e2%80%a6/comment-page-1/#comment-858 Vlad Fri, 16 Oct 2009 21:01:58 +0000 http://www.notebuyingprofits.com/blog/?p=1468#comment-858 Thank you for the info. I'd like clarification on the item 2: DO NOT threaten a with a lawsuit or garnishing wages. It appears somewhat simplified, compared to the FTC FAQ page, which states: Debt collectors also are prohibited from saying that: - they’ll seize, garnish, attach, or sell your property or wages UNLESS they are permitted by law to take the action and intend to do so; or - legal action will be taken against you, IF doing so would be illegal or if they don’t intend to take the action. So, if such actions are allowed by law and they intend to do it than it's perfectly fine for a debt collector to say it. Am I correct? Thank you, Vlad Thank you for the info. I’d like clarification on the item 2:
DO NOT threaten a with a lawsuit or garnishing wages.
It appears somewhat simplified, compared to the FTC FAQ page, which states:
Debt collectors also are prohibited from saying that:
- they’ll seize, garnish, attach, or sell your property or wages UNLESS they are permitted by law to take the action and intend to do so; or
- legal action will be taken against you, IF doing so would be illegal or if they don’t intend to take the action.

So, if such actions are allowed by law and they intend to do it than it’s perfectly fine for a debt collector to say it. Am I correct?

Thank you,
Vlad

]]> By: Brian http://www.notebuyingprofits.com/blog/1468/part-i-jail-is-not-an-option%e2%80%a6/comment-page-1/#comment-857 Brian Fri, 16 Oct 2009 16:47:16 +0000 http://www.notebuyingprofits.com/blog/?p=1468#comment-857 Hi Attorney Susie, I appreciate this information. I found it to be very informative and up to date info. Thanks again Brian Hi Attorney Susie,
I appreciate this information. I found it to be very informative and up to date info. Thanks again

Brian

]]> By: notebuyingprofits.com http://www.notebuyingprofits.com/blog/1468/part-i-jail-is-not-an-option%e2%80%a6/comment-page-1/#comment-856 notebuyingprofits.com Wed, 14 Oct 2009 21:03:43 +0000 http://www.notebuyingprofits.com/blog/?p=1468#comment-856 Thanks for the question, Sanjay. We'll be sure to cover questions about licensing and business formation in upcoming segments of our "Notes and the Law" column. By the way, have you asked your questions on our <a href="http://www.notebuyingprofits.com/forum" rel="nofollow">notebuying forum</a>? Lots of smart people hang out there... Thanks for the question, Sanjay. We’ll be sure to cover questions about licensing and business formation in upcoming segments of our “Notes and the Law” column.

By the way, have you asked your questions on our notebuying forum? Lots of smart people hang out there…

]]> By: Sanjay http://www.notebuyingprofits.com/blog/1468/part-i-jail-is-not-an-option%e2%80%a6/comment-page-1/#comment-855 Sanjay Wed, 14 Oct 2009 20:58:06 +0000 http://www.notebuyingprofits.com/blog/?p=1468#comment-855 Susie, Great info on your blog. Thanks. Before getting started into this, can you advise as to what kind of company I would have to set up? Do I need to get a mortgage broker license or can this be done as just setting up an LLC? Look forward to your response. Sanjay Susie,

Great info on your blog. Thanks. Before getting started into this, can you advise as to what kind of company I would have to set up? Do I need to get a mortgage broker license or can this be done as just setting up an LLC?
Look forward to your response.

Sanjay

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