So-called government help for foreclosures has been a failure but if you can make your mortgage payment by not paying card debt then you are in luck! Few people realize a do-it-yourself credit card bailout has been around since the mid-60s when cards were almost nonexistent.
You could call it the biggest loophole for credit cards in the history of the world, which it is, and using it is a simple matter if you know what, when and how to do it.
To trigger the process you need to immediately stop paying the card bill.
Federal law will kick in and require the bank to close the account and write it off their books.
The banks do not lose any money when you stop paying because they didn't loan you any money in the first place.
See how this works by using the search term "where does money come from" for the astonishing truth.
Some people are forced to trigger this process because they lost their job in this depression but the most unfortunate part is they don't know what to do next after having gained this enviable position.
People are scared to death of debt collectors.
They've never been in this position before.
Use the search term "FTC debt video" and watch this simple cartoon show to see how to handle collection phone calls and collection notices.
What most people totally do not understand is this simple law stacks the cards against debt collectors making it impossible for them to collect when you use the law to your advantage.
People are absolutely afraid to answer their phone because they have some guilt feelings about their debt and not being able to pay it.
A collector paid pennies on the dollar for your account information and wants you to pay him instead of the bank for money that was never loaned.
The bank closed your account and it no longer exists but this guy wants your money for nothing so forget your guilt complex! In that little video you just watched you saw how to handle violations over the phone by collectors.
Record those conversations and let them violate your rights to their hearts content because each one of those violations is worth $1000 to you! You can use any violation to have your account marked "paid as agreed" in return for not filing a lawsuit.
These small violations happen every day but only a very few people use their rights to make the card debt vanish.
You can see for yourself how much money is to be made from collectors by using the search term "man wins 1.
5 million in debt collector lawsuit" or even better search "woman wins 8.
1 million from debt collector " so having your tiny debt written off is nothing to these people.
Okay homeowner, here is where everybody really blows it.
Those little collection notices must be answered just like it shows you in the cartoon.
If you don't answer those collection letters with a demand for proof of debt then the collector wins by default.
If you do answer the collection notice by registered mail with return receipt the collector can never prove you owe him a penny and it's just that simple.
You may end up in foreclosure but it most certainly will not be because you don't know how to put your card debt on the street for pickup by your friendly trash man and you even know how to make those really foul mouth collectors pay off your mortgage and put you on easy street.
Live life and have fun!