9 Nines Posted May 22, 2019 Report Share Posted May 22, 2019 Someone moved into my subdivision. He got onto the Board of the property owners association and is causing all kinds of problems. He bought a million dollar home and still has his old house that he rents out. My subdivision is small and I would not think anyone has money problems. I checked civil cases on him today. He was sued by a Credit Card company in 2010 for a little over $20K. Had a judgement against him but it was not completely settled until 2014. Another credit company sued him for ~$25K in 2012 and it was not fully settled until 2016. He was also sued by a credit collection agency in small-claims court, so I assume under $10K. Not being a court of record, I could not find settlement etc. Is this normal - do credit card usually sue people for being late payers? Also, wouldn't it hit one;s credit report pretty bad? It seems odd that a bank would grant him a million dollar mortgage if he had recently been sued by credit card companies, especially if he still has a mortgage on his old house (and I know he does because I found both liens in county filings.) Link to post Share on other sites More sharing options...
OILERMAN Posted May 22, 2019 Report Share Posted May 22, 2019 According to CTF that's the richest guy in the subdivision Debt = wealth Link to post Share on other sites More sharing options...
Number9 Posted May 22, 2019 Report Share Posted May 22, 2019 Yes. Credit card companies have a debt collection department that includes suing people they can't collect on. The mortgage business if funny. I asked a real estate agent how they could get some low income people qualified. He said they have loans for everybody, even drug dealers. These loans will have really high interest and the borrower may have to put up a larger down payment. The thing I found the pissed me off in the real estate business is apartment rentals. They may do this on mortgages as well. I asked how can all these hispanics rent apartments when they don't have SS numbers for credit checks. He told me they use a code for that and just put 000-00-0000. So, if you go in and owe the electric company $40. they may decline you. The hispanic could owe all the utility companies, had a car repossessed and got evicted from his last residence. 000-00-0000 Link to post Share on other sites More sharing options...
abenjami Posted May 22, 2019 Report Share Posted May 22, 2019 I believe it is pretty common. Often times when I am in court, several of the other cases are credit card companies suing people who didn't pay. Link to post Share on other sites More sharing options...
9 Nines Posted May 23, 2019 Author Report Share Posted May 23, 2019 nv Link to post Share on other sites More sharing options...
Number9 Posted May 23, 2019 Report Share Posted May 23, 2019 7 minutes ago, 9 Nines said: I assume it would take months of past dues to do it, or do you think they do it immediately? I think it's a long time because I don't believe they can keep calling you after it goes to court. OWE CC $2,398. X 29% interest added monthly, so next month it 29% X new balance, plus late fee, plus collection fee and court cost. What's it then? $7,000 a year later. They know most people can't/aren't going to pay. It's one of the worst rackets ever legalized against Americans. When cards first came out, only people who could easily afford to pay could get one. It's a lifetime trap. They make TV shows about people getting in gangs, victims of other crimes and illness, but never a movie about a family devastated by CC debt. Link to post Share on other sites More sharing options...
Denali Posted May 23, 2019 Report Share Posted May 23, 2019 Anytime someone owes significant money and they don’t pay, they will get sued. Why would credit card companies be any different? I used to be a bill collector. Most of the cases were for credit cards. It’s easy to hand someone a piece of plastic and walk away with goods and services in return. It’s funny money. Link to post Share on other sites More sharing options...
ManningEnvy Posted May 23, 2019 Report Share Posted May 23, 2019 Bill collector huh Touched The Tard? Here’s Bill........ Link to post Share on other sites More sharing options...
Legaltitan Posted May 23, 2019 Report Share Posted May 23, 2019 They do it all the time. Link to post Share on other sites More sharing options...
Number9 Posted May 28, 2019 Report Share Posted May 28, 2019 On 5/23/2019 at 11:25 AM, ManningEnvy said: Bill collector huh Touched The Tard? Here’s Bill........ I'm surprised Bill Maher got away with saying that about people who have finally got rid of that label. He got a big time pass. Link to post Share on other sites More sharing options...
CaliTitan3518 Posted May 28, 2019 Report Share Posted May 28, 2019 On 5/22/2019 at 4:26 PM, Number9 said: Yes. Credit card companies have a debt collection department that includes suing people they can't collect on. The mortgage business if funny. I asked a real estate agent how they could get some low income people qualified. He said they have loans for everybody, even drug dealers. These loans will have really high interest and the borrower may have to put up a larger down payment. The thing I found the pissed me off in the real estate business is apartment rentals. They may do this on mortgages as well. I asked how can all these hispanics rent apartments when they don't have SS numbers for credit checks. He told me they use a code for that and just put 000-00-0000. So, if you go in and owe the electric company $40. they may decline you. The hispanic could owe all the utility companies, had a car repossessed and got evicted from his last residence. 000-00-0000 Lending is super loose right now. If you can’t find a loan it’s because you don’t have enough for a down payment or you haven’t called enough mortgage brokers. I’ve seen a few pre approval letters for people who didn’t qualify for some of my rental. As for the illegals getting units it’s really a matter of how much risk the owner/landlord is willing to take. Ultimately they are trying to cut vacancy cost. If they want to rent to an illegal with that’s up to them. It’s about as risky as it gets because they can’t hold that person accountable for anything. If you need the unit to get filled and that’s your only option some do it. The illegals can always have a legal co signer or the landlord could require a larger deposit. I completely advise against it. You are better off reducing your price to cut vacancy cost then take on that big of a risk. Not everyone even screens applicants. Some people will just go based on what is on the rental application. Link to post Share on other sites More sharing options...
Number9 Posted May 28, 2019 Report Share Posted May 28, 2019 1 hour ago, CaliTitan3518 said: Lending is super loose right now. If you can’t find a loan it’s because you don’t have enough for a down payment or you haven’t called enough mortgage brokers. I’ve seen a few pre approval letters for people who didn’t qualify for some of my rental. As for the illegals getting units it’s really a matter of how much risk the owner/landlord is willing to take. Ultimately they are trying to cut vacancy cost. If they want to rent to an illegal with that’s up to them. It’s about as risky as it gets because they can’t hold that person accountable for anything. If you need the unit to get filled and that’s your only option some do it. The illegals can always have a legal co signer or the landlord could require a larger deposit. I completely advise against it. You are better off reducing your price to cut vacancy cost then take on that big of a risk. Not everyone even screens applicants. Some people will just go based on what is on the rental application. I'm talking about years ago when I was buying real estate. I'm not looking for any loans. Link to post Share on other sites More sharing options...
CaliTitan3518 Posted May 29, 2019 Report Share Posted May 29, 2019 2 hours ago, Number9 said: I'm talking about years ago when I was buying real estate. I'm not looking for any loans. I wasn’t directing that to you. I was using you as generic term. Link to post Share on other sites More sharing options...
pat Posted May 29, 2019 Report Share Posted May 29, 2019 Dude is a total snake. Don't let him near your wife, don't let him put your daughter to bed, and for gods sake don't give him a hand job. Link to post Share on other sites More sharing options...
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