Questions and Answers from NSA's - Article 1

Covers a wide variety of topics. Make sure you read them all to get all the information.

by   Victoria Ring---Bio

Dear Victoria:  I read your new article about the Bankruptcy Reform Law.  It shocked me when you said "Isn't it great to put more money in the hands of the rich?" in your reference to credit card companies. I have always had good credit and I have never encountered credit card companies who were not understanding. They have even lowered my interest rate and they are very nice when I call.  Why would you say something like this against them? --Aileen

Dear Aileen:  I am glad you emailed me about this. I received a couple other emails about it from others also.  Your confusion lies in the fact that you have "good" credit and of course you would never experience the horror-side of credit card companies and how they treat people with bad credit.  Let me give you an example of how credit card companies abuse people with bad credit.

Suppose John and Mary both held full-time jobs at a factory they worked at for 25 years. Suddenly the factory closes and moves overseas. John and Mary have worked at the same company for 25 years so they have no skills to go out and get any job they want.  Instead, they are forced to take low-paying jobs in fast food restaurants just to get enough money to feed their family and pay the mortgage. There is no money left to pay their credit cards.  This is when the credit card companies begin calling them at their job, at their home and they will even call their neighbors in an effort to humiliate them into paying their debt.  But John and Mary would love to pay them but they have absolutely no money. Instead, John and Mary are called into the office by their employer and are humiliated even more trying to explain why the credit card company called their employer.  (Some people have even lost their jobs over this, which is devastating since it may be the family's only income.)

But after the debt goes to collection, the credit card company sends John and Mary a $5,000 pre-approved credit card in the mail in an attempt to "hook" them.  (This is where the abuse begins.)  At this point John and Mary are so behind in their mortgage payments that the company is ready to start foreclosure proceedings.  They need $3,000 immediately to be current.  When John and Mary receive the pre-approved check from the credit card company they accept it to pay their mortgage because they really have no other choice except to lose their home.  But what the credit card company did not tell John and Mary is that they just signed over their rights never to file bankruptcy on the debt and the debt is now connected to their home mortgage as a secured debt.  In addition, the credit card company has increased their interest rate to 38% as well as adding on late payment fees, overlimit fees and anything else they can dream up to make it impossible for John and Mary to ever pay the $5,000 off on their current salary.  (Seriously, this scenario happens thousands of times every day. Credit card companies actually get rich stealing money from poor people who have bad credit and are forced to pay all the additional charges over and above the amount they owe.)

So for those of you with good credit -- good for you.  You will never experience the bad side of credit card companies.  However, just hope you never miss a payment.  If you fall behind or lose your job, you will find out how mean, cruel and malicious credit card companies can be and why I made the statement about "putting more money in the hands of the rich." You also will discover the malicious ways they extend credit to people with bad credit, then place them in a jailhouse they can never be free from without filing bankruptcy. I know this is true because I personally worked with many of these companies when I was employed in creditor bankruptcy.  I have witnessed some very unfair and cruel decisions by collectors who have no regard for people. All they want is their money (which is normally three times higher than the actual debt) and could care less if your children die from starvation or if you are living with your family in a cardboard box by the highway.

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Hi Victoria:  I followed your advice and faxed each company I signed up with a letter of my experience and why it would be a good idea to hire me, but I have not yet followed up with them since I first signed up with each one.  I'm just not really sure what to say over the phone or in a letter to follow up with them.  Please help.  --Cara

Dear Cara:  It is simple. Just call and ask them if they received your fax and application.  If they did, then you have an open door to sell your services to them.  Some people you call will be friendly and outgoing, so you may want to engage in a lively conversation with them about their job or what you could do to make their job easier.  Each call will be different, but your main objective is to find out if they received your information and if they have any questions before sending you out on an assignment.

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Hi Victoria:  Are there any directories on the internet where I can go and sign up to work for title and mortgage companies like there are for the signing companies? --Jill

Dear Jill:  No; and the reason why is because to work directly for title and mortgage companies you must provide top-notch service and become "known" within the industry for your high level of quality and dependability.  The only way to do that is to start working for signing companies doing the best job you can and correcting mistakes that you make.  You know you are doing a good job when the signing company calls you for a second, third and fourth assignment.  Once you have achieved this level of respect for your services you may be in a position to begin contacting mortgage and title companies directly.

Another way to gain the level of knowledge and experience necessary to work directly for title and mortgage companies is to work freelance for real estate attorneys in your area.  Most of them are always looking for typists to prepare mortgage documents.  I have worked for many of them in the past on a part-time basis.  This exposed me to a lot of different mortgage companies who accepted my experience working for real estate attorneys with "open arms."  In fact, some of the mortgage companies even offered me full-time employment.

Jill -- there is no "magic bullet" that exists.  If working directly for title and mortgage companies was as easy as filling out a form on the internet, everyone would be doing it.  Instead of looking for ways to "cut corners" you should be dedicating more of your time to increasing your notary knowledge in the real estate industry and gaining experience by doing signings and networking with successful notaries. Of course this method will take longer, but that is the ONLY way to succeed as a notary signing agent.