Zombie Debt & Foreclosure News
June 13, 2008 by Todd N. Wilkinson
Even if you have filed for bankruptcy, unscrupulous collection agencies may still illegally attempt to collect on your discharged debts.
The reason that some collection agencies pursue legally written-off debt is that they know that some people will end up paying rather than fight. Besides trying to collect, these collection agencies may also report such discharged debt to credit reporting bureaus even though you no longer owe the debt.
Read more about zombie debt here.
In other news, foreclosures are up 48% nationally compared to last year. Many lenders attempting to modify loans in a last-ditch effort to prevent foreclosures are totally overwhelmed. Compounding the situation are rising mortgage rates based on inflation concerns.
Read the foreclosure news story here.
Call Oliveros & O'Brien, P.C. to schedule a free consultation if you have a pending foreclosure or are experiencing "zombie debt" issues. It's a good idea to visit www.annualcreditreport.com once a year to verify the accuracy of information on your credit reports.