STRIPPING YOU OF LEGAL RIGHTS ALONG THE WAY
There are two kinds of debt - secured and unsecured. A secured debt is debt tied an asset, such as a car or home. The creditor-debtor agreement specifically allows the creditor to go through certain steps to get the asset, that car, or that home, if the debt goes unpaid or past due. Unsecured debt is not specifically connected to a certain asset. These debts might be medical bills, personal loans, and balances on utility bills. Credit card accounts are unsecured debt.
You can be sure if you are delinquent on your car or home mortgage payments, foreclosure is eventually 100% going to happen.
Unsecured debt holders must decide to take many steps to seize assets or income from you. They may easily decide not to do anything at all; legally, federal regulation make credit card companies charged these losses off their balance sheets in regular reporting periods.
When an UNSECURED CREDITOR utilizes WRONGFUL ARBITRATION as a replacement for some of those steps, they are stripping you of legal rights. A simple and effective method employed by the companies is to claim the amount you owe them at the National Arbitration Forum, notorious for rubber stamping thousand of these by MBNA and FIA Card Services. The next step is to present your local County Court with a "Petition to Confirm Arbitration Award", quite likely with an Judge that may be an NAF arbitrator, which continues the rubber stamp with a Notice of Award, a Money Judgment.
BINGO! The unsecured creditor now has a Money Judgment he can file with the clerk of the county and he is now VERY secured. You probably won't refinance a home without satisfying their potentially illegally-gotten Money Judgment. If you have bank accounts, they have every right to tell the Sheriff of the County to Levy - and TAKE YOUR MONEY.
If you have had money and assets seized, or are threatened with seizure, and you think that these actions are based on a WRONGFUL ARBITRATION action, contact us now.
CALIFORNIA 1281.96 REPORTING ANALYSIS