When the debt collector knocks, foreclosures are coming with him.

With finances and real estate in shambles and the economy in recession the knock of the debt collector seems to have become a common fear. Unemployment and foreclosures are added causes. Even without these common external factors the debt collector might pop up at any home undergoing financial hardships. Hence it is imperative that the borrower should know the rights. If the debt collector oversteps limits the borrower might force him to pay up for infringing on it.

There is an undeclared war going on with borrowers and lenders lined up facing each other. Banks, credit card firms and debt collectors are all clubbed together and the ordinary American consumer stands disunited at the other end. It is not a free and just negotiation for goods and services. Consumers should be aware that there are shrewd, well oiled vested interests – all out to prey on them taking advantage of every change in the wind.

There is an endless list of what the political parties have done to benefit the fat lobby – two cycle billing, compulsory binding mediation, latest bankruptcy changes, under market mortgage agreement for legislators etc. It seems crystal clear that there has been a joint effort to take away the rights of the citizens and turn them into financial slaves.

To break the chains the man in the street has to take on a hostile attitude and develop a legal mind set to realize and know that those like Angelo Mozillo (ex CEO of Countrywide) are not their friends. The Angelos think those pleading for loan modifications as disgusting scum and beggars. But when these guys have a toothache a national emergency is required where money flow freely but for the common man with a hole in his pocket it is debtor’s horror of untold misery. To the borrowers mercy is an alien word. Instead of it they will clamp down with knives to slash off the pound of flesh – negative credit ratings and inflated money demands, meaningless law suits etc.

In reality these debt collectors as a matter of routine violate the law in more ways than one and in likelihood it is they who owe the hapless borrowers money. But so far consumers have not been able to develop the clout to make them pay.

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