CREDITWRENCH and the law

Wednesday, February 16, 2005
CREDITWRENCH and the law

On one of his credit repair blogs, CREDITWRENCH CEO Bill Bauer claims that because of his knowledge to vacate a judgment he would never have to worry about having a foreclosure on his house.....again.

Not so if he planned on buying a home in Oklahoma. Oklahoma is a nonjudical foreclosure state. That means when you buy a home there you execute a power of sale when you sign the mortgage note. If you default on the mortgage, the mortgage company can foreclose on your home without ever even going into a court room. There is no judgment, therefore no judgment to vacate.

If you don't cure the default, the sheriff shows up and escorts you off the property which now belongs to the mortgage company to auction off. Now instead of building equity in your own home, you're trying to find a place to rent. And renting is like pissing away money.

CREDITWRENCH CEO Bill Bauer stating you can vacate a judgment to avoid losing your home in a foreclosure proceeding is false and misleading.

posted by Uncle Normie at 9:55 AM