The American Arbitration Association, Credit Card Disputes and Line of Credit/Mortgage Collection Lawsuits
Increasingly, the banks and mortgage companies, particularly on second mortgages, are not filing foreclosures but are instead just filing breach of contract claims in courts across the country to collect those debts. They don’t want the property back, but they will file suit to get a judgment against you.
Problem is the banks have written a major problem into many of their own contracts that causes them MAJOR problems. If you read these contracts carefully, you will note they have a forum selection clause that mandates all disputes will be resolved through the American Arbitration Association. Problem for our bankster friends is the AAA no longer has this program running anymore, thus the banksters and the credit card companies cannot fulfill the terms of the contract they wrote.
Knowing how to use this to your advantage in any credit card or debt collection case is a great way to stop them dead in their tracks!