Harry Seaward

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Harry Seaward last won the day on April 6

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About Harry Seaward

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  1. What's you plan for a down payment on the mortgage? You're going to have to come up with at least 3.5%.
  2. Not usually. The typical order of events is this: they file the summons and complaint; you file an answer; they file a motion for summary judgment, either just after or at the same time they present applicable required disclosures; you respond to the MSJ with some jibberish about standing and hearsay; the court sees right through your attempt to dodge a perfectly legitimate debt and grants judgment for plaintiff. Sorry to be so flip. I'm sure you're a good person that fell on hard times, but the courts have seen every trick in the book, and they have responded by streamlining the process unless the defendant can present a scintilla of evidence that the SOL has run, you're the wrong person, or you were a victim of fraud. Beyond that, the courts see you as just another deadbeat trying to weasel out of not paying a creditor. If your goal is just to buy some time, you might get 3-6 months beyond a default judgment. It all depends on how streamlined your 'consumer grade' courts are.
  3. All of my credit card creditors have given me a 30-day deferral (all but one, but I missed the due date on that one so they told me to pay the missed payment and then to call back before the next payment is due). My mortgage company gave me a 3 month forbearance that I will have to repay after the 3 months. They said they will work with me on a repayment plan after the 3 months. I have started a new business that appears to be doing well, so I shouldn't need more than these first 30 days, but I'm interested in hearing how everyone else that hasn't been able to work is managing.
  4. There are two types of liens in FL. A voluntary lien (mortgage) remains in effect for the duration of the contact. An involuntary lien (judgment) will fall off after 10 years. Was your mom ever sued over the 2nd mortgage? If not, it's possible the lien from the 2nd is a voluntary lien, and will remain in effect until the debt is satisfied. This is one of those things where a local attorney will be indispensable in determining the type of lien, and tracking down the lien holder to negotiate settlement.
  5. Do you have any active credit accounts in good standing? If not, that's the first thing you need to do. The longer a good account is open, the better it will be for your new credit applications (mortgage, auto). If you have any credit card accounts, those need to be reporting a balance that is 5-10% of the credit limit when you apply for your mortgage. Once you get yourself set up with good credit accounts, your mortgage lender will tell you what needs to happen with the bad accounts. Lenders can approve FHA loans with 3.5% down on a 580 FICO or higher. You'll probably be looking at a 5-6% APR or higher on the loan (today's market). Most mortgage brokers have their own requirements for a higher FICO, usually 620 or 640 because it makes it easier for them to shop for a lender. They also usually want to see any collection accounts paid, even if it ends up hurting your score. The reason explained to me is because lenders don't want to extend credit on a secured asset only to have a creditor come along and slap a lien on the asset right after the loan closes. My first mortgage, I had a debt that was beyond the SOL, but still on my credit report. I typed up a letter that explained that even if the debt were legit, they couldn't legally collect it because the statute of limitation for collection had expired. Some lenders would have required the debt to be paid regardless, and others wouldn't have cared. It all just depends on who you're working with. Find a good realtor with good mortgage broker connections. The auto industry is a different animal. Dealers just want to put butts in seats, so they will do whatever they can to facilitate that. If you can hold off on the car until after you get a mortgage, do that and just get a credit card going now. If you need the car before the mortgage, get the car ASAP (keep your payment as low as possible, i.e. big down payment and cheap car to get you by until after your mortgage closes), and wait a few months before you apply for the mortgage. Either way, though, open a credit card ASAP. Cap1 and Citi both have secured credit cards.
  6. So paying these off will leave you with the collections account with a $0 balance. The collections account itself is what does the most score damage. Several years ago people had decent success with offering debt collectors payment in full in exchange for removal of the account; called a 'pay for delete' or PFD. You can give this a try, but it's been a long time since I've heard anyone report success with this. The other factor is that you're probably better off leaving these alone if it's been more than a year since they have been updated by the collector on your reports. The more time that passes, the less impact the account has on your score. If you start poking around, they are liable to send a fresh update to the CRAs, causing it to look like a newly active account. Are you in a situation where you're in need of a score increase, or is it just a case of niggling?
  7. The date of first delinquency (DOFD) is what is used to start the clock for when the item must be deleted. The DOFD is when you first went delinquent (first missed due date) and never brought the account current again. It should come off 7 years +30 days from whenever you made your last payment. They can't count the amount they applied as a "payment".
  8. We can't tell you how to answer without seeing what they are asking for.
  9. They likely won't need a hearing to win a motion for summary judgment. These guys win 80% of contested credit card lawsuits without setting foot in a courtroom.
  10. This won't count. You would have to show that you disputed the debt when they sent the demand for payment.
  11. When? After you are sued is too late. They only need to demonstrate knowledge of the records after they are incorporated. This will fall under "adoptive business records doctrine".
  12. "The essential elements of an account stated are: (1) previous transactions between the parties establishing the relationship of debtor and creditor; (2) an agreement between the parties, express or implied, on the amount due from the debtor to the creditor; (3) a promise by the debtor, express or implied, to pay the amount due." https://scholar.google.com/scholar_case?case=4645263204162350065 Caselaw for a "money lent" cause of action is pretty sparse, but it appears that it's treated as a common count in CA, and the elements are "(1) the statement of indebtedness in a certain sum, (2) the consideration, i.e., goods sold, work done, etc., and (3) nonpayment." https://scholar.google.com/scholar_case?case=29608538427428913 Multiple/alternate pleading is allowed in California. Under Account Stated, they are not obligated to provide a complete accounting of all debits and credits, so they can just abandon their Money Lent cause of action if the court determines "the consideration" requires a complete accounting. If you didn't dispute their demand for payment, it will likely be determined that your silence was an implied agreement of the amount due and promise to pay.
  13. Give some more info on this. How many debts total? What types of debts? Are these debts charged off? Who is reporting the debts on your credit report? The reason I'm asking is that typically, paying off debts that have been charged off won't help your credit score much. If the accounts are still owned by the original creditor, and they are the only one reporting the debt, paying it off means they will report $0 owed. If they have charged off the debt (but not sold it), the charge-off status will still keep your score low for a while, despite the $0 balance reporting. These are just a couple of examples. There are lots of possibilities, and more info is needed to really give you a more accurate answer.
  14. Yeah, the card agreement is the first place they look. If there's "we won't seek reimbursement" language, that's the end of the discussion. In Tom's case, the Discover card agreement left the door open.