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  1. I'm so sorry to have forgotten such pertinent information - she lives in Colorado. With regard to home equity, there is not much that I know. She has only owned it a few years.
  2. After a recent hospitalization for my mother, I went to help her with recuperation. I came to learn that she has more debt that she can handle on her fixed income. As I sort through it, she has just under $25K in unsecured credit card debt. With her fixed income and her mortgage and other expenses there is not enough left for these payments. Here is where I look to all of you for advice. We believe (and the doctors confirm) that she is in the early stages of dementia. Right now, it is more of a forgetfulness, but we also believe that she has been been taken advantage of by some people she has allowed into her life (poor decision-making). She is strong and proud and not ready to deal with much is being said. While my siblings and I can work something out to pay this debt, we are also looking to the very near future and I believe full time care. The expense of this prospect is overwhelming. Should we have her file bankruptcy and save every penny for what is to come or come up with the money to pay off this debt? We are faced with so many emotional challenges right now, I know that I am not thinking too clearly. My main concerns are that my brother is on the title to the house, I'm not sure how bankruptcy would affect that. Also, is her pension and social security protected? Any advice would be appreciated.
  3. Thank you all for responding. We do not own any property here in Arkansas and my emotional attachement to the house in California is gone. Especially since it has been more of a pain in the a$$ since we left. We were there for over 5 years, nothing major needed, within in two months of our leaving - replace water heat, new electrical and a few minor stuff. Another question - most of the debt is in my husband's name alone, is it worth paying off my couple of little things and he file alone? Or should we both start over...? Also, I have made appointments with two attorneys next week, so I will be preparing myself with the use of this site. Regards to all.
  4. Please forgive me if I am repeating earlier threads, but I'm not sure which direction to go. It seems as if we have done all the wrong things over the past several months, every time we take a step that we think will improve our situation, it's a mis-step. With impending layoffs at his job in California, my husband and I took an an opportunity to relocate to Arkansas with a different company. Even with the pay cut, no relocation reimbursement, we thought it a good move for our family in the long term. We thought we did due diligence in comparing the move financially. We talked to realtors who did not think we could sell our house for what it was worth, but thought it could be rented for almost the mortgage amount. To try to make my long story shorter: -Did not rent for a while. -Rented for way less than mortgage. -Unexpected move expenses. -We had a lot of unexpected medical expenses, not covered by new insurance. -I can't find work like expected. We were pretty frugal before, so now that we really need to be, I don't have anymore fat to cut out. We used retirement money and credit cards to keep us afloat, all the while thinking tomorrow would be a better day. Luckily, after a few months of non-payment, the mortgage company worked out a modification with us that is about what the rent is...but now the tenant is having financial problems and is inconsistent with payment. One step forward, two back. I've meet with CCCS and Creditguard, apparently they have agreements with many creditors, so they could significantly reduce interest rates, but the payments were still over our heads. We have nothing of value to sell. I don't mind driving an 18 yr old car or even not having money to fix it... but trying to convince my 6 yr old that taking a handmade present to a b'day party was better than a Hannah Montana Doll is challenging or when she can't go somewhere with friends because we can't afford it -hurts. So here we are, in a new state. Isolated from friends and family, with almost 30k in unsecured debt, no savings - harassed by creditors/collection agencies. I can say that depression is setting in. I REALLY believe that we can dig our way out to a more manageable existence in about six months, (my husband is expecting a raise and I SHOULD be able to find something (even if it's fast food). In the meantime, our FICO has gone from just over 700 to? Creditors want something...which we don't have. What should we do? Bankruptcy would probably stop the calls, but would it hurt us more in the long run? I welcome any suggestions, but hold any harsh criticisms please. Maybe I just need a therapist instead of credit counseling. Thanks for reading,
  5. After weeks of back and forth communication between NCO (CA) and myself, I spoke with a rep yesterday and he said it was sent back to Sallie Mae because the statute of limitations has expired. NCO (the CA) is not pursuing it. I am cautiously optimistic. Is there anything that I should do now with Sallie Mae? Thanks to all. I would be working out a payment plan right now if I hadn't found this web site and challenged the debt.
  6. Thank you both so much for the info. I have requested validation of the debt, identify the OC, proof the the SOL has not run out. I'll keep you posted.
  7. I am new to these forums, but they have been a great source of information for me and I am hoping that someone can offer me some advice. In 1989, apparently I applied for a loan of $10,000 with the Macintosh Program for Higher Education via 1st American Bank - I needed the help of a co-signer. I say apparently because I don't really remember a loan of this amount. I had other student loans that have since been paid. This one has never had a payment. Over the years, I would occasionally get something from Sallie Mae saying I owe them about $6000. I have always said I never had a loan with Sallie Mae and need proof. All that I would get sent is this credit app. I would ask for more and never hear back. Suddenly in 7/05 it has showed up on my credit report and was sent to a CA. My co-signer is receiving letters and phone calls weekly. I call them, explain the situation, ask for validation. They don't call me back, only calling and mailing the co-signer (who is retired, in his 70s and scared). I have spoken with the Dept. of Edu, Fed. Financial Info Ctr, checked the NSLD and this in NOT a federally funding loan. My questions: What should I do now? Can Sallie Mae drag out a private loan for 15 years? On the application, the is the phrase, "The Lender may delay any of its rights under this agreement without losing them, even beyond any statute of limitations". Is this enforceable? I am open to ANY suggestions. If this is mine, neither my co-signer and I are in a position to pay in full. Thanks in advance.
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