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shrinkingvioletssad

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  1. Todd' Hello there newbie! After reading your post, at first I felt your pain... Being underwater myself in my home is so hurtful. Used to think real estate was a great way to make our future life set. However, we had a terrible rude awakening. What you are proposing though is what I'd imagine is against the law. Deliberately using your equity without any intention of paying it back, is theft. (geez, I hope I am not reading your post the wrong way. Forgive me if I have). It seems like it is a way out, but you can end up in a world of trouble with this action. So be careful. It would also reck havoc on your beautiful credit score. Todd, I'm sorry if I seem too blunt, but please don't do it. It is so hard to keep our senses sometimes, as the leaders in this world seem to set such a bad examples. You have done so many good things for sure, or your credit score wouldn't be as high as it is. I am only giving my 'opinion', but do your research. Hope the best for you and your family. Take care.
  2. Denita! Sheesh, there are so many details. I am so glad you mentioned that. He will definitely make sure that all his ducks are in a row. We are listening! And I am sure this thread will help a lot of lurkers, as I have heard more and more that this is happening. Thanks
  3. This is smelling pretty close to harrassment. Take it to the next level if they keep on calling. You need peace. One fellow I know was the unfortunate one who inherited a cell phone number from a bloke who was deep in debt prison. He gets calls ALL the time asking for the prior fellow. He is sick of it. I told him to get another number. He is going to for his own peace. This has got to stop. His cell ph company needs to do that for free....doesn't sound like they even let enough time go by before they reasigned the debtors old ph #.
  4. Go online to NRA online banking. Yes that is the National Rifle Association. They have a online Banking system that is located in Indiana. When bank acct's become frozen, from what I understand creditors look at your local banks. I don't think that they can touch an out of the state in which you live in bank acct. So go ahead do your due diligence, and NRA can accept your direct deposit paychecks. Worth a look.
  5. Hi jq26, Well after considering your list of 3 alternatives, he is hoping for door #3. Maybe he can work out something. It is just too crazy to believe that this can just go away. It seems to me that they would have let him know something one way or the other. And it also seems that they are not interested in paying off lender #1 at this point. BTW, he lives in Florida if that makes any difference. If he can get the cash together, he needs to consult a good attorney! Thank you for the information.
  6. A friend of mine is upside down in his house. (house only worth about 140k). He is current with his first mortgage of 70k. (after a loan modification, it is a freddie mac based loan). Now the second is a HELOC with a major lender who has recently been bought by Wells Fargo or Chase...he is not sure. The curious thing is his HELOC is for far more than the primary. He owes a bit over 250k on it. He pulled his credit report thru TransUnion this morning and checked. It says regarding the HELOC... under the pay status line: Charged off as bad debt. in the remarks line ...it says: >profit and loss writeoff<. He asked me if I could ask the forum what does that mean, and will he be looking at getting sued? Another thing, 1 week ago he got a letter from a Lawfirm stating they are collecting in behalf of the HELOC major lender, and he has 30 days to respond either by calling ther lender or by letter. Funny thing, the ph number they gave in the lawfirms letter was WRONG. He called the lawyer, and the lawyer said to make an offer of what he can afford in payments etc. My friend responded...would the 'lender' take less than the amount owed and then payments? Lawyer said probably not. And he suggested he call the 'lender'. My friend said the phone number was wrong, the lawyer said ...ok then just go into a local branch and see what they say. The lawyer was very casual and hardly interested, which was surprising because 250k is a lot of money. Any advice or information on this dilemna? What does this 'Charged off as bad debt thing' mean? Is this WAY too good to be true, or is he in for a rocky road..? Thanks for everything.
  7. Now that the mortgage world has turned upside down, I was thinking of starting a thread about folks getting their mortgages modified. Please share any experiences or advice here. Thank you, and I hope success for everyone in this painful situation
  8. Hi there, About 6 months ago a dear friend of mine had about the same amount owed to Amex. He said they went down to them willing to take 40% settlement if he had a lump sum. Hope that helps. Don't know what he ended up doing.
  9. Hi Lost! It has been quite a while since I've posted on this forum, but you brought me out of retirement. I felt attacked in the past, by someone on this board, but I still come in to read from time to time. (Actually this is one of the better boards, so many great people post here) Reason for me clawing myself out of the lurking mode, is to tell you how proud I am of you. You seem like such a hardworking individual who honestly tried their best to be fair to the OC's and work with them, while at the same time... scramble to save yourself. I am in a position that I am up against a wall, and wish I wouldn't have borrowed from credit card co's to pay off credit card co's.....sigh. Well, lesson learned.... I just wanted to say thank you for sharing your experience. I needed to read that. I will continue to read your journey to debt free living, as I need the positive endings.
  10. Yes! I am with you on this one. Yes you will finally be out of credit card debt. So what if you have to pay some taxes. My goodness, it should be way less money to do it that way. I am not far behind you on my quicksand strewn pathway. I hope you keep us posted as to what happens. Good for you!
  11. I wonder what the full implications of this amount they settled with you AFTER you take into consideration the 1099c you will get. I am curious, as I have Discover cards too. I am glad that you worked out such a nice deal.
  12. I just googled them and here is the link to their site....which I'm sure that you have already looked at. They look like their a steamroller...ready to squash anybody in their path....here is the link, have fun reading http://www.trakamerica.com/
  13. Thanks True and Charles for your kind replies. What did you think of the video? Peter makes some sense, however, it does seem too good to be true that a lender would actually 'write down principle' even if it is better for them, than they inherit another home. I don't know anything about the new information you are talking about Charles. It is above my pay-scale... However, i do need to research more on the subject at hand. I am so grateful for you both helping me out.
  14. I seen a Youtube video with Peter Schiff talking about people who are in a negative equity situation with their homes....either by a bad subprime mortgage loan, or by HELOC's that are used up to the hilt. He basically said people should go to their lender tell them that they should have the mortgage principle should be 'written down' to what the market says the homes are now worth. Some people are walking away from the mortgages, because they are upside down in the mortgage values. So by 'writing down' the mortgage note, the people are more likely to stay in the homes....here is the link...it is only about 9-10 min. and very informative. Cut and paste if it doesn't link..... After you see the video, could you post and say whether these lenders would actually go for this idea.....has anyone done this? http://www.youtube.com/watch?v=ykyXCkt3aXk
  15. You know, I'm not sure what it is based on. Is this a 'fako'? However, it should be based on some sort of realities of credit history, acct's, and all the other stuf FICO is based on, right? If anyone else here has an acct. with ELOAN, maybe they can join in and let us know if it is worthy of the $29 fee. Anyhow, if it is worthless, we can get our money back with the guarantee. Did you look over the site?
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