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sammmy

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  1. After long hour work and having some help from friends and family, I was able to settle some accounts but some of the info is wrong and I want to dispute those with the Credit Bureau. The settlement was with OC. How to proceed with it? Anybody has a sample letter to share? Thanks, Sam
  2. Thanks, But the 2nd loan needs to be subordinated with 1st (I believe, Provident funding) and they are very tight on that rule, according to LO.
  3. Hi, My dad is in a process of refi his existing mortgage. He has a perfect credit and no liabilities. His first lien is 132K and second is 15K. His LTV is 80%and he can combine both loans but needs to get the MI and pay for $88/month which he doesn't want. Instead, he wants to payoff his second using a balance transfer of 9k (he has 6k in his checking) but the loan officer is saying, this will not be acceptable for the 1st lender. What would be wise in this case.
  4. Everything is fine except no. six since there is no problem giving OC the Bank info. since other than that NO settlement, it was true for both Citi and BOA for me.
  5. Thanks both swirlgirl and Amerikaner83. I talked to them and they don't want to reduce the amount and/or report as delete rather settled. But they gave me an option to pay in equal 3 installemnts. Anyway, I am sending a letter today and let's see how it goes. Thanks.
  6. I am around 60 days past due with a balance of $11,200.00 and citi sent me a settlement offer of around $4700.00 with an option of paying installments. Should I take it, counter offer, how to proceed, and how to make sure they will NOT come back for the differences? Please help.
  7. Todd, I am reading your posts from the beginning and I will be in the same situations like you soon. I am already one month late on my 70K CC debt and getting calls from Citi. As I understood from reading all the posts, I came to the following conclusions, and correct me if I am wrong: 1. In order to settle the debt for less, you will need cash, at least 30-40% of the total debt owed, and they want to get in one payment. This is a good way, since you can avoid CA, JDB, so called attorneys and a chance of being sued. 2. Well, if you don't have the money then what? Is there a way to pay through several installments? I only found it is fine with Citi but in this case they will not reduce your debt, at best they will offer you 0%, good for 60 months. It would be nice if they reduce the debt by 50% and offer the installment payment. 3. Ignore CA and JDB and always try to settle with OC, if they don't sell your account. Well, I didn't find exactly when OC's sell the account, but usually within the first year they charge off the account and sell it to CA. 4. Filing chapter 13 is better than going through all that hassles and passing times, since within 3 years, credit history can be built. But, I am little confused in point 4, I am in Texas and I read that there is no garnishment, primary resident can be kept and the law is consumer friendly. Thanks all, Sam.
  8. Thanks Denita, I appreciate your help taking my questions in this tough time. Here are the answers of your questions: 1. I didn't stop making payment yet but will be from next month. 2. CC's debt personal but I used it for business purpose. 3. The CC accounts are personal. Thanks again, Sam.
  9. Hi, I am having a huge loss in my business and can't pay anymore to my CC debts that I owe to Citi, BOA, Chase and Wamu totaling around 70K. After researching in this forum, I figured out I can settle the debt in and around 30% of 70K by myself. Questions to the gurus: 1. Is that something can be acheived? 2. What tactics should I follow and what to avoid in a nutshell? 3. I am in Texas. Can they put a lien in my primary residence? 4. Can they garnish my wages and seize the bank account? 5. I am banking with WAMU and I will be default with their CC, should I change the bank? 6. The difference of the settlement amount is tax deductable but I read somewhere if I go through debt settlement company it is not. Is it true and if it is why? 7. What debt settlement company is good and/or advisable? Hope somebody knowledgable will reply. Thanks, Sam.
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