Archive for February, 2008
Friday, February 29th, 2008
Creditors are starting to harass me again for old debt that I don't believe I'm responsible for. I divorced back in 2003. In the settlement, my ex-husband and I were each assigned a handful of credit accounts. I paid mine off, he filed a chapter 13 bankruptcy. Two credit agencies are now contacting me about (2 different) credit card debts, both of which are the responsibility of my ex-husband according to the divorce settlement.
I have a copy of the bankruptcy matrix which lists both of the credit accounts. I've faxed the matrix and copies of the divorce settlement to both credit agencies but both say that since I was the primacy cardholder, that I'm responsible for the account.
My ex-husband and I are no longer in contact, although I do have his cellphone number (but he refuses to discuss this issue). Creditors are not interested in contacting him. In the meantime, my credit rating continues to suffer with these 2 bad debts on my report.
I have the bankruptcy matrix, the case number, and the name of the lawyer that handled the bankruptcy (although he refuses to give me any information about the case). What do I do now? I live in Kansas, if that matters.
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Friday, February 29th, 2008
Creditors are starting to harass me again for old debt that I don't believe I'm responsible for. I divorced back in 2003. In the settlement, my ex-husband and I were each assigned a handful of credit accounts. I paid mine off, he filed a chapter 13 bankruptcy. Two credit agencies are now contacting me about (2 different) credit card debts, both of which are the responsibility of my ex-husband according to the divorce settlement.
I have a copy of the bankruptcy matrix which lists both of the credit accounts. I've faxed the matrix and copies of the divorce settlement to both credit agencies but both say that since I was the primacy cardholder, that I'm responsible for the account.
My ex-husband and I are no longer in contact, although I do have his cellphone number (but he refuses to discuss this issue). Creditors are not interested in contacting him. In the meantime, my credit rating continues to suffer with these 2 bad debts on my report.
I have the bankruptcy matrix, the case number, and the name of the lawyer that handled the bankruptcy (although he refuses to give me any information about the case). What do I do now? I live in Kansas, if that matters.
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Monday, February 11th, 2008
If you're like many homeowners, your home is encumbered with a second or third mortgage (or deed of trust), and perhaps a home equity loan. Numerous articles describe you as using your home like an ATM machine. Having all these secured debts on your home is tantamount to a juggler having too many balls in the air -- at least one must fall, sooner rather than later.
If, for one reason or another, you just can't keep up, you may be able to avoid foreclosure if you pay the right loan and either blow off the rest, or at least make reduced payments. In almost every case, the right loan to stay current on will be your first mortgage or deed of trust. While I'm always hesitant to tell people to stop meeting their shelter obligations in full and on time, sometimes it's the only rational thing to do -- as wrong as it may feel to many of you. If reducing the amount you throw at your home every month will let you stay there and keep your ahead above water, at least until you can work out a better solution, I'm all for it.
How does this work? When you originally took out the loan to buy your home, you agreed to have the loan (or loans) secured by a mortgage or deed of trust (depending on the state where the property is located). (For the rest of this blog, I will use the term "mortgage" to refer to both mortgages and deeds of trust.) By recording the mortgage in your local land records office, the lender created a lien (legal claim) on the property, which can be enforced by foreclosure if the payment terms of the mortgage document aren't met. As you probably know, in foreclosure the property is sold to make good on the promissory note underlying the mortgage.
The main loan you used to buy your home is termed a "first mortgage." Why first? It's almost always recorded first and gets paid first in case of a sale. In the same manner, a second loan secured by the home is a second mortgage. For example, it's common to use a first mortgage to pay 80% of the sale price and get a second mortgage for the additional 20%. And that's not all. In the bubble years, home value appreciation supported additional loans against the home, often in the form of a home equity lines of credit. As with the first mortgage, the lender's primary remedy for a default on these additional loans is foreclosure. (more...)
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Monday, February 11th, 2008
If you’re like many homeowners, your home is encumbered with a second or third mortgage (or deed of trust), and perhaps a home equity loan. Numerous articles describe you as using your home like an ATM machine. Having all these secured debts on your home is tantamount to a juggler having too many balls in the air — at least one must fall, sooner rather than later.
If, for one reason or another, you just can’t keep up, you may be able to avoid foreclosure if you pay the right loan and either blow off the rest, or at least make reduced payments. In almost every case, the right loan to stay current on will be your first mortgage or deed of trust. While I’m always hesitant to tell people to stop meeting their shelter obligations in full and on time, sometimes it’s the only rational thing to do — as wrong as it may feel to many of you. If reducing the amount you throw at your home every month will let you stay there and keep your ahead above water, at least until you can work out a better solution, I’m all for it.
How does this work? When you originally took out the loan to buy your home, you agreed to have the loan (or loans) secured by a mortgage or deed of trust (depending on the state where the property is located). (For the rest of this blog, I will use the term “mortgage” to refer to both mortgages and deeds of trust.) By recording the mortgage in your local land records office, the lender created a lien (legal claim) on the property, which can be enforced by foreclosure if the payment terms of the mortgage document aren’t met. As you probably know, in foreclosure the property is sold to make good on the promissory note underlying the mortgage.
The main loan you used to buy your home is termed a “first mortgage.” Why first? It’s almost always recorded first and gets paid first in case of a sale. In the same manner, a second loan secured by the home is a second mortgage. For example, it’s common to use a first mortgage to pay 80% of the sale price and get a second mortgage for the additional 20%. And that’s not all. In the bubble years, home value appreciation supported additional loans against the home, often in the form of a home equity lines of credit. As with the first mortgage, the lender’s primary remedy for a default on these additional loans is foreclosure. (more…)
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Monday, February 11th, 2008
Every day thousands of consumers are harassed by debt collectors and many of them have their rights violated by these collectors... In order to remove a bankruptcy, you must remove everything else from your credit report first, here is why...
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Monday, February 11th, 2008
Every day thousands of consumers are harassed by debt collectors and many of them have their rights violated by these collectors... In order to remove a bankruptcy, you must remove everything else from your credit report first, here is why...
Click here to play
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Monday, February 11th, 2008
Every day thousands of consumers are harassed by debt collectors and many of them have their rights violated by these collectors... In order to remove a bankruptcy, you must remove everything else from your credit report first, here is why...
Click here to play
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Wednesday, February 6th, 2008
Get all the facts on you Bankruptcy Credit Report
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Wednesday, February 6th, 2008
Get all the facts on you Bankruptcy Credit Report
Click here to play
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Wednesday, February 6th, 2008
Get all the facts on you Bankruptcy Credit Report
Click here to play
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Tuesday, February 5th, 2008
There are a lot of things people don't know about bankruptcy.
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Tuesday, February 5th, 2008
There are a lot of things people don't know about bankruptcy.
Click here to play
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Tuesday, February 5th, 2008
There are a lot of things people don't know about bankruptcy.
Click here to play
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Tuesday, February 5th, 2008
All about Consumer Credit Counseling...
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Tuesday, February 5th, 2008
All about Consumer Credit Counseling...
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Tuesday, February 5th, 2008
All about Consumer Credit Counseling...
Click here to play
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Friday, February 1st, 2008
If you have old, unpaid debts, you may be safe from a lawsuit to collect the debt, because a creditor or debt collector has a limited number of years to sue you for the debt. To get a better understanding of time limits for debt collection, check out this newly published article in the Nolopedia, "Time-Barred Debts: When Collectors Cannot Sue You For Unpaid Debts".
And if you want further information on debt collection & credit, you might also be interested in my previous post, "When Credit Bureaus Report Debts Discharged in Bankruptcy: It Should Be a Crime".
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Friday, February 1st, 2008
If you have old, unpaid debts, you may be safe from a lawsuit to collect the debt, because a creditor or debt collector has a limited number of years to sue you for the debt. To get a better understanding of time limits for debt collection, check out this newly published article in the Nolopedia, “Time-Barred Debts: When Collectors Cannot Sue You For Unpaid Debts”.
And if you want further information on debt collection & credit, you might also be interested in my previous post, “When Credit Bureaus Report Debts Discharged in Bankruptcy: It Should Be a Crime”.
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Friday, February 1st, 2008
Please note that bankruptcy cases filed on or after February 1, 2008 (today) will be subject to the Census Bureau’s updated median family income data and the Administrative Expense Multipliers. You can check out the updated figures at the U.S....
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