Will this plan work to prevent bankruptcy and foreclosure?
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Posted by rb41861 (208.255.200.132) on January 21, 2004 at 03:53:00:
I am going through a divorce for which I will be left with about $30,000 worth of credit cards debt that were incurred by my future ex-husband. All the accounts are in my name since ex husband had such a bad credit he can not get approved for any credit at all. He verbally promised to send payments for half the credit card bills. As irresponsible as he is, I can not anticipate that he will really honor his word once he had left to move into another state. With my current income, I can not afford to pay the mortgage, utilities, food and all of these bills. I have a friend who suggested that I file for bankruptcy and/or allow my house to foreclose. I really do not want to mess up my credit for the next 7-10 years. Following is a plan that I thought I would try and need your advice with. Credit Card plans
1. Keep paying all the credit card companies $10 a month no matter what their account balance or minimum pay requirement.
2. Save the excess monies and have it available for the creditors that will offer a credit card charge off.
3. Agree to pay 30% -50% of the account balance as charge off provided the creditors will give me a written guarantee that they will report my account with them as “paying as agreed” and “not charge off”. I will send the full amount agreed once I receive their letter of agreement.
Questions:
1. Will my paying less than the minimum NOT show as delinquent as I thought since I am paying?
2. What credit card companies do not make any charge off deals and how much do they normally accept?
3. How can I convince the creditors to give me a written agreement that they will report my account with them as paying as agreed? If they do not implement this and my credit report shows otherwise, what do I do then? Mortgage Plans
1. Pay $100 a month instead of the $1172.00
2. Save the excess monies
3. At time of foreclosure, I was told that I can still redeem my house before 2pm at the date of auction. Questions:
1. Will my paying less than the minimum NOT show as delinquent as I thought since I am paying? Will the $100 I am sending be applied to the interest or the principal of the mortgage?
2. How long will it be before the foreclosure auction takes place?
3. Is it really true that I can redeem my house back before 2pm at the date of auction? My house’s market price is $160,000.00, was financed in 2003 for $148,000.00. At what price can I redeem my house? Will the redeeming price include all the late fees and charges that had been incurred?
I will appreciate any advice that you can give me to prevent the bankruptcy and foreclosure.
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