Re: Will this plan work to prevent bankruptcy and foreclosure?
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Posted by Bob3
(68.93.43.224) on January 21, 2004 at 04:59:35:
In Reply to: Will this plan work to prevent bankruptcy and foreclosure? posted by rb41861 on January 21, 2004 at 03:53:00:
There are far better than me who will answer and help you, but some of these I can help you with from personal experience. "1. Keep paying all the credit card companies $10 a month no matter what their account balance or minimum pay requirement." You will get a large late fee added every month and once those late fees bring you over limit, you will pay a larger late fee every month. Your balance will skyrocket very quickly.
"2. Save the excess monies and have it available for the creditors that will offer a credit card charge off."
Banks don't "offer" a charge off, they are required to charge off an uncollectable account. This is legally required by them and it is not good for you.
"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."
See 2 above, they have to charge it off, once it hits the time limit which I believe is 6months after last "good" payment. "1. Will my paying less than the minimum NOT show as delinquent as I thought since I am paying?" It will show as late, deliquent, over limit, etc.
"2. What credit card companies do not make any charge off deals and how much do they normally accept?"
Again, a charge off is bad, it is not a deal.
"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?"
Unknown, and if agreed to, there is probably nothing you can do if they do not honor it.
"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."
All out of my league.
"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?"
Out of my league. I believe most other responders will suggest BK. But you need to add your state you live in, and dates of last good payments on all accounts you are discussin. Good luck, you came to the right place
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