rknight29

That will be interesting. I have sent off my franchise tax returns. Once OK has it in good standing, I will register as a foreign entity in Utah and get everything up to date. Then call D and B. Guess we will see. Wonder if I buy a credit builder if they will reactivate. Would be worth the $.

Just found out the fees will be minimal. $10 / year minimum franchise tax plus interest and penalty. Only about $255 all told. I also found there is in fact a DnB number. I signed up for DnB self-monitoring and they show it as inactive but there are no negatives that I can see. Seems like a no brainer?

I have an inactive corporation in Oklahoma. Created in 1998. I no longer live in Oklahoma and need a corp. Trying to decide if it is worth the trouble and expense to reinstate that one and register as a foregin corp in my current state (Utah) or just start a new one. What is 12 years of history (creation date only) worth? I am trying to get in contact with the right department at the OK SOS to figure out the cost / process but my guess is it will be at least $100 / year as that is the minimum franchise tax. So this will likely cost $1000 or so. Thoughts?

The problem is that you have never given them any reason to believe you cannot continue to make the payments. If you were behind and the first was foreclosing, they'd sing a different tune. Not sure what your scores are like but the scenario you're describing will require you to trash your credit. In a short sale situation, the lender will often issue a 1099 for the forgiven debt (which you have to pay taxes on) if you're lucky. They could go the route of entering a deficiency judgment requiring you to pay the difference. From the lender's perspective, you owe them the money you agreed to pay. All they're doing with a short sale is agreeing to release the lien for a lesser payment. The same thing is true for a foreclosure. If you let them foreclose they can still enter a deficiency judgment for the difference between what they got at auction and what you owed. No different than a repo. Not saying what this particular lender would or wouldn't do but these are all options. One thing I can GUARANTEE is that they won't let you keep the house or walk away with any money. One of the key criteria for a short sale is that the bottom right corner of the HUD-1 = 0. No proceeds to seller. Where are you located? If you want to pursue the short sale avenue, I may have someone who can help.

YUP. It just depends what is written in the contract. <{POST_SNAPBACK}> WOW!!! I guess I need to get a copy of the contract ASAP. I just can't imagine that they would be able t keep the deposit even if financing can not be secured, especially since I am going through their lender. -frustrated <{POST_SNAPBACK}> If the contract is not contingent on you securing financing acceptable to terms in contract then you are out your 5K This may be after the fact but I am giving this advise generally. One should always hire a Real Estate attorney or buyer's real estate agent (this option is usually free) even when purchasing new construction to make sure all the i's are dotted and t's are crossed. <{POST_SNAPBACK}> I would go so far as to say ESPECIALLY when dealing with new construction. At least in TX, builders do not use standard TREC contracts and their sales agents are not licensed RE Agents, much less Realtors. They have their own contracts that are extremely one sided. All of the protections you would normally have using a TREC contract are basically out the window.

Sure have. But since we're in a community property state, I've been advised by an attorney that they'd have to include my income as community property. Since her debts alone are pretty small in comparison to my income, I doubt it would fly even as a 13. This is precisely why we're considering the plan above. Letting her debts default and CO shouldn't be much worse than BK, particularly if we're able to settle them at a later date. The other thing I should mention is that part of the motivation for doing this is that I'm trying to raise my score so I can get involved in some additional RE investing projects which in turn would be the vehicle to generate the cash to payoff the debts. But while making the minimum payments on her debt, I can't pay down mine enough to raise the score and/or have the cash on hand I need for the REI business. It's quite a Catch-22.

I guess that's my thought overall for keeeping it in her name. If it were in my name and they found out my income, there's no way they'd negotiate. We've tried negotiating with them quite a bit but they don't seem to want to listen. Maybe if the account becomes 30, 60, 90, 120 days past due and they know that she has no income, they'll rethink their position and maybe even negotiate a PFD?

Just bought a new house at 95% LTV so HELOC won't work. Not sure I'd want to convert the debt to secured anyway. Regarding a debt consolidation loan, I've looked into that and been denied. Plus it would have the effect of moving the debt into my name. Given how much debt we're talking about I'm not sure I want to do that. Once I finish getting MY credit cleaned up I may look into that for just the cards that are in my name.

http://creditboards.com/forums/index.php?act=ST&f=2&t=120271 BTW, it was just today that I talked to them so we'll see if it really comes off.

Checked the cost of child care lately? We have 4 small children. And her degree / work experience is in social work, not exactly a high income profession (I think she made 24K or so). By the time you paid for child care and taxes it would cost money for her to work.

Bump.

I've got an interesting situation and wanted to post it here and see what the experts would recommend. DW and I have about 60K of CC debt, none of it on joint accounts. All are one or the other of us as AU. My credit is pretty good, hers is not. Since she is a SAHM and does not have any income, as the bills have piled up we've taken the approach to protect my credit at all costs since my income is what things will be approved based on. As such, mortgage, car loans, etc. are all in my name only. The CC Debt looks like this: DW: 1st Financial Bank VISA: $17K balance, 18% APR AMEX: $18K balance (charge card) so it'll default soon ATT Universal MC: $5K CO Sears: $2771 Balance, 21% APR She's also got a Sallie Mae student loan that almost defaulted but we worked out a forebearance and another VISA (Fleet Bank) that was Paid Settled. Me: Chase VISA: $13K balance, 27% APR (ouch) MBNA MC: $5K balance, 18% APR, over limit The only blemishes on my report are 30 day lates to both MBNA and Chase (but Chase has agreed to remove) All cards are at close to 100% utiliztion (I think MBNA is even over limit right now). We've managed to keep making minimum payments but at those APRs it's tough to pay anything down. BK is not an option as I've been advised with my income that it would have to be Chapter 13. Also, I'd like to continue to protect my credit. So that's the situation. What are your thoughts on the following plan: 1. Remove me as AU on all of her accounts. Already done with AMEX, ATT, but Sears and 1FV Visa are still on my CR. They're good TLs with a lot of history (10 years) so I haven't removed them as of yet. 2. Stop paying all of the above accounts and use the funds to pay down balances on those accounts that are in my name. 3. Once (or maybe just before) they CO, try to negotiate settlements / PFD on those accounts. Since she has no income they might go for it. Worked with the Fleet VISA mentioned above. 4. Before doing all of this, I'd open a checking account in my name alone at a different bank, change my Direct Deposit to it, and just put enough in the joint account for her to buy groceries, gas, etc. Note that we're in a community property state, so technically the creditors could come after my assets but they'd have to find them first. I know that my score would take a hit for #1 above but the thinking is that paying down the balances on my cards would help utilization enough to offset that. Appreciate any input.

Just found this thread and I'm concerned. I have a Hibernia mortgage on some land I own and they offered me a great deal on checking so I planned on opening and account with them as I'm less than pleased with my current bank (Chase). But wondering if I should look elsewhere based on this news?

Called MBNA just for grins. CSR claimed that they were "regulated by law" and could not change anything once it had been reported late. What a crock. Told her that I had another creditor that was willing to do that and that I planned on BTing the balance to them and they'd lose the account. Still no dice. I guess 1/2 isn't bad. And I will BT when I get the chance. Maybe when the Chase one comesa off it will raise my scores enough to get another card / LOC credit somewhere and I can payoff MBNA.

WooHoo! Just got off the phone with Chase for my "goodwill" attempt. Explained the situation that I was moving, etc. Have been a Chase customer for over 6 years, have paid off auto loans, mortgages, etc. and could they remove it since this was the only issue I'd ever had. They agreed and are removing it! I don't have any of the same leverage with MBNA though so that one is probably a lost cause.