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  1. Make sure you understand the Statute of Limitations in your state. In Missouri creditors routinely take the position that it is 10 years for revolving credit, but it is only 5. Do NOT believe what they tell you. Also make sure you find out when your state starts running the SOL. But the biggest problem I see is the lack of the contract and terms and conditions when you signed. Many, many creditors do not have this anymore. And without that they are probably bound by the state law where you live which may well mean they have charged substantially too much interest all of these years. That also means none of their fees, late charges, etc are probably valid. As has been said make them prove every bit of the account and you ask for back to the beginning to see what errors they have made which can be used for your benefit.
  2. If you had Countrywide especially make sure you demand the original note. The VAST majority of those notes are missing and many states require an original to foreclose. If you get a notice make an immediate demand on the law firm for that note as well as your normal verification requests from them and the lender. This puts them on notice and will be a step toward holding the law firm liable if they continue a foreclosure without an original note.
  3. I assume since you have the house up for sale they you don't mind moving out of it. Have you thought of an aggressive price dropping plan to get it sold? As you said, you are quite young still and have plenty of time to recoup. A property is really only worth what someone will pay for it. I've seen many people lose their homes because they would not back off their price until it was too late. But work on a modification at the same time.
  4. The other and most obvious question is can you afford the loan once the child support kicks in? It's not all about getting the loan. It's about being able to afford it. It's also not about them catching you. I think if you have reached an agreement to pay that amount then it is a material fact.
  5. That is especially frustrating since many states now have mandatory pay through the state unless it is specifically excluded. This was done to have a central record of payment that would solve disputes on how much is owed and whether it is current or behind. That, of course, is not nearly the same as tracking down a deadbeat.

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