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creditrepair2019

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  1. Also, in your loan application you will be asked about your outstanding obligations regardless if they show up on your credit report or not. Lying is a form of bank fraud.
  2. creditrepair2019

    Garnishment from Medical Collections

    You can try to settle it, but the judgment is going to stay on your credit report. Is this the only blip in your credit/financial history or how does everything else look?
  3. Yes. It takes one year, and trustee/court approval is usually required. In instances like these, especially where buying is cheaper than renting (as she states in the other thread), approval will be granted. These are issues she should discuss with a local attorney who is familiar on a day to day basis with the local chapter 13 trustees. A lot of chapter 13 is governed by local practice and custom. And, I agree that if she can negotiate a settlement and negotiate the deletion of the trade lines permanently that is a superior option. I just don't want to see her in a situation where she pre-qualifies and goes through the entire process and the deal falls through at the end. She could be left without a house and without her earnest money deposit.
  4. creditrepair2019

    How can I best pay off my mortgage early??

    How much life insurance do you have?
  5. creditrepair2019

    200K house 620 score 6000 cash

    If you and the property are eligible, USDA and VA loans are 0% down payment options.
  6. creditrepair2019

    Defaulted student loans not showing up on credit report

    If it becomes an impediment to getting a loan, see if you can rehabilitate the student loans.
  7. creditrepair2019

    Rejecting a modification. 130% LTV

    If I read your initial post correctly, you are under water on the mortgage and by a large sum. If you cannot afford it anyway, it is best to cut your losses.
  8. creditrepair2019

    640 FICO Home Equity or Cash Refi w/prior BK

    You need to speak to an experienced loan officer before any hard pull to your credit file. Some lenders are difficult, and some times people have problems refinancing or obtaining equity lines when they use the "ride through" (i.e. your personal liability is extinguished in the bankruptcy, but the lien remains and you continue to make payments to keep the collateral) on mortgages and other secured property.
  9. creditrepair2019

    VA Loan - Need Some Guidance

    A paid charge-off, unless deletion is negotiated with the creditor, will still report adversely and affect your credit score. Credit repair strategies like those posted in other threads are a mistake in a case like this IMHO. You have so many accounts and there are decent odds that one of them will come back to bite you. Using the credit repair strategies here, you may very well get some or all of the trade lines deleted, but they could reappear after pre-qualification but before your closing. That will delay your closing and could prevent you from closing at all after you have gone through the entire process. Many creditors will sell to a junk debt buyer after the SOL expires, and they will park nuisance trade lines on your credit report. You might get them removed, but disputes take at least 30 days. After this happens once or twice, your seller is going to walk away if he/she didn't initially. You should investigate the possibility of settling and negotiating the deletion of the trade lines. Alternatively, consider chapter 13 bankruptcy. You can qualify for a VA loan during the chapter 13 itself after one year of successful payments. It removes the problems and uncertainty of reappearing charge-offs and it resolves the debt. It is not something I would take lightly or recommend you do haphazardly, but I know people who struggled with debt for years that were only able to qualify after a bankruptcy.
  10. If you are successful in having a trade line deleted, it could reappear after pre-qualification before closing and prevent you from ultimately qualifying and closing on the house after you go through the rest of the process. Alternatively, a junk debt buyer will buy it and park another negative trade line. Either way, it can stop or delay closing. You should investigate the possibility of settling and negotiating the deletion of the trade lines. Alternatively, consider chapter 13 bankruptcy. You can qualify for a VA loan during the chapter 13 itself after one year of successful payments. It removes the problems and uncertainty of reappearing charge-offs and it resolves the debt. It is not something I would take lightly or recommend you do haphazardly, but I know people who struggled with debt for years that were only able to qualify after a bankruptcy.
  11. creditrepair2019

    Which collection should I tackle first?

    And if you do, you may very well end up with a 1099-C for the $8,524 write off. You may need to pay federal income tax on that amount depending on whether the IRS deems you solvent or insolvent. In a bankruptcy filing, it is guaranteed that you will have ZERO tax liability for it because it was discharged in bankruptcy.
  12. creditrepair2019

    Which collection should I tackle first?

    As for ID theft, the FTC has a website that will give you an affidavit. Also file a police report. Send copies of the affidavit and police report to each bureau by certified mail and demand that the information be blocked from your file. The CRA has a very narrow time frame (I think five business days) to block the info. You will be able to see it, but those that pull your credit file will not.
  13. creditrepair2019

    Which collection should I tackle first?

    If the lease is from Virginia as you make it sound in your post, then the statute of limitations is five years (written, signed contract), meaning that the debt is NOT time barred. The relevant SOL is Virginia's SOL and not NC's SOL. Do not poke the bear. If you and your husband were joint on the lease (as you presumably are), when he files chapter 7 bankruptcy, you will likely be sued by the landlord. Given the $7k balance on that and $10k on the repossession and you have other issues, my recommendation would be to speak with your husband's bankruptcy attorney about doing a joint filing.
  14. I'm not sure what ill mannered comments you are referring to; I am merely trying to present factually accurate information. I have read my state's statute of limitations. I worked in the legal field for a number of years and participated in collections suits. In my state (Virginia), the statute of limitations would run from the date of the breach - after the insurance company settled and the medical provider demanded payment in this instance. My state sets forth a five year statute of limitations for contracts that are signed and written, and three for everything else (also the SOL for an account stated cause of action - the difference between account stated and oral/implied/other contract is based on when the statute begins to run). When you are admitted to a hospital, you are asked to sign financial documents (i.e. a contract). On another note, the statute of fraud is something completely different. It refers to a common law (and sometimes statutory) requirement that certain contracts be in writing and signed in order to be enforceable. It likely has no application here. My point is that the laws of all fifty states vary. The original poster hasn't even told use what state she is from. She may or may not be within the statute of limitations, so I wouldn't want to poke the bear unless I was sure it had lapsed. Also note that there may be a difference between a private hospital and a state operated facility that is acting as an instrumentality of the state. In some states, the states except themselves from the statute of limitations all together. If there was a personal injury settlement, there may have been a statutory lien on those proceeds from which the bill should have been paid. I agree with @CreditSucksNot that it would be best to contact that lawyer to see the status of the claim. You could also ask him for legal advice regarding the SOL, when it begins to run, etc. I would not take random advice from strangers on the Internet. (The last sentence is not intended to be snark or an attack against anyone, but taking legal advice from someone you don't know is a recipe for disaster).
  15. How much is the debt? Can you afford to pay 30-50% of it? If so, you may be able to settle the account before it even hits your credit report. My disabled mom was sued on a medical bill by the original creditor. I was able to settle the debt for less than half. There is no trade line on her credit report, and the debt is satisfied meaning there is no one to ever bother her about it again.

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