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tigerlily

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  1. She got the second mortgage from the same lender as the first. Should she have needed his signature in order to get the second mortgage? She had him sign a quitclaim when they divorced. (He knows now what a giant mistake he made not getting own lawyer in the divorce.)
  2. We've talked to about seven different attorneys (family/divorce/bankruptcy/all of the above) about this situation and all of them had the same response: my husband's credit is ruined by this. My question is "should my husband get in contact with his credit cards and explain why his FICO score is so low?" And "should he write the CRAs with a note to put in his file explaining about his ex-wife's BK?"
  3. The house has at least 19 years of payments on it so it should have plenty of equity and it couldn't be refinanced w/o the EX's approval. Seems a foreclosure sale or sale in BK should be above water. The excess would probably go toward other debts the EX has but the bank should be made whole. Unless she has totally trashed the house. Even then home values after 2 decades are way higher and the land alone is almost certainly worth more than the mortgage balance. I'd do a little research on the valuation and potential sale price. A foreclosure is bad but if the debt was fully paid, as it likely will be, it would look a lot better on a review. The original loan still has about $52K left on it. That's the one that my husband is co-debtor on. About five years ago, she took out a second mortgage on it for $50K. The house needs some minor repairs, yes, but it should be worth about $130K as is. How long will husband's credit be sunk? Should we contact our creditors and explain the situation?
  4. My husband and his first wife divorced 19 years ago. Per divorce decree, she got the house and was to refinance, but she never did. So now that she's filing Chapter 7 and losing the house, my husband's credit is taking big hits as she quit paying the mortgage. We've talked to a lawyer and been told there's nothing we can do. Just have to try and rebuild afterwards. In the past, she was late on the mortgage payment and we found out because two credit cards lower their credit limits in response to the credit score falling. That hasn't happened yet, but would it be a good idea to contact all my husband's credit cards and explain the situation? Or let sleeping dogs alone?
  5. If he forced her the sell the house, then he'd be depriving his kids of their primary residence. So she's pretty much got him in an impossible situation. It may not do any good, but the only thing I can think to do is to have him add an explanation to his credit reports.
  6. After the decreased in CL on two of our Chase cards, my husband and I checked out our credit reports. Mine was fine, no negative items. However, my husband's reports all showed the same negative item. In 1997, my husband got divorced from his first wife. The divorce decree awarded her the house that both their names were on the loan for; however it stipulated that should she remarry, she was to re-finance the house to remove him from the loan. She has since remarried and divorced, but never re-financed the house, so it has continued to show up on my husband's credit reports as an obligation. Now it seems that earlier this year, she fell behind on her mortgage payments, so the loan is appearing as a negative item. What are your suggestions for the best way to handle this? Should my husband call the mortgage lender and ask them not to report the negative on his credit? Or should he write to each of the credit reporting agencies and include the paragraph of the divorce decree that shows she was supposed to re-finance? Thanks for any ideas you have!
  7. Thanks for all your suggestions. I think I have it narrowed down to either just paying off the lower balance Chase card and putting the rest toward the higher balanced one til it's paid off. If they balance chase me on the second one, then I'll just have to take the hit until it's all paid off. Or the other option is to do a sort of combination of crabjoe and cv91915's replies. Take some big bites out of my non-Chase accounts while paying maybe an extra hundred a month to each of the Chase ones and hope they don't balance chase any further. I am just worried about the other cards jumping onto the balance chase bandwagon; but from what I've seen researching around online, Chase seems to be known for balance chasing when they get antsy. Should have guessed from their name, right?
  8. I have done more reading up on balance chasing. My concern is if I use my 13K to pay off some cards in full or make large payments to a few cards, then all my accounts might get into this balance chasing thing. So my follow up question is this: Would it be smartest to pay the amount each statement shows where it says "pay this amount to pay off account in 3 years" to every card I have? Would they see that and think I'm working toward getting the balances all paid off in three years and be less likely to balance chase me? Does paying that 3 year amount have any effect on credit score?
  9. Just received letters from Chase lowering credit limits on the two cards I have with them. First one had a CL of $11K with a balance of 6K on it. Second had a CL of 17K with a balance of 11K on it. They lowered the first CL to 7K and the second to 12K because "balance owed on revolving accounts too high; balance too high compared to credit limit; number of accounts currently in use". Excellent credit for 15+ years. Never late; never missed a payment. Been paying just over the minimum; however, recent windfall will allow me to make some major dents into these and the other cards I have. My question(s): How do I best proceed now? Call Chase and ask for increase based on good payment history/credit? And I have approx. 13K from the windfall that I can apply to debt. Do I pay off the 6K one and pay the rest to the 11K one? Or pay off the 6K, pay off another bank card of 4K, then use the remaining on the second Chase account? Do I just want to get rid of Chase soon as possible and then close them both?
  10. I am in Alabama. I believe the SOL is 2 years here and this was charged off in 2003 at the very latest, but I can double check. I thought it was strange to receive a letter from the OC when I DV'd the CA. And the OC didn't furnish the validation. They say in the letter that they have sent validation to the CA. And they point out that they will not be able to give me a copy of the original application. Has anyone ever received a letter from an OC after DV'ing a CA?
  11. I had received a collection letter from First Source Advantage regarding an old Amex account that was charged off years ago. I sent a DV to First Source and haven't heard from them yet. However, this last week, I receive a letter from the OC saying: "This letter is in response to your request for verification of an outstanding debt to Amex. The balance of $9151.36 has been referred to Account Solutions Group LLC for collection. We have provided documentation under separate cover to support the validity of the balance owed. Account Solutions Group has been informed of this verification. Due to the length of time since the account was established, we are unable to provide you with a copy of the original application. American Express is only required by law to retain the application for 25 months. The account was established in July 1997. If you have any additional questions or would like to speak with someone regarding your debt, please contact Account Solutions Group. [phone number provided]" This debt has bounced around to various CAs and JDBs since it was charged off. I also periodically receive the odd offer from Amex to settle for a fraction of the original amount owed and get a new card. It is out of SOL and I believe it is very close to reaching the 7 years where it will fall off my credit report. Has anyone ever experienced this? Any advice on what I should do next and/or expect?
  12. Last month, I sent a DV to Creditor's Interchange after they called and made threats of lawsuits, etc. I received a letter back from them stating that they'd received my request for information on the account and "the account has been placed on hold and all collection efforts on the account have ceased until the requested information has been received from our client and sent to you". Okay, that letter was dated 3-23-2007. They mentioned it could up to or exceed 30 days to receive the information. This is 4-20-2007 and I haven't received anything from them by mail yet. But I did receive an answering machine message about an hour ago from 'Creditor's Financial Group', once again threatening litigation. I looked up CFG and sure enough, they are a part of the same group as Creditor's Interchange. Any idea what's going on here? I have no intention of returning the phone call but if I do happen to pick up the phone and it's them, what should I tell them? Or should I just send another letter to Creditor's Interchange since they appear to be in breach of their promise not to contact me on this until the validation information was sent?
  13. They said the account was sold and I have to deal with the new owners of the account now. The frustrating thing is, I want to pay on the account. I can't pay it off by any stretch and I couldn't make the minimums when it was with the OC, but they wouldn't help me back then. I just sent in what I could, when I could. Stupid interest of 32% once it was late just made the whole thing impossible to contain after a certain point. Now they've sold it to a group who will probably sue me; though I don't know what they think they are going to gain from that other more debt that's over my head. I try to live positively, even in the face of adversity; but this situation is so depressing that I can't even find the words to express it.
  14. Yes, the debt is within SOL. It was just charged off and sold at the end of February. I guarantee that I will not be talking to them on the phone again. Even if I accidently pick up and it's them, I'll hang up immediately. I'm just spinning in circles trying to figure out what I can do. I'm supposed to be preparing for a weekend trip to see family and all I can do is stress over this.

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