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swallman

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  1. swallman

    Loan Options?

    High utilization and some recent lates (unrelated to this loan), plus some small collections I'm working on getting cleared out. They haven't indicated a timeframe but the loan matured on 2/15 so I imagine it's due immediately (although as long as I'm trying to work with them I think I can at least get 30 days). So here's my question - if we just indicated we can't come up with the $$, what can they do? Obviously take us to court, get a judgement, but then what? They can try to garnish wages, go after assets, etc. but there are limits to that as well, correct? Wouldn't they be better off just negotiating a loan with us, especially since we've already shown great payment history? Why would they go through all the extra BS? It's not like we have cash laying around that's hidden anywhere...and both my spouse and I have very good, consistent jobs with good income. If they tried to push it on a judgement we'd probably consider BK and then that doesn't get them anything potentially...
  2. swallman

    Loan Options ?

    High utilization, a few recent lates (unrelated to this loan)...plus the negative status from the missed payments back on the original mortgage when we walked away from it. It sounds like they would approve with higher scores, but they're not going to magically jump 20-30 points that quickly... I'm a bit pissed because they didn't really explain very well that this was in essence a balloon payment loan - if we had known we might have negotiated something different. But at the time (and still now), they sort of hold all the cards anyways. Edited to add - We do have very good income, just a fair amount of debt we're paying off (along with some back taxes).
  3. swallman

    Loan Options ?

    *** I originally posted this down in the foreclosure/modifications section but not sure it really belongs there...thought maybe posting here it would get more visibility? *** About 5 years ago we walked away from our house and were able to settle with Fannie Mae on a deed-in-lieu of foreclosure. However, at the time we had a 2nd mortgage on the property. We were able to work with our local lender and they offered us a loan (with a used car as collateral). The original amount we owed was appoximately 50k. The loan was for 10 years but amortized over 5 years (or maybe I have that switched around). Anyways, our 5 years are up and now the loan matured and we owe around $30k still. We have never missed a single payment. They pulled our credit and initially indicated our scores do not warrant a renewal of the loan, so wondering what kinds of options we would have? Unfortunately they have the upper hand since nobody is going to loan us $30k with limited collateral (and scores in the low 600's)...we did indicate we would be able to add our small (clear titled) travel trailer as additional collateral. I imagine they could go after us and attempt to get a judgement but I'm not sure that would get them their $$$ any quicker since we'd probably just end up making payments against that (we honestly don't have a ton of liquid assets just laying around). Any thoughts, options, suggestions? Our last option is to file BK but we can afford payments, just not sure where to go to?
  4. swallman

    Loan Options?

    This doesn't really fall under foreclosures but I'm not sure where else it would go... About 5 years ago we walked away from our house and were able to settle with Fannie Mae on a deed-in-lieu of foreclosure. However, at the time we had a 2nd mortgage on the property. We were able to work with our local lender and they offered us a loan (with a used car as collateral). The original amount we owed was appoximately 50k. The loan was for 10 years but amortized over 5 years (or maybe I have that switched around). Anyways, our 5 years are up and now the loan matured and we owe around $30k still. We have never missed a single payment. They pulled our credit and initially indicated our scores do not warrant a renewal of the loan, so wondering what kinds of options we would have? Unfortunately they have the upper hand since nobody is going to loan us $30k with limited collateral (and scores in the low 600's)...we did indicate we would be able to add our small (clear titled) travel trailer as additional collateral. I imagine they could go after us and attempt to get a judgement but I'm not sure that would get them their $$$ any quicker since we'd probably just end up making payments against that (we honestly don't have a ton of liquid assets just laying around). Any thoughts, options, suggestions? Our last option is to file BK but we can afford payments, just not sure where to go to?
  5. In that type of scenario I would walk and say I'll come back Monday morning when you can get Cap One on the phone (I also expect it's BS). I don't have a problem with them running multiple lenders over a few days - think I read anything in the 14 day window is normally considered a single hard inquiry...
  6. Thanks Marv...we're looking at Jeep products and they seem to have some good incentives which will help too. Haven't purchased a NEW vehicle in years so hoping it goes well lol.
  7. I've been researching used and new vehicles over the past few months while also waiting for some credit cleanup to fall off reports (going good so far). To get some sort of ideas as to what we'd qualify for I've been using the Cap One pre-qualification website. I just re-did it again (since our last approval had expired), and now I'm finally seeing rates in the mid 7's on a new vehicle. For us that's a pretty decent rate, considering our last financed vehicle was over 11% (on a used vehicle) 3 1/2 years ago. I know it's still high but I don't think we're quite breaking 600 yet (haven't checked true FICO scores recently). We plan to purchase in the next 60 days so if anything scores should possibly go a bit higher...just wondering how accurate the Cap One pre-quals are? When we go to purchase I'll apply at a local CU and then also let the dealer finance us (just see who can get us the best rate). Just wondering if I can rely on the Cap One rate as a high water mark? If so it makes the vehicles we're looking at more affordable. Thanks!
  8. swallman

    Whose credit score will be used?

    Well that's a good question...I doubt she would be able to qualify for the loan just based on her income, so I assume either I need to be primary or at least secondary?
  9. So we're going to be shopping for a new (used) vehicle in the next couple of months...currently my wife has a credit score (fako) that appears to be about 40-50 points higher than mine. However, I make over double her income so would need to be included for financing. I'm working on getting my score up as well but hers still might be higher... How does that normally work for financing? Will they go by highest score, lowest? Or can she just put the loan in her name but include my income somehow? We can document all income (W2's). Thanks.
  10. Hi everyone, I've been on the board for a number of years but haven't needed to do anything for years...unfortunately I fell into some bad habits and have a number of misc. open collections on my CR. Nothing major from a $$ wise that I can't pay, just got lazy. So, what's the best approach to get them handled and get my scores higher? In the past Pay to Delete used to be an option but it doesn't sound like that much anymore? If I just pay them outright, will it be a significant improvement to my scores? (Although it would be nice to not get random phone calls from misc. agencies LOL)
  11. swallman

    Looking for suggestions...

    Thanks for the suggestions everyone...I did find a vehicle that would work out for us (and priced at $ 11,983). Just waiting for the check to arrive!
  12. swallman

    Looking for suggestions...

    That is what a salesperson suggested to me at another dealership actually...basically as long as there is no prepayment penalty pay off the loan ASAP correct ?
  13. Just totalled my Mazda CX-7 last week (went off road in snow and rolled it over)... So now have a settlement of approx. $ 12,000 from insurance. Looking at a 2007 Ford Explorer Sport Trac w/110,000 miles (have an older Sport Trac and like them) but look to be about $ 2,000 short. Credit is crap (don't even want to pull scores), but mortgage and car payments always on time, just lots of lates on credit cars and high utilization. So from what I've been told most banks won't finance a couple thousand dollars...so do I pay like 50% down and try to finance the rest (and use the rest of the cash to apply to higher interest CC debt that we have) ? Will a lender take me ? Best to work through dealer or otherwise ? Thanks in advance...
  14. swallman

    Help with Citicard

    I got transferred to someone in "Escalation", but he wouldn't allow me to talk to anyone above him.
  15. swallman

    Help with Citicard

    BUMP...any ideas out there ?? Thanks.

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