Loan Modification Forum - LoanSafe.org - View Single Post

j-nice · 06-05-2009, 01:24 PM

michigan, I would freak out if I had to start all over. As it is, I have approximately $55K in credit card debt AND I returned my lease vehicle 12 months early (of course GMAC is looking for their money too). I only have a matter of two months or so before the cc companies will sell of my debt and the default judgements will start coming. So yes, this is very time sensitive for me. Had I known the real trouble I would be in a year ago I would have started searching for help at that time, but I kept telling myself things will get better...and then the bottom dropped out and continues to do so. Things are bad in Michigan right now and they are going to get even worse when dealers officially close, plants close, suppliers close, etc.

I have been told (actually by dthom on this forum) and a few others if you can show the judge the serious hardship that you are in then the judge may be likely to tell the collection company you are uncollectable. You do need to have a plan B in line just in case that doesn't happen such as bankruptcy. Problem is, when you file bankruptcy getting a modification is 10 times harder and longer and more paperwork and waiting more...it's all just so sickening that it is taking so long for some of us!

I am sorry that you have to start over. But on the flip side, maybe your file will fly through quickly. There are some people on this forum who have recently received NACA approvals within 30-45 days of submission. GOOD LUCK and stay positive!

06-05-2009, 01:24 PM	#37 (permalink)
j-nice Senior Member Join Date: Feb 2009 Location: ST CLAIR SHORES, MI Posts: 382 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Naca dropped the ball!! michigan, I would freak out if I had to start all over. As it is, I have approximately $55K in credit card debt AND I returned my lease vehicle 12 months early (of course GMAC is looking for their money too). I only have a matter of two months or so before the cc companies will sell of my debt and the default judgements will start coming. So yes, this is very time sensitive for me. Had I known the real trouble I would be in a year ago I would have started searching for help at that time, but I kept telling myself things will get better...and then the bottom dropped out and continues to do so. Things are bad in Michigan right now and they are going to get even worse when dealers officially close, plants close, suppliers close, etc. I have been told (actually by dthom on this forum) and a few others if you can show the judge the serious hardship that you are in then the judge may be likely to tell the collection company you are uncollectable. You do need to have a plan B in line just in case that doesn't happen such as bankruptcy. Problem is, when you file bankruptcy getting a modification is 10 times harder and longer and more paperwork and waiting more...it's all just so sickening that it is taking so long for some of us! I am sorry that you have to start over. But on the flip side, maybe your file will fly through quickly. There are some people on this forum who have recently received NACA approvals within 30-45 days of submission. GOOD LUCK and stay positive!