Hello - I know the opinions to these questions are buried in here somewhere but I haven't found them. About to embark on our walk in Wash state and I will start a thread with details on that as it develops. But I have several questions right now; any opinion welcomed:
- We have three credit cards - Chase (our loan holder), Amer Express (used only for Cotsco) and BofA. We always pay all of these off every month and have a spotless credit history with them, the one card going back to 1995. I understand that as we get into defaulting on our loan, that the credit limits (30,000, 15,000 and 5,000) will likely get lowered and possibly, cards cancelled. My question is - what do you think about proactively writing to the cc companies telling them of the situation and 'asking' them to please not cancel our cards and also, though we understand that our limits will be lowered, please do not lower them below 5,000 or so (each)?
- when the house is finally foreclosed on -- God knows when -- are we 'absolved' of further responsibility (ie, the homeowners insurance that I plan on continuing to carry even after we are out of the house) or, does that not happen until the house finally sells via an auction process or whatever?
Any input appreciated; feel free to direct me to putting these questions in already existing threads.
Good luck! 'heywally'