http://www.loansafe.org/forum/ People are looking for safe ways to get out of debt and one of those ways is debt settlement. This forum is to share various strategies and find ways to lower your monthly nut. en Wed, 22 May 2013 05:00:14 GMT vBulletin 60 http://www.loansafe.org/forum/images/misc/rss.png http://www.loansafe.org/forum/ http://www.loansafe.org/forum/debt-settlement/85143-not-quite-underwater-but-want-settle-heloc-2nd-lien.html Tue, 21 May 2013 21:10:47 GMT Hi All,
My husband was diagnosed with cancer several months ago & we are striving to simply our life. It is critical that we move to a more sedate environment, but must deal with the mortgage & HELOC first. We're trying to conserve funds, as we don't know what lies ahead.
Here's a brief description of our situation:
Ch. 7 discharge in 2009 (loss of job & 70% decline in portfolio value), neither !st mortgage nor HELOC was reaffirmed
Home value: 560k based on comp.
Ist mortgage: WF 480k, payment current
HELOC: Citi 78k, last payment 15 months ago, Citi reps. stopped calling 4 months ago

I tried to work with a settlement company, but their response time was so long that I don't trust them to do an adequate job. I've read many posts regarding settling 2nd liens, but I haven't encountered a situation when the homeowner is not underwater.
Can anyone offer advice/opinions on whether Citi would settle? Should I attempt to settle on my own, or does anyone have the name of a reputable company that can deal with the negotiations on my behalf? Any help is greatly appreciated. Thank you in advance. Best of luck to everything struggling with financial & health challenges. God bless. ]]> Debt Settlement CPA Learning http://www.loansafe.org/forum/debt-settlement/85143-not-quite-underwater-but-want-settle-heloc-2nd-lien.html http://www.loansafe.org/forum/debt-settlement/85125-following-strategy-settle-2nd-mortgage-but-market-really-recovering-fast-should-i-worry.html Mon, 20 May 2013 21:55:08 GMT Here's a quick snapshot when I defaulted on my 2nd mortgage (Citimortgage)

December 2011
Zillow Home Value 179,000
Balance on 1st mortgage 195,000
Balance on 2nd Mortgage 45,000

May 2013
Zillow Home Value 214,000
Balance on 1st Mortgage 190,000
Balance on 2nd Mortgage 45,000

The 2nd Mortgage was charged off August 2012, and it appears United Guaranty payed out the insurance on the Mortgage for apparently 22,000 (Payment on Citimortgage's site closing the account). In March I was involved in some serious conversations with LTD Financial (Representing United Guaranty) about settling this 2nd mortgage and having them release the Lien on the house. We agreed on 6,000 (13.3% which was a little high, but I wanted it over with), but when it came time to pay they thought the house was foreclosed (Which it wasn't) and then wanted 20,000 to settle the mortgage. I told them to pound sand and I haven't talked with them since.

What I'm noticing now that's a little concerning is that the housing market where this house is at is starting to warm up at quite an alarming pace, a comparable house across the street sold for 225,000. So I'm wondering if United Guaranty might be thinking more of foreclosing now that the market is warming up now (Hence maybe why they haven't contacted me since). I'm wondering if I should just keep silent until they're getting serious again about settling or should I try again right now to settle it before the market gets too hot again?

Thanks! ]]> Debt Settlement CombatChuk http://www.loansafe.org/forum/debt-settlement/85125-following-strategy-settle-2nd-mortgage-but-market-really-recovering-fast-should-i-worry.html http://www.loansafe.org/forum/debt-settlement/85055-questions-purchasing-assignment-charged-off-business-line-credit.html Fri, 17 May 2013 19:29:14 GMT *Background to Question *- I had to file Chapter 7 bk personally and received a discharge. I did not file bk on my company, Bad Luck LLC which owns... Background to Question - I had to file Chapter 7 bk personally and received a discharge. I did not file bk on my company, Bad Luck LLC which owns investment property because there was no chance of getting a discharge. There is a currently a 200k plus judgement against Bad Luck LLC and several other lawsuits pending.

There is a property owned by Bad Luck LLC that has a first mortgage and a Line of Credt (BLC) as a second with another bank. The first is current and the BLC has been charged off at least 1 year or more ago. I would like to retain this property if at all possible. However, the judgement issue needs to be resolved. Negotiating with the the creditors that are suing Bad Luck LLC is not an option at this point.

My Stategy - I, via a newly formed company (New Start LLC) will purchase an assignment of the BLC because settling does no good because of the judgements and pending lawsuits. New Start LLC will eventually foreclose on the first mortgage from the second position and take control of these properties. I have contacted the second and the rep I spoke to was not sure if they could do assignments and recommended that I speak with their attorney. I plan to have my attorney present the BLC attorney with an offer from New Start LLC to purchase the assignment at a significant discount of course.

My Questions -
Question 1 - How should my attorney present the offer to the BLC attorney? Please see Question 3 for context

Question 2 - If my attorney is asked by the BLC attorney about the nature of business for New Start LLC how should my attorney respond?

Question 3 - Should he say that New Start LLC is in the debt collection business not mentioning my name OR Should he say that New Start LLC is an entity that I have formed post BK and that I am trying to settle the LLC debt and the only way I will settle will be to purchase the assignment OR Should he say something completely different?

Thanks so much! ]]> Debt Settlement alabamajoe http://www.loansafe.org/forum/debt-settlement/85055-questions-purchasing-assignment-charged-off-business-line-credit.html http://www.loansafe.org/forum/debt-settlement/84960-strategic-default-options-please-comment.html Tue, 14 May 2013 02:28:44 GMT Hello to all-

Never thought I would be in this position as I've never defaulted on anything in my life but long story short...caught business partner in his plan to create new LLC and steal company. As a result, I am now dealing with $50K+ business debt spread out over 9 personal cards.

I have been playing various scenarios in my mind but of course, the more I read online, the more questions arise.

Questions:

1) Since the impending default is inevitable, would it be advisable to exhaust any remaining credit in the next 1-3 months before defaulting?

2) Some of the cards have smaller balances ($2K or less), should these be balance transferred to cards that still have remaining credit so that ultimately there is a lesser amount of charged off accounts? Example = I have 4 Chase cards, should these be transferred to just one card if possible?

3) I have read that credit card issuers frown upon settling accounts that contain balance transfers. Does this apply to all issuers or are some more lenient than others?

4) Account Ive had longest is a Citi card. Currently has $13K+ balance. Would it be advisable to transfer this $13K to other cards in order to keep this account open since it's the oldest?

THANK YOU ]]> Debt Settlement Advil http://www.loansafe.org/forum/debt-settlement/84960-strategic-default-options-please-comment.html http://www.loansafe.org/forum/debt-settlement/84959-sls-second-mortgage-settlement-financial-information-need-advice.html Tue, 14 May 2013 02:06:09 GMT I have second mortgage with SLS and I am about 6 months behind. they offered me modification which I do not want to accept and rather want... I have second mortgage with SLS and I am about 6 months behind. they offered me modification which I do not want to accept and rather want settlement. My first is with another lender and this second mortgage has been discharged in chapter 7 about 4 years ago. SLS is willing to settle for about 15% of total balance but they need all my financial information first. Should I send information to them? Please help ]]> Debt Settlement TSVA1 http://www.loansafe.org/forum/debt-settlement/84959-sls-second-mortgage-settlement-financial-information-need-advice.html http://www.loansafe.org/forum/debt-settlement/84928-digital-credit-union-50-settle-offer-underwater-2nd-now-what.html Mon, 13 May 2013 00:03:51 GMT Owe $310k on 1st @Local Credit Union Digital Credit Union: Owe $73,000 on 2nd Last payment on 1st or 2nd is August 2012. Value is only $290k... Owe $310k on 1st @Local Credit Union
Digital Credit Union: Owe $73,000 on 2nd

Last payment on 1st or 2nd is August 2012.

Value is only $290k DCU 2nd is completely underwater...

Was exploring short sale but then got letter from DCU offering 50% settlement..which is $36,500.

We are considering coming current on 1st and staying in house, paying down from the $310k to about 280k, then sell wife to husband (good credit) after being current for 6 months to effectively refi @ rates around 3.5%

We need a max 10% settlement ($7,300) with DCU to have enough cash..they are at 50%

Advice on next move? 5% offer? Call or in writing?

Will coming current on 1st make DCU snap back settlement offer? ]]> Debt Settlement Spwild http://www.loansafe.org/forum/debt-settlement/84928-digital-credit-union-50-settle-offer-underwater-2nd-now-what.html http://www.loansafe.org/forum/debt-settlement/84904-2mp-settlement-after-bankruptcy-discharged.html Sun, 12 May 2013 02:42:56 GMT Hi - Can anyone tell me if I am eligible for a 2MP mod on HELOC and or the National Mortgage Settlement after Chapter 7 BK? Just completed a HAMP... Hi - Can anyone tell me if I am eligible for a 2MP mod on HELOC and or the National Mortgage Settlement after Chapter 7 BK? Just completed a HAMP mod this week on the 1st and want to settle on 2nd but since was discharged and then written off I am not sure if I am eligible?

State: Colorado
Property Value: BPO: $335,000 / Market Value probably $425ish?
1st Lender: BofA (Now handled / mod' by SLS)
1st Loan Balance: $325,000
Purchase money? Yes_X__ No____
2nd Lender: Chase (Originally WAMU)
2nd Loan Balance: $228,000
Purchase Money? Yes____ No_X__

Chapter 7 2009 - didn't reaffirm mortgages
Chase wrote off loan late 2010 early 2011
Basically haven't heard from them until past few months
Now handled through LCS Financial

Here is where question comes in. I am following the How to settle 2nd tips and am fine playing the game but once thing they are saying is since basically there is no loan anymore and only the lien on the title that I won't qualify for 2MP.

Their current offer is settle for $90k. I told them 2% is my offer but I am not doing anything till 1st was finished, which is now is as of this week.

Any insight would be appreciated.

Thanks!

PS: I have successfully modified 5 out of 6 mortgages on 3 properties and this is the last one left! This forum has been a big help over the years, so thank you everyone! ]]> Debt Settlement ABailey http://www.loansafe.org/forum/debt-settlement/84904-2mp-settlement-after-bankruptcy-discharged.html http://www.loansafe.org/forum/debt-settlement/84868-settle-5-year-old-sojl-debt.html Sat, 11 May 2013 00:09:25 GMT Hi, I am wondering about the likely hood of obtaining a satisfactory credit reporting for an old second mortgage debt. The 1st mortgage holder... Hi,
I am wondering about the likely hood of obtaining a satisfactory credit reporting for an old second mortgage debt.
The 1st mortgage holder began foreclosure on our house in 2008. Before it reached foreclosure, we were able to sell it for a bit more than owed, but not enough to satisfy the second HELOC with Wells Fargo. After the sale, we owed WF $22k. I made monthly payments for a short while then was unable to keep up due to divorce.
Now 5 years later I am trying to buy a house. FHA will accept the foreclosure after 3 or 4 years, but my lender says they will not approve a loan with the Wells Fargo showing up on my credit report as a charge-off with unpaid balance. I tried disputing the account with all 3 credit agencies and so far Experian has come back with nothing but updated information on my past due balance.
I completely understand the idea of not settling with any SOJL but in my case I would love to have this negative info off my credit report. I guess my question is if anyone has successfully obtained an improved credit report after they settled such a debt?
Home was in WI. I believe this is a recourse debt. SOL is 6 years as I understand it.
My options are:
1) try to settle with credit report wording such as "paid in full as agreed" or similar. I could afford about 5-10% lump sum payment.
2) wait another 2 years for this to fall off my credit report
3) try to qualify for the loan through my fiancé although this would mean a less expensive house since her income is lower than mine.

I do have some fear of WF attempting to sue me in the next year, but I also understand the occurrences of this happening are rare.
I would appreciate all opinions and comments! Thank you. ]]> Debt Settlement kingpeta http://www.loansafe.org/forum/debt-settlement/84868-settle-5-year-old-sojl-debt.html http://www.loansafe.org/forum/debt-settlement/84845-california-ag-goes-after-chase-abusing-100-000-credit-card-borrowers.html Fri, 10 May 2013 00:12:56 GMT Attorney General Kamala D. Harris today filed an enforcement action against JPMorgan Chase & Co. (Chase) alleging that the bank engaged in fraudulent and unlawful debt-collection practices against tens of thousands of Californians. The suit alleges that Chase engaged in widespread, illegal robo-signing, among other unlawful practices, to commit debt-collection abuses against approximately 100,000 California credit card borrowers over at least a three-year period.


“Chase abused the judicial process and engaged in serious misconduct against California credit card borrowers,” Attorney General Harris said. “This enforcement action seeks to hold Chase accountable for systematically using illegal tactics to flood California’s courts with specious lawsuits against consumers. My office will demand a permanent halt to these practices and redress for borrowers who have been harmed.”


From January 2008 through April 2011, Chase filed thousands of debt collection lawsuits every month in the State of California. On one day alone, Chase filed 469 such lawsuits in California. The Attorney General’s complaint against Chase alleges that, to maintain this pace, Chase employed unlawful practices as shortcuts to obtain judgments against California consumers with speed and ease that could not have been possible if Chase had adhered to the minimum substantive and procedural protections required by law. ]]> Debt Settlement Evan Bedard http://www.loansafe.org/forum/debt-settlement/84845-california-ag-goes-after-chase-abusing-100-000-credit-card-borrowers.html http://www.loansafe.org/forum/debt-settlement/84721-just-got-christmas-card-wells-fargo-home-equity-collections-servicing.html Sat, 04 May 2013 21:37:44 GMT been avoiding them, per advice here on 'wait to talk to collections dept for a settlement'

their portion of home equity loan is completely underwater

last payment was in feb. i beleive (maybe jan)

are these the guys i want to open discussion with or should i wait longer?

thanks ]]> Debt Settlement WalkinBlues http://www.loansafe.org/forum/debt-settlement/84721-just-got-christmas-card-wells-fargo-home-equity-collections-servicing.html http://www.loansafe.org/forum/debt-settlement/84646-my-current-condition.html Thu, 02 May 2013 01:45:37 GMT Hello everyone, New to this forum and wanted to ask for your advice on walking away from my credit cards. I used to have great credit and put down... Hello everyone, New to this forum and wanted to ask for your advice on walking away from my credit cards. I used to have great credit and put down 20% downpayment on my condo in 2007 on a 30 year fixed and refinanced to 20 year fixed in 2009. Now the condo is being rented out so my tenant is paying my mortgage every month.

Decided to move out of the US in 2011 to open up a business and it has since failed, and I have racked up credit card bills for the past 2 years.

16k with Chase (2 cards)
19k with Bank of America (2 cards)
11k with Citibank (1 card)

Mortgage is with Bank of America. I am not sure if I can walk away from BofA cards since my mortgage is with them. I will be moving back to the US in July to get a job and also will be staying with my friend until I get a job.

So after reading this forum, my strategy for Chase and Citibank would be to just stop paying my monthly minimums and wait for them to start calling and right before the charge off date, call them and offer a settlement for say 4k with Chase and 3k with Citi?

Keep in mind that I hate to do this, but at my current situation, I have no choice, having had no income for 2 years and I don’t want anything to happen to my property. I made a decision to try something new, it didn’t work out, have no regrets, and will move on. Thanks for your help ]]> Debt Settlement whisky http://www.loansafe.org/forum/debt-settlement/84646-my-current-condition.html http://www.loansafe.org/forum/debt-settlement/84609-settling-mortgages-after-fraud-bk-fire.html Tue, 30 Apr 2013 14:52:53 GMT I hope someone can help. A loan audit uncovered fraud in my mortgage documents on the closing/lenders part. This was one of those 80/20 loans... I hope someone can help.

A loan audit uncovered fraud in my mortgage documents on the closing/lenders part. This was one of those 80/20 loans doled out like candy during the boom. Both were originally with Countrywide (says a lot, yes?). Well, I fought for years for them to make these loans right, even through CP 7 BK. The loans went unaffirmed, but not for lack of effort on my part as I could not get the lenders to modify the terms to a point the judge would accept them. Thus, the debt was discharged. The "worthless" loans got sold to Litton (now Ocwen) and Green Tree.

Now the fun begins. I was still in the home, fighting for it when a fire struck over a year ago. The home and everything in it was a total loss. I have a settlement check. Imagine my outrage when I got a payoff quote from the servicers. Greentree wants 135k for a loan originally worth 88k, and Ocwen wants 35k for a loan worth 22k. We seem to be getting nowhere on any fair settlement. Is it just me, or are these "settlement" amounts outrageous? With the fraud and the grief they put me through now they want the full amount and a big fat bonus on top of that?

Am I out of line here?

Looking for some help. Thanks all of you. ]]> Debt Settlement Steel http://www.loansafe.org/forum/debt-settlement/84609-settling-mortgages-after-fraud-bk-fire.html http://www.loansafe.org/forum/debt-settlement/84460-help-please-short-sale-promissory-note.html Wed, 24 Apr 2013 23:40:15 GMT I completed a short sale 3 years ago and agreed to a promissory note to cover some of the balance. I fell behind on the promissory note several times... I completed a short sale 3 years ago and agreed to a promissory note to cover some of the balance. I fell behind on the promissory note several times and so there are numerous 120 day late notices reporting. The company has offered a doable settlement but stated that the account will be reported as "settled for less than balance". Trouble is...the servicing/collection agency, Realtime Resolutions, is reporting this unsecured promissory note as a mortgage on my credit report. The account appears to be a foreclosed mortgage so I have both my short sale record with the bank reporting as well as this promissory note account which on the surface also appears to be a mortgage (in foreclosure).

Concerned that although I would qualify for a mortgage given it has been 3 1/2 years post short sale would be denied because it appears I have an existing mortgage that is in foreclosure. Is it even appropriate to report an unsecured promissory note as a separate mortgage? This is not a home equity or second mortgage situation. A pure short sale.

Cannot imagine waiting another 3 years for a home. Deficiency balance of $17K (realtor fees & closing costs) on short sale. I agreed to pay $7,000 of it. Had no idea this short sale or $17K would impact my family for what may be 7 years.

Thoughts..advice on next steps. ]]> Debt Settlement LaurenRichelo http://www.loansafe.org/forum/debt-settlement/84460-help-please-short-sale-promissory-note.html http://www.loansafe.org/forum/debt-settlement/84390-followed-stratergy-settling-2nd-still-have-not-heard-bank.html Tue, 23 Apr 2013 18:43:37 GMT I have a home in Georgia that is worth $120K on Zillow, I owe $105K on first and $41K on second. I was discharged from chapter 7 7/2010. my first is ... I have a home in Georgia that is worth $120K on Zillow, I owe $105K on first and $41K on second. I was discharged from chapter 7 7/2010. my first is with Chase and current and the second is with Wells Fargo. I did not reaffirm either loan with the bankruptcy. I have not paid the second since 9/2011 but have not heard from Wells Fargo even after I sent a letter saying it was ok to contact me regarding settlement. What should I do? ]]> Debt Settlement GeorgiaWine http://www.loansafe.org/forum/debt-settlement/84390-followed-stratergy-settling-2nd-still-have-not-heard-bank.html http://www.loansafe.org/forum/debt-settlement/84350-average-credit-score-decrease-after-2nd-mortgage-settlement.html Mon, 22 Apr 2013 20:03:17 GMT For everyone on this forum who is in the process of settling, or has settled, a 2nd mortgage: Would you care to share how much your credit score... For everyone on this forum who is in the process of settling, or has settled, a 2nd mortgage: Would you care to share how much your credit score dropped from when you stopped paying (assuming you did) to the date you settled the loan?

I know there are several factors at play, I'm just trying to get a ballpark idea.

I searched and couldn't really find anything regarding this. Thanks! ]]> Debt Settlement hooligan http://www.loansafe.org/forum/debt-settlement/84350-average-credit-score-decrease-after-2nd-mortgage-settlement.html