Recent content by walkin

  1. walkin

    Va Loan Foreclosure, Suing Co-borrower For Va Loan Entitlement Reinstatement?

    Hello Moe, peanut gallery, genius contributors, et al., I found myself lurking this fabulous forum again, seeking answers to new, potential issues (for a friend, very complicated), and felt compelled to provide an update to this thread. Last year, when a Final Judgment on foreclosure was...
  2. walkin

    Va Loan Foreclosure, Suing Co-borrower For Va Loan Entitlement Reinstatement?

    Hi Maurice, Thanks for the reply. In the settlement proposal, I give her 6 months to refi to get my name off the mortgage, or the house sells. Realistically, that won't happen, as she has ruined her credit and maxed out her $40k worth of CC's last year. I haven't seen her financials in 12...
  3. walkin

    Va Loan Foreclosure, Suing Co-borrower For Va Loan Entitlement Reinstatement?

    Hi, I'm back. Cleaned up a big mess I had made several years back, thanks to a lot of reading in this forum. :-) (settled $100k bad debt including a $70k HELOC and $30k on 2 CC's for $15k, mortgage mod on the 1st mortgage, sold house to break even, moved on, cleaned up credit, bought another...
  4. walkin

    Credit Card Settements, 1099-C's, Form 982, and Insolvency :-(

    Nice explanation bacon! "If you still have assets ($1 or more) after that calculation, you aren't insolvent.". To be clear, this doesn't mean you are responsible for the full amount of the 1099-C, correct? When I did mine, I had 2 of them I had to deal with. I printed out statements of...
  5. walkin

    Stop paying credit cards? Or keeping paying credit cards while my home is in foreclosure?

    That's great news DebitFree, congratulations! Good luck with crap1!
  6. walkin

    Credit Card Settements, 1099-C's, Form 982, and Insolvency :-(

    Hi Suzy, there are much more qualified people than me who might be able to help you. I just kinda winged it, lol. The insolvency worksheet is the easiest part. You fill in your liabilities and your assets, the day before the settlement happens. The insolvency worksheet is pretty much up to...
  7. walkin

    Will Chase modify our loan if we can afford the payment?

    Like Cat said, it's up to the investor. My loan was almost as old as yours. What they did for me was reduce my interest rate by about 2 percent, added the missed interest payments to the principal balance (or something like that), and changed it to a brand new 40 year loan (starting at the...
  8. walkin

    Credit Card Settements, 1099-C's, Form 982, and Insolvency :-(

    Disregard this thread, I figured it out. Thanks. /thread
  9. walkin

    Credit Card Settements, 1099-C's, Form 982, and Insolvency :-(

    I kept meticulous financial records before, during, and after settlements. I printed out statements of every asset and liability to support my insolvency claim. When you fill out the insolvency worksheet, you use all of your assets and liabilities the day before the event...
  10. walkin

    Credit Card Settements, 1099-C's, Form 982, and Insolvency :-(

    I settled 2 cards last year, received 1099-C's for both (as expected). Before completing the settlement process, I spoke with a CPA about the tax implications, and specifically about Insolvency. (lol, he actually suggested that I speak to a BK lawyer before I completed these settlements). I...
  11. walkin

    Debt settlement

    Don't pay a lawyer until you absolutely need a lawyer. I don't know the circumstances of your debt, or which cards they are, but I'm pretty sure that you should be able to settle that $30k of CC debt for $6k-$10k all by yourself. Do a little research, have some patience, and be ready to start...
  12. walkin

    Just Stopped Paying on Chase Credit Card

    Like the above posters mentioned, you'll have to be patient in order to get reasonable settlement amounts. I could have waited another 2 months or so, and maybe settled for better, but I was in a hurry (because of some other things I had going on). I settled for 25 percent, 5 months after my...
  13. walkin

    Pls help BOA wants financials to settle

    How much info do they want? I definitely wouldn't give them full disclosure, period. If you choose to give them anything, give them only what they already know (debt, etc. that is on your credit report) ;-) You can make up the other stuff, lol. (income, assets, employment, etc.) I...
  14. walkin

    Success Stories in Settling 2nds

    Thanks Tom. I should also add (hopefully it doesn't jinx me, lol) that the credit reporting really worked out good. Once the mortgage insurance paid the 2nd lender, they marked the account paid in full, $0 balance. No collections accounts were reported to the credit agencies. So...
  15. walkin

    Success Stories in Settling 2nds

    I'm finally able to contribute to this thread. I actually settled my 2nd mortgage (heloc) 6 months ago or so, but was hesitant to post details until after I had the court filed mortgage satisfaction in my hands . For the most part, I followed the suggestions/advice posted by TomEason, and...