Can a collection agency put a lien on your home for an $800 cell phone debt??
We had a cell phone w/ Verizon for years and then when we got sick of the $300 bills, and constantly having to extend our contracts we ended it. We did get a bill for $600 a couple weeks later and tried to work out a payment arrangement. Well, now it is at a collection agency and they call us every day and we are feeling harrassed. They say things like "Well, are you not working right now? Why don't you have this money?" and "What are you teaching your kids by not paying your bills?" and "We will take other measures to collect this debt, do you own a home? You don't want to loose your home over this." When we tried to make arrangements with them, they said it had to be paid by August and we said we knew we couldn't pay it all off by then so why even try?? Then when we questioned why it was an $800 charge, rather than the $600 number we got from Verizon, they said that was interest. Can they legally do and say all this? Can't we just go to Verizon and pay the original $600?
Requesting debt in collection be removed from credit report?
Wow! Is this room filled with collection agents or what? How about a slightly more positive answer? The truth is that there are only two ways to get a negative item removed from your credit report. 1) The creditor fails to respond to a dispute investigation from the credit bureau... 2) The creditor must remove it himself. Therefore, in your case it's useless to even try disputing it with the credit bureau. You are paying the debt, they can prove you owe it, so any investigation will end up getting noplace. So we move on to option #2. As these nice bunch of collection agents have shown you, there are very few who give a damn about you our our credit! All they want is your money. But who knows, maybe you have one at is a real person....maybe you can catch him on a good day.... If you send a politely worded letter to him he may delete the report. Explain that you are trying to get a new mortgage, and that this report is hurting you a lot. Remind him that you have been been making your payments, and have made a good faith effort to pay your loan. Who knows, it may work. Ignore that nonsense Boogie says....any time you can remove a negative item from your report you WILL improve your credit score. Don't know where he evergot that!
If I buy a 100k house with 80k mortgage, and sell it immediately for only 60k, will the collection agency hound me for the other 20k?
If I buy a $100,000 house with an $80,000 mortgage and sell it immediately for only $60,000, will the collection agency hound me for the other $20,000?You would not be able to sell the house.The mortgage is a lien against your property. It’s recorded with your deed. For the deed to transfer from you to the new buyer, the lien (your $80,000 mortgage) would have to be paid off. If it’s not, you can’t sell it. (With one exception I’ll cover briefly below.) So someone would have to pay an additional $20,000—on top of the $60,000—in order to remove the lien, clear the title, and allow the house to be sold.The exception is what’s called a “short sale.” After the real estate meltdown in 2007, there were a lot of those. People had bought houses with mortgages. (Back then, few put 20% down; many didn’t put anything down.) So you’ve got a house that you owe $80,000 on, but the most anyone will pay for it is $60,000. That’s your scenario.The owner of the house asks the bank’s permission to do a short sale. Basically, the owner is saying: “I know I owe you $80,000. But I need to sell, and the most I can get for it is $60,000. Can I have your permission to do that? That means you’ll have to take a $20,000 loss.”The bank will either say yes or no.You do raise an interesting point. Early on, banks would permit short sales, but you weren’t off the hook. No, they didn’t come after you for the remaining $20,000. But what they’d do is report that they’d cancelled $20,000 of your debt. They’d report that to the IRS, which would consider the $20,000 a gift to you. That, in turn, made you responsible for paying tax on the $20,000. Depending on your tax bracket, that might have resulted in $4,000-$6,000 in taxes. And that was money a lot of people didn’t have. Later, regulations were adopted making the seller not responsible for the tax on the amount he/she “shorted” the bank.
I am in total debt! I have a collection agency hounding me and I need to know what my best solutions are!!?
I am an ex CEO of one of the nations largest debt collection agencies. Here is what you do: 1. Write a letter to the collection agency certified telling them that you dispute the debt in its entirety and that if you place it on the credit bureau you will sue them to high heaven. Something like: I have never received a letter from you in my life until a week ago. I dispute this in full. Please do not contact me at work, and or at my home any longer. Please be advised! You have been notified that this is disputed, and if you put it on my bureau you will be sued for damages. 2. remember that this is no big deal. Even if you get sued. They don't wanna sue, trust me. It cost money and time. You could lapse it out years. What I would do after I sent the letter is to relax, and enjoy the holidays. Now if a sheriff or a strange guy comes and gives you papers to appear, then please respond to the papers. You could keep requesting a new hearing date for years and years. I have seen debtors do it for 4 years. 3. If you really want to settle it (I wish I knew the creditor, so I could tell you what your options really are) then draft a letter to the creditor offering 50% off. Tell them your destitute, and are broke. I have had some debtors even have a friend back date a promissory note for 200K dated two years prior and have them list it with the same agency!!!!! The agency will then start to go after you for that promissory note which is bunk. The agency will realize that you owe people money once they get that debt and settle for 50%. Once it's settled, the friend will "pull back" the debt from the agency. I could go into detail, but without knowing who the original creditor is, I cant help. If its a hospital that would be great. Most people dont know you DONT have to pay hospital debt and there is a way to get out of it.... ahh, I should write a book.
Pay off collections OR Wait it out?
I have 5 or 6 collections accounts on my credit report that should drop off in 2018. My credit is currently 606. I was told that in order to qualify for a mortgage, I can't have anything in collections. I was also told that if I pay off my collections, my credit score will actually drop. So do I pay off my collections and drop my score? Or do I not pay anything and hope my debts don't get sold again and drop off? Meanwhile I'm paying 1,100/month in rent and dying b/c a mortgage would be less :)
If I buy a house for $85,000 what will my monthly payment be?
USDA rural development loans are 100% financed, and low interest rates. You are missing insurance (usually around $500 a year) and closing costs, if you have to pay them (you usually do, and they are usually 3.5%). Do you need mortgage insurance? With a USDA loan you do not, with an FHA you do. If you do, that is about $80 a month Sorry, I am using a mortgage calculator, but it has you at $691 WITH the PMI. WIthout it it will be $611. Closing costs are going to be .035 x 85000 = $3000. You usually have to pay this upfront, but with a USDA loan the seller can pay it. Hidden costs? Your insurance could be higher if you live in a place likely to flood etc. You did not take into account a PMI (private mortgage insurance, which you may need until you pay 20% of the house). I will assume this is a USDA rural guaranteed loan and does not need a PMI, making your total monthly payments $611. Do NOT get the maximum house you can possibly afford. This will give you a little cushion if your insurance is a bit higher than the $500 a year average etc. Amazing the cost difference between owning and renting isn't it? Esp. these days! There are not many places even now that you can get a 4 bedroom house build in 2000 for $85,000, but there are some. People are leaving the deeper suburbs do to high gas costs, and this is leaving some sweet deals. Also of course bad areas have cheap housing, but that has always been the case!
I had a JCPenney Credit Card that went to a debt collector. from 16 yrs ago, What to do?
I had a JCPenney Credit Card that went to a debt collector. now a collection agency called me , told me the JCP account is from 1998, and went into collection 2007, now this collection just showed up in my credit report back in November 2013. (it shows two different collection agency's for the same amount) is there a limit of expiration to collection of a debt ? im not even sure what to do trying to buy a house and this has knocked down my credit significantly. HELP!!! Thank You.
Credit Nation: What is the action a bank can take if you can’t pay your EMI of personal loans?
If you don't take pay your EMI on time , you get ready for lot of nuisance and nightmares. Level of nuisance varies from lender to lender.Banks have a speciic collection teams for first 30 days which will call you and try to visit your office or home in day hours regularly. This team is trained to talk very politely but incessantly. So you reach your office and into work ,you will get call. You reply it. Next day again same thing. But in polite manner .Once you cross the non payment time period by 30 days, some pressure comes. People will start visiting you regularly nd again politely push you to pay the money.Real drama starts post 60 days. Every bank has to provide for the loans as non performing loans or in simple words a loss in profit and inform RBi if crossed 90 days of default. So banks will try very hard to collect before 90 days. They will give you nightmares with multiple people calling you multiple times during the day or practically sitting at your office for collection. If by misfortune you defaulted on payment for loans of NBFC then get ready for lifetime exp. They will make sure you see the collection guys every where. Outside your home, outside your office ,... Etc. Some times you can also expect people fishing you on social media.If you are able to cross 90 days time of default then your case is given to a specialised agencies who can do anything to get money back. Banks normally refrain from using muscle power these days. They use social pressure, phycological pressures to get money back.If some body is real notorious to be able to deal with all this, banks can't do anything apart from sending court notice under section 58 of negotiable instrument act .once you come under 58 section, it's is really difficult to get away. It's a punishable offence.So please pay EMI on time. Don't take loan if cant pay.
How long does it take a credit card company to sue us after we quit making payments ?
They will never send you a petition if you are proactive. The law only protects you if you defend yourself. For the first 6 months after I had to default on my credit cards due to unemployment, the primary lenders called every few days although legally they can call me daily. I give them my name, address, phone # & told them I was unemployed, then hang up. I didn't elaborate or tell my life story, I was talking to a CSR & they don't get paid enough to care, plus they take notes. This process was boring, name, address, phone number, I'm unemployed, then hang up. I was polite & shared nothing. After 6 months, they will charged off my accounts & sold my information to a third party collection agency. This meant that the primary lender had settled my account for 3 to 7 cents on the dollar. For example, I owed $22,000, the third party collection agency will pay $1500 for my information. The third party collection agencies called me on Monday mostly. I gave them my name, address, phone # & ask if they had sent me their standard letter. I refused to give them my SSN, I didn't know who they were. According to the FDCPA, they have 5 days to mail me their standard letter from the time they call. I got it on Friday. Often times, they didn't call me, I got the letter first, but they can call me daily until I send them the validation letter in response. Then the calls stop. Once I got their standard letter, I sent them a validation letter asking them to validate the debt. See video below, link for sample validation letter included. They must provide a copy of the original credit card form I filled out & signed when opening the account. They haven’t been able to. Copies of my previous credit card statements & print screens don’t count for anything. I sent the validation letter by Signed Return Receipt once they get it, they will almost immediately sell my information to another third party collection agency & the process repeats. I sent out 2-3 validation letters a month for 7-8 months until they ran out of third party collection agencies to sell my info to. It's been quiet. There is a Statute of Limitations which is different for each state which you can google to find out. I don’t worry about getting a petition, the laws still favor the debtor, not the lender. By sending the validation letter every time, I’ll probably never see a petition.