It is a line of credit loan that i meant to convert to a fixed rate loan but never did! I declared chapter 7 bankruptcy(credit cards), date 7/28/04. I only owe 6300.00 on the original mortgage and the line of creditis at 19,278. Is the bank going to forclose??
199449
Essentially you will default on the loan. The bank then has several options:\n*  if they have any collateral associated with the loan, they can take possession of it. This might mean foreclosure\n*  if they see any other assets that you own, they could try to take posession of these. Since you are already in bankruptcy, they are not likely to pursue that\n*  they might offer you an option to refinance. They are likely to do this if they think you're likely to keep the new commitment, and if the fees associated with the first two options would be significant in relation to the outstanding debt. \n\nSince you are already in default and bankruptcy, and with an overall debt of more than $25K, plus fees & charges, my bet is they will move to foreclosure.
484965
If you were to file a chapter 7 now on your credit report it will show that you would have filed 2 bankruptcies.  Under the new bankruptcy laws you will have to go to counseling before filing any bankruptcy and the counselors they are using are from Consumer Credit Counseling Services.  \n\nYou should continue with the chapter 13 or just payoff those bills with the funds you received from the sale of your home.  It will save your credit and you won't be turned down to buy another home in the future.   You also want to start getting your credit back on track by applying for a secured credit card.  Stay away from retail and department credit cards.  These type of cards are finance companies and will lower your credit score.
460348
If you're in deep debt (like over $25,000) you might want to consider it. I was over $28,000 in debt and I decided to file Chapter 13 (Repayment plan). It was the best move for me because I would have never paid off my credit card debt. True, Bankruptcy does stay on your credit report for at least 7 years, but it's worth ridding yourself of the aggrevation and stress of not having any extra money to save. I filed in 2001 and have finally got my credit back on track. Plus, my bankruptcy will be removed from my report in 2008. Contrary to what you've heard about it, there are still many places that extend credit to you even after a bankruptcy. If you're deep in debt, talk with a lawyer and get the facts.
610552
Consolidation of your student loans does not count against your credit score AT ALL!!!  Do not believe the person who posted earlier saying that.  It is no where near as detrimental as a bankruptcy.  In fact it is not detrimental at all.\n\nBy consolidating your loans you are reducing all of your loan payments to one payment.  This is by the best way to go and it is was I did with my school loans totalling $130,000.\n\nThere really is no downside to consolidation.  I would recommend doing it with the federal government rather than a private lender because interest and fees will be lower with the former.
642986
As a former financial counselor I was suprised by the answers you are getting in regards to your question. $20,000 in high interest credit card debt is quite a burden, but the advice of taking out a line of equity against your house is the last thing you would want to do. Right now your credit cards are unsecured loans. In other words you don't have any property attached to the loans. If you default on your credit cards, they begin collection processes by selling the accounts to various collection agencies, in the hopes of trying to recover at least some of the debt. By getting a line of equity against your house, *POOF* you just got a nice big secured loan against your house. A secured loan means that now if you default they can attach a lien to your property or even worse foreclose on your property if the loan is large enough. This is the last thing you want to do.\n\nMortgages are usually the part of the monthly bills that takes the biggest chunk, so you are definitely ahead of the game by having your home fully paid for. You get a thumbs up for that! So that should free up a large portion of your income to go towards other bills beyond necessities. I would recommend calling a credit counselor at a non-profit credit counseling company in order to improve your situation. In fact a year or so back, when you heard all that news about the changing rules of Bankruptcy filings, one of the big changes was that individuals were to try to appease their debts through debt consolidation counseling before they were allowed to file, so even if you do file for bankruptcy, you may have to get financial counseling anyways! I also have a confession to make....I am currently on the program myself, and it has helped me tremendously. Here's the basics on how these programs work:\n1) You have lots of high interest debt. Perhaps you fell behind on some credit cards or private loans, and the late fees and high interest rates are making it very difficult for you to make any progress. With my case, I was always on time, but I wanted to make a change in my life and rid myself of my high interest debt.\n2) you call a credit couneling company. I can't speak for all companies, but at the one I worked for we were trained to counsel the clients. To show care and compassion because they were in some difficult situations. This is sometimes all someone needs. Someone to just listen to, but if the counselor finds that a debt consolidation WILL help, then they will walk you step by step through the program.\n3) Okay so you qualify now what? You enroll your high interest debt into the program and the company will begin contacting your creditors to negotiate lower interest rates on most of your accounts. This is a tremendous help because interest consumes most of your monthly payment anyways. Another important thing that you have to remember is that the creditors also CLOSE your accounts. This is to further help you along in paying off your debts.\n4) You stay in contact with your consolidation company and creditors. But you only make ONE payment to the consolidation company, who in turn forward it to your creditors. \n5) Sit back and watch your debt slowly disappear!\n\nIn my opinion, bankruptcy IS a last resort. Depending on the type of bankruptcy you may be forced into a restructured repayment plan regardless. My advice is to just call a counselor and see what they can do to help. \n\nSo if you are interested in the company I worked for, it is http://www.incharge.org . If you are interested in the company I have an account with, it is http://www.careonecredit.org/ . Both of these companies are registered with the BBB and have outstanding reputations. The good part is they are also non-profit. They do ask for a monthly donation with your payment, which goes to paying for the counselor's salaries, but you can always decline it if you are really in a bind. I pay it greatfully because they have helped me so much. Anyways, good luck with your rese
570409
I agree with the above posted as to having a bunch of people pull your credit report. I would recommend staying away from lead generating companies like lending tree; you'll agree to the terms and conditions and next thing you know, 20 brokers are calling and they have all pulled your credit.\n\nI would recommend 1 of 2 options:\n\n1) Pull your credit or have one broker pull it and then  provide you with a copy, most will if asked. You then can speak to many people and fax them a fresh copy of the report which these brokers can use to find pricing information for you. If a Loan Officer tells you he can not use that report to find pricing then tell them thanks for their time and move on. Keep in mind that once you find someone you want to work with they will eventually need to run the credit report in their companies name.\n\n2) Check out Bankrate.com. They list hundreds of lenders and thier rates. Same thing though. Most are brokers listed there so have your credit report handy for them.\n\nPlease keep this in mind; don't just call and ask, "what's your rate?". We have NO IDEA what the rate is until we know about you and your specific situation. Credit score, loan to value, loan amount, purchase, refi, state etc... Anyone who quotes a price without any information is a liar and a fool. Anyone who trusts that pricing is just asking to be 'suprised' at the signing table when all of a sudden the pricing is totally different.\n\nIf you would like to discuss your specific scenario, drop me a line.\n\nKevin 866-562-6838 x 106\nkruorock@firstratelending.com
554397
First, before filing Chapter 7, ask you attorney to work with your creditors to see if they can reduce the debt owed by paying a certain percent of the debt owed (i.e. $.25 on the dollar) with a monthly payment plan in place.  If it is in your budget to do so, this is your best avenue.\n\nIf this is not an option and you do have to file, it will take a little while to rebuild your credit.  BE PATIENT.  You will not be able to buy a house or car (without paying outrageous interest rates or exorbitant fees) right out of the gate and will more than likely end up in the same position once again.\n\nYou will be bombarded by credit card companies to "help re-establish your credit".  It would not hurt to get ONE credit card with a very low line of credit ($500).  Use this only in case of emergencies and pay off as quickly as possible.  \n\nMost important is to be patient and not get yourself into the same boat again.  Within a few years (3 or so), you should be able to pursue home ownership or car purchases.
402404
First I would consider consolidation so you can have one monthly payment on everything or refinancing to see if you can lower your payments and if that fails then there are two types of bankruptcy chapter 7 where you get to keep everything and still pay payments but just really low payments and then there is chapter 13 where you have to give everything up and totally wipe out all of your debt.  But chapter 13 really needs to be your last choice because its kinda hard to start over with a chapter 13.   Hope you figure this out and may god bless you.
346502
No one will lend on a 550 that I know of, and I've been in lending for years.\n\nSorry.  You may want to consider bankruptcy.  It might not be pleasant to hear, but with this score you likely have debt that will take longer to repay than having the opportunity to start over by Chapter 7.
71900
there are laws protecting you to a point. The bank wants their money and they would rather you pay the entire load and not go into bankruptcy. So talk to them, ask them if you can add small payment onto the load.\n\nSeek advice from an accountant/lawyer.
391235
Has the lien been reported to your credit?\nIf not, pay it off. If so, consult an attorney specializing in real estate.
428574
I'm with Zach on this...You are confused somewhere.\n\nFor starters, when you file chapter 13 you will be making monthly payments to the trustee for 3 to 5 years (not 6).  The money you pay the trustee is used to pay the lawyer, the secured creditors, and the unsecured creditors (in that order).  If there is not enough money in your "plan" to pay everyone, the unsecured creditors only get a fraction of what you owed them.\n\nIf you failed to make payments to your trustee, then the trustee files for a "dismissal" which cancels your bankruptcy and allows your creditors to come after you again.  Money you paid to the trustee is deducted from what you owed them.\n\nSo from your description, I'm going to assume that you were making payments for 2 years, and quit paying.  Your bankrutpcy was dismissed.  I don't know how this attorney can fix it for just $500 without filing for a new bankruptcy.
567865
I am a loan originator and deal with people who have bad credit on a daily basis.  I would suggest getting a copy of your credit report.  Then making sure that there are no duplicates or closed accounts affecting your score.  If there are you can call those places that have been dawdling in taking them off your credit report.  Pay things on time and try to get rid of as much revolving debt as possible.  If your credit is bad now you may need to wait a couple months until you can correct all of the above problems and bring your credit score up to where it should be.  I hope I helped to answer your question if you have any more concerning your credit scores feel free to contact me through my yahoo email.  P.S.  A credit repair company can raise your scores but you most likely won't see the results until the process is over, they can really affect your score negatively while the repair process is taking place.  Just put yourself in the lenders position. Would you lend money to someone going through a "credit repair"?  I suggest trying to do it on your own first.
656565
Call a local mortgage broker (check your local yellow pages) and ask for a consultation, they are usually free or may charge a small fee (< $25)  for pulling your credit report..  Do not call a bank.  Mortgage brokers have many more programs available than banks and are more experienced in dealing with folks with troubled credit.  Anyway, they can pull up your credit and see how it looks.  It may not be as bad as you think.  If it is, there are programs such as FHA that are not credit score driven.  It always helps to have money saved up for a down payment, and while 100% loans can be obtained, you will most likely need a minimum of 3% down.  If you do not have the 3%, it can be in the form of a gift from family or friends.  There are 3rd party non-profit companies that you can get the donwpayment from, although FHA has been looking down on them lately.  Mainly b/c the 3% gets financed back into the loan....sort of...but I can't say that...LOL\n\nA good mortgage broker will have all of this information.  He/she should also be able to direct you on what to do if your credit needs a little repair.  If you are not ready to buy now, they can coach on what to do to be ready in 6 months or so.  Good luck with your dream of owning a home.
324868
There has to be more to the story than you are stating! Tell us more or you will not get good enough answers to help you. SHE had to sign legal documents and have them explained to her and in most states after a refinance you have 3 days to rescind!
589448
I would avoid the bankruptcy, if it's at all possible.  You will probably need business credit to get your new repair shop up and running, and the BK will trash your chances at that (or make it really expensive).  Considering your relatively low amount of debt and what sounds like a very good record of making payments, you can probably just work something out with most of the people you are supposed to pay next month.  If not, you will have some blemishes on your credit, but it will not be so ruined that a BK is needed.  You will survive being a little bit late, if it comes to that.\n\nAre you able to file Chapter 7? Sure.  Almost anyone is.\nShould you? No.  You have other options that you should explore first.\n\nGood luck, and try to keep a positive outlook.
660059
Before you even begin this adventure, you had better understand a few things.\n\nYour goal is to fix your credit score so you can get a better deal on your new home.  It will not help your score to have anything on it that reflects negatively on you.\n\nWhen you pay off an old debt, the creditor will show "paid" on your credit report, but it will still have notations about being in collections, late payments, or only having a portion of the bill paid.  I don't care what anyone on here says, that is still a negative report!  Therefore, you have just spent a lot of money trying to fix something, and got nowhere!  \n\nTherefore, you need to be prepared to do some serious negoations.  \n\nFirst, if at all possible do NOT deal with collection agencies.  As previously stated in another reply, they get a portion of whatever you are paying.  If you pay the creditor directly, they avoid the collection agency and keep all the money!  They may deal with you in this respect.  So start by contacting the original creditor.\n\nDO NOT OFFER TO PAY ANYTHING!  Make it clear that you are only negotiating a payment plan and if they do not come to an agreement they can forget it.  Offering to pay will reinstate the Statute Of Limitations and can even effect some legal aspects of your collections.  BE CAREFULL!\n\nMake it clear up front that exchange for payment, they must remove ALL negative reports from your credit report, or change the status to "paid in full, as agreed".  They won't want to do this.  Many will tell you it's not legal.  Yes it is, I can prove it, and I've done it myself!   You are NOT "in the drivers seat" here as long as they continue to hold your credit report over your head. \n\nGet this agreement IN WRITING!  Without it, you have no prove that they agreed, and you will have an awful time getting your credit report fixed once they have your money.\n\nDon't give them a clue you have a lot of money!  Tell them that you are trying to avoid bankruptcy and have come up with a payment plan to try and resolve your debts, and if they refuse you will just pay off your other debts instead.  Start by offering to pay 60% of the debt, they will most likely accept 70% without too much hassle.  Sometimes you can even get much more, but that's very rare.  The advantage you have is you are going to pay it off in full, so remind them of that.  They will be more willing to accept your offer if it's not going to involve monthly payments.\n\nWhen you call, get names!  And don't commit to paying them anything until you have a written agreement from them listing they payment plan, plus their agreement to remove items from your history.\n\nGood luck with your battle.  You can do it, you just need to get into a good negotiators mindset and be ready to fight with these people.