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Thread: OK I came back after 25 years last March

  1. #21
    Pin Crusher classygranny's Avatar
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    If you were to find a loan for the $3K, how much could you afford to repay per month? Most places wouldn't want to take a small loan over a long period of time, so the payment amount on a short period of time could be an issue as well.
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    Quote Originally Posted by classygranny View Post
    If you were to find a loan for the $3K, how much could you afford to repay per month? Most places wouldn't want to take a small loan over a long period of time, so the payment amount on a short period of time could be an issue as well.
    Yes I understand that, I can make the payments because I wouldn't have to pay extra on my HOA and Attorney loan and pay off my whole 1000 credit card balance. One of the main things on my credit report is that I am utilizing too much of my available credit card balance. I only have 3 cards with 300.00 limits but they go by percentage not $ amount. So if I pay off my 1000 cc balances and catch up on other things I can make maybe 300.00 payments a month for a while. I can't even get a short term high interest loan. I've tried everything. I need to get rid of the 1k cc debt and and pay my condo assoc and I should be able to get a real equity loan. The cos and attorney late stuff is not on my credit report as you seen I have a 100% perfect pay record on the things that are reported...OH, I do have 1 $500.00 item in collection which I would make a deal with them on
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  3. #23
    Bowling God Aslan's Avatar
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    Yeah man...it doesn't sound right.

    It sort of depends on how much you owe the lawyer and how much the condo is worth. Condos, unless they are in very specific regions, are usually not great investments. But, if you own it, foreclosure isn't an easy process. I doubt your condo association wants to spend the insane amount of money necessary to foreclose...which is probably FAR more than the 3k you owe them. Same with the lawyer. So, that may be the saving grace.

    Also, Bankruptcy is always an option. It sounds bad...it hurts your credit for awhile...but like I said...it's something companies do all the time without thinking twice. And, it's very effective...and usually you keep your property; including the condo. If things get too desperate financially...save up $1k for the bankruptcy lawyer and just wipe the slate clean. You'll keep the condo and your car...but you'll still have to make payments on the car if it's not paid off. It's probably the best option for a person in your situation.

    I don't understand "credit"...I think it's just the bank's way of trying to force you to pay them. To be honest, I filed for bankruptcy and within weeks I was getting credit card applications. My credit is pretty good...despite having a $182 unpaid bill with my former cell phone carrier. Every so often a debt collector calls about it and gives me the sob story about my "credit", blah, blah, blah.

    Two things every person dealing with a debt collector should know:
    1) If you're dealing with a debt collector...your credit is already hurt by the fact that a payment was late and sent to collection. Paying it off won't change that. NOT paying it off...will barely make it worse.
    2) NEVER pay a debt collector. By law, you don't owe them money. You owe the company that sold them the debt money...and only the company you owe...can legally collect the debt. The company you owe has already decided you aren't going to pay them...they sold their interest in the debt to another company...and the debt collector has no legal right to it. Thats why debt collectors never sue for the debt...only the original debtor can sue.

    If you owe me $3000 and aren't paying me...and I sell classygranny the $3k debt for $50...you legally owe $0. Classygranny will harass you, try to make deals for less than the original debt, etc... As long as she collects at least $51, she has made money on the deal. But...your credit will still be hurt...I will write the debt off on my taxes (minus the $50 I got)...and if classygranny can't get back her $50...she can right that off on her taxes.

  4. #24
    Pin Crusher classygranny's Avatar
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    Be very careful with HOA dues in bankruptcy. Usually only the dues up to the time of filing are possibly discharged, but not for the time between when you file and when it's finalized. Also, they are sometimes not dischargable as they may appear as a lien. Very confusing, read up on this if you decide to go that route.

    Just talked to a friend of mine and she suggest you check out the following...
    SoFi - sofi.com
    Guide to Lenders - guidetolenders.com
    Bad Credit Loans - badcreditloans.com
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  5. #25
    Bowling God Aslan's Avatar
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    Quote Originally Posted by classygranny View Post
    Be very careful with HOA dues in bankruptcy. Usually only the dues up to the time of filing are possibly discharged, but not for the time between when you file and when it's finalized. Also, they are sometimes not dischargable as they may appear as a lien. Very confusing, read up on this if you decide to go that route.
    The issue with the HOA dues is...if you OWN a condo...lets say it's worth $50k. Let's say you owe $2k in HOA dues. If the HOA forecloses...and the condo sells for $45k....the HOA can only get $2k. They can't get the entire amount. I don't know a ton about HOAs...but it seems like they can only get what they're owed (plus fees, etc...)

    The "problem" is...if it does go to forecloseure, they're going to probably tack on attorney and filing fees...and with a condo...unless it's a luxury condo in some resort area...it's not going to be worth very much...so when you add in attorney stuff...they could end up getting almost the entire amount.

    The bankruptcy option won't likely discharge the HOA fees if they're on the lien...but it would discharge the credit card debt for sure...and possibly the attorney debt...unless THAT is on the lien. If the HOA fees and the attorney fees are on the lien...that might make it more difficult...and depending on the value of the condo...might just be more beneficial to just let it go.

    I dunno. A $3k loan could be really expensive. Mortage interest rates are really low...but other consumer loans....especially non-collateral loans are expensive. I had a friend that was selling a nice BMW...and I coulda got a great deal on it, low miles, she took great care of it, etc... I could only find ONE lendor that would give me a loan on an older car...and they wanted something crazy like 20% down and a 26% interest rate. Thats pretty damn greedy when you consider the banks are borrowing money at record low interest rates < 5%. Ended up getting a new car....0% interest rate, 0 down. In terms of collateral...I think the new car I bought is worth less than the BMW I was going to buy. Oh well. Now I got a car I can talk on the phone hands free through the radio...so thats cool.
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    Condo is worth about 65k I owe the lawyer 35k and about 1200 in hoa fees. I was paying the lawyer 350.00 a month I am now behind like 2 and 1/2 months with him. I e mailed him trying to work something out, he is not a nice guy. No response yet
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  7. #27
    Bowling God Aslan's Avatar
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    Quote Originally Posted by LOUVIT View Post
    Condo is worth about 65k I owe the lawyer 35k and about 1200 in hoa fees. I was paying the lawyer 350.00 a month I am now behind like 2 and 1/2 months with him. I e mailed him trying to work something out, he is not a nice guy. No response yet
    Yeah...lawyers aren't easy to work with.

    I paid a lawyer about $1500+ to take care of my divorce...that was in early 2015...and I've yet to receive anything from the courts that says I'm divorced. Every time I contact him, he tells me it's in process. I know at least 3 people that started and finished their divorces during the time I've been "in process".

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    Quote Originally Posted by Aslan View Post
    Yeah...lawyers aren't easy to work with.

    I paid a lawyer about $1500+ to take care of my divorce...that was in early 2015...and I've yet to receive anything from the courts that says I'm divorced. Every time I contact him, he tells me it's in process. I know at least 3 people that started and finished their divorces during the time I've been "in process".

    I am not working with a lawyer, He lends money to people like me privately. He gave me sort of an equity loan. Yet on records I still own the unit outright. He did do some paperwork using the unit as collateral but I'm not sure how it works... I borrowed 35k from him I pay 350. a month for 5 years and still owe him 35k. Yea not to smart on my part coming from the financial world. But I needed the cash for family emergency and could not qualify for a conventional equity loan. All I want is my 1800 in credit cards paid off and my 1 500. item in collection and my back hoa fees paid off and my credit score will rocket up and I will qualify for a real equity loan or a reverse mtg. This is not where I wanted to be at 62 years old.
    “There’s nothing like throwing a 16lb 8.5 inch sphere at 10 3.5lb wooden objects spaced 12 inches apart and having them all hit each other” proud member of Bowlingboards.com bowling forums and ball contest winner

  9. #29
    Bowling God Aslan's Avatar
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    Quote Originally Posted by LOUVIT View Post
    I am not working with a lawyer, He lends money to people like me privately. He gave me sort of an equity loan. Yet on records I still own the unit outright. He did do some paperwork using the unit as collateral but I'm not sure how it works... I borrowed 35k from him I pay 350. a month for 5 years and still owe him 35k.
    Yeah....thats a problem. I bought a house in Michigan back in the early 2000s and paid $107,000 for the house worth about $97,000. After about 5-6 years of $775/month payments, I still owed $99,000 and the house was worth $27,500. Had to spend a LOT of time working with the bank to get rid of that liability and finally did via a "deed in liu of foreclosure".

    Quote Originally Posted by LOUVIT View Post
    All I want is my 1800 in credit cards paid off and my 1 500. item in collection and my back hoa fees paid off and my credit score will rocket up and I will qualify for a real equity loan or a reverse mtg. This is not where I wanted to be at 62 years old.
    I don't think credit moves that quickly. It's far more likely you'd pay those off, then fall behind again, then be worse off than you are now.

    I still think a talk with a bankruptcy lawyer is your best bet. At 62, you need a fresh start...not a "band-aid" that gets you to a larger overall debt. But, that's my opinion...a bankruptcy lawyer will be able to give you a real assessment.
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    Quote Originally Posted by Aslan View Post
    Yeah....thats a problem. I bought a house in Michigan back in the early 2000s and paid $107,000 for the house worth about $97,000. After about 5-6 years of $775/month payments, I still owed $99,000 and the house was worth $27,500. Had to spend a LOT of time working with the bank to get rid of that liability and finally did via a "deed in liu of foreclosure".


    I don't think credit moves that quickly. It's far more likely you'd pay those off, then fall behind again, then be worse off than you are now.

    I still think a talk with a bankruptcy lawyer is your best bet. At 62, you need a fresh start...not a "band-aid" that gets you to a larger overall debt. But, that's my opinion...a bankruptcy lawyer will be able to give you a real assessment.
    I looked into bankruptcy years ago when I first lost my job and house. The lawyer said the debt does not go away it's just paid in a different matter. I was going through a lot of stuff back then that is still affecting me and I didn't understand what the hell he was talking about. I recovered from that situation but this one I can't seem to get a grip on. I don't know how it would work with the people I owe. They are really not creditors they are a condo assoc and a attorney. If I paid off my lousy 1800. worth of cc debt and a small 1500. loan my credit would show it very fast. Like I showed my only issue is cc utilization and 1 item in collection. My score is 630 or so now I need like a 660 to qualify for a real equity loan or reverse mtg..


    I am starting to feel stupid for discussing all the stuff here, I do appreciate the help. This thread started as I am not in the mood to bowl....Well I guess you know why now....
    Last edited by LOUVIT; 07-10-2017 at 02:31 PM.
    “There’s nothing like throwing a 16lb 8.5 inch sphere at 10 3.5lb wooden objects spaced 12 inches apart and having them all hit each other” proud member of Bowlingboards.com bowling forums and ball contest winner

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