Debt Collection

You can expect to have a big hit on your credit rating. This will last as long as 5-7 years unless you hire a professional to rebuild your credit. You will most likely not be able to qualify for a home loan for at least that time.

yes

1. Commercial Property

2. Residential Property

You bet it can ... The CC companies will continue to add interest at the specified rate until the balance is paid off in full.

You will need to check with your individual state laws. Generally, if you were only added to title via "QUIT CLAIM" they can not come after you for the mortgage liability.

If you are not on the mortgage, you are not on the loan. However the property will still be gone.

Unfortunately there is more to it that just having your name on the mortgage. I am personally aware of a couple who list the husband (because he had better credit history/score) as the sole holder of the mortgage, however when the payments fell behind and the mortgage went into default the bank came after BOTH the husband and the wife and attached the debt to her although her name was NOT on the mortgage.

The stated reason was that legally she was obligated for the debt because she occupied the property with him and it was listed as their primary residence. This may not be legal, however when they went to an attorney, he suggested that the best he could do was to request that the mortgage company remove her name as a "courtesy" and there would be no guarantee of this.

Do not be surprised if you are attached to the mortgage and are negatively effected (i.e. credit history/score) although you were not on the loan, especially it is your primary residence.

Even if you fight to be removed (this will require intervention from a lawyer) and are successful however the damage had already been done and her credit had been effected.

A creditor is someone YOU OWE money to.

A debtor is someone who OWES YOU money.

In 2007, the Census showed that there were around 110 million occupied "housing units" in the United States. RealtyTrac estimated that 1/416 households in the US received a foreclosure notice in August 2008. That means 264,000 households received such notices. Assuming that it takes 6 months to sell a foreclosed house, I estimate that there are around 1.6 million "housing units" in foreclosure.

Eric Fisher, Professor of Economics, California Polytechnic State University

Of course.

I would pay off the smallest card first and then mentally it helps get you out of debt faster. Also call the credit card companies to see if you can get your interest rate lowered.

I had $32k in credit card debt but just recently consolidate. I couldn't make the minimum payments anymore. My payments were cut in half and I will have them paid off in 3 years. Good luck in getting out of debt.

Is this a requirement of Reg Z

Majority of the time it depends on the investor of your loan as well as the company that services the mortgage. Most companies will require that you have deed in lieu paper work submitted a certain amount of time before a foreclosure sale.

Yes there is. It is a simple business formatted letter wherein you state: "Please cease and desisit from calling me. Any further communication necessary must be made by letter" Make sure you reference your account number! That's it!

how can i find out how much money i owe the gas company?

Bank's Insurance company

New Jersey has set the statute of limitations at 6 years. A credit card is an open ended account. That will be from the last communications from the debtor. Please note that the credit card may be based on a different jurisdiction which could be longer! Check your agreement for the applicable jurisdiction.

The bank who forecloses becomes the owner of the real estate. They then sell the property as an "REO asset" to try and get the money back to payoff the mortgage. REO stands for "real estate owned."

Ask the biller.

I just received a letter from the IRS stating that line 10 does not match total liability for the quarter (schedule B). Third party sick pay is the reason for such but I'm not sure how to report it.

I am not a lawyer, but I have looked at some of the consumer protection laws relating to credit cards, and I didn't see anything that says that they have to give a credit card to someone who refuses to allow the bank to contact them. They want some kind of phone number they can contact you on, and unless you default, they probably won't call you.

You can opt out of phone solicitations usually, but that is not the same as refusing to allow them to call you at all.

Think about it this way. If you loaned someone money, you probably would want to know you can call them. Well, the bank feels the same way. They are loaning you money and want to be able to call you.

I know that I would refuse to loan someone money if they refused to allow me to call them. ---- Who says they have to call your cell phone? There are house phones! So you think that if you ask not to have your cell phone called that its OK for them to just close an account? Come on, we live in a day and age wher everyone has about 5 numbers where they can be reached. Not to mention this is an active account that had a balance, so its not like we are talking about new money!

I had a medical debt that went into collections, I did not want my score to suffer, I used a negotiation service that handled the negotiation with the collector. http://www.klfinancialservices.com they were able to cut my bill in half and made it easy since I did not have to work with the collection agency. It was tough on my own not understanding what medical payment data is or how to deal with it.

THERE IS NO SUCH COMPANY, PLEASE BEWARE!!! MEDICAL PAYMENT DATA IS A GENERIC ID THEY USE ON CREDIT REPORTS, THE BEST THING TO DO IS CONTACT THE CREDIT BUREAU AND GET THE ORIGINAL CREDITOR INFORMATION, THEY CAN PROVIDE YOU WITH THERE COLLECTION AGENCY WHO HOLDS THERE ACCOUNTS. I WORK FOR A COMPANY CALLED MEDICAL DATA SYSTEMS AND WE GET CALLS FOR MEDICAL PAYMENT DATA ALL DAY AND WE HAVE TO REFER THEM BACK TO THE REPORTING AGENCIES, ONCE AGAIN DO YOUR RESEARCH DO NOT SEND YOUR MONEY BLINDLY TO A SCAM ARTIST. PLEASE FIX YOUR CREDIT BUT BE SMART AND NO COLLECTION AGENCY TAKES MAIL ONLY, THERE HAS TO BE A VALID PHONE #, NOT JUST A PO BOX, CREDIT AGENCIES DO A SERIOUS SERVICE TO THERE COMMUNITIES, THEY HELP KEEP HOSPITALS OPEN AND THE MORE PEOPLE PAY THERE MEDICAL BILLS THE LOWER THE SERVICE FEES. SO PLEASE WORK WITH THE COLLECTION AGENCY BUT DO NOT SEND PAYMENTS TO MEDICAL PAYMENT DATA!!!!

Medical Payment Data can be one of three agencies, Bureau of Medical Economics 326 E. Coronado Road, Phoenix, AZ 85004-1524, Phone Number (602) 252-3469 or (800) 439-8561, the account numbers usually are eight numbers in length. The second agency is Collection Service Bureau PO Box 310 Scottsdale, AZ 85252 Phone number (480) 467-2335. The account numbers usually begin with l100ban. The third agency is Grant Weber 14795 N. 78th way Ste 800 Scottsdale, AZ 85260, Phone number (800) 333-1656, this is an attorney's office. Medical Payment Data usually does not list their address to remain anonymous in regards to a Bankruptcy filing. The agency information may change by region and state location of the bill. I hope that this information will be helpful. Regards Mesa, AZ

If the Foreclosure proceeding had already begun it will remain on the credit and should show a zero balance. But it will continue to show the Foreclosure was in effect at that time. If it is still showing a balance contact the credit bureau to have the information updated. You must have proof in hand.

The mortgage company gets the money.

My own home is in foreclosure (I am currently in the process of getting it out) and I can tell you from my own experience what the repercussions I have seen are.

* My credit score is terrible (low 500's). It had been good (700's) before my foreclosure. * I cannot get any loans or credit. * The interest rates on some of my credit cards has jumped significantly. From the research I did, I found estimates that you would not be able to buy another home for 4 to 7 years. It stays on your credit report for at least 7 years.