Debt Collection

If your spouse co-signed the debt, they will have to pay your debt. In most cases, the answer will be no, it is your debt and you are responsible.

That depends what state you reside in . There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.

Usually you have 30 days to respond and to clear it up and if it is not cleared up in the 30 days than it is reported. But there are exceptions. Some companies close the card down and report it as closed and delinquent. Check your credit report to see if it is on there and if it isn't then when you call to pay it ask them if you pay it now will it not be reported being that it hasn't been reported yet.

Inward clearing is a banking term .each bank uses one common clearing house.for eg XYZ bank customer wants to give the check to abc bank customer .so abc bank customer will deposit that check into his bank.then abc bank will send that check to clearing house for clearing .then clearing house will send that check to xyz bank for customer sign verification.xyz bank will do the sign verification and it will debit check amount from that customer account.so that check will be inward for XYZ and outward for ABC.

Wait before you pay! You need to get a deletion letter before you pay a dime because this will affect your score. Also it you have not made a payment in a while on this account, the negative mark will remain for 7 years from the date of the payment. Wait and get more knowlede before you make this payment.

You should be able to get this information from your local IRS office.

Or if you are in the FMS offset refund program maybe by using the below information.

FMS can be reached at 800-304-3107.

Some will, you have to call them and talk to them. Be honest and don't wait until they are sending you late noteses.

Yes.

Charges against a debit card are withdrawn directly from your checking account, it's similar to writing a check. Charges against a credit card are accumulated and you are sent a bill at the end of the month for the money you borrowed with possible fees. with a credit card you are using the banks money. with the debit card you are using your own money.

Hosni Mubarak was now the military is kinda and the people

The best way is to pay the mortgage bill. If you own the house, pay your bill! If you're renting, talk to the bank and see if you can take over the mortgage payments or make some other arrangement with them. The bank wants it's money, so they will most likely be willing to work with you on something.

That is a side effect of settling a debt. You really don't get out of it. The company you settled with reports that as money you received. You have to claim it on your taxes in the end.

No. You have to put in a dispute saying that the two are the same debt and that there reported for two different amounts. The credit bureau will dispute it for you and have it fixed. The company in most states has 30 days to respond with the correct information. And then the incorrect information will be removed. If they don't respond at all to the credit bureau in 30 days the credit bureau will remove them both completely from your credit report. It is a win win situation.

What to do after facing foreclosure is an extremely broad topic; after all, there are so many possibilities for homeowners to begin the process of financial recovery or make a fresh start or attempt to get their house back or qualify for a new house. How one family will respond to saving their house or losing it will be entirely dependent on their circumstances and the particulars of their experience with foreclosure, and any specific advice may be too narrow to apply to all cases.

In general, however, homeowners who have dealt with a foreclosure and survived to tell the tale have a number of decisions to make, both in the short term and in the context of their long-term financial lives. Dealing with a damaged credit history, attempting to qualify for a new mortgage as soon as possible, and making sure that they are protected from the next financial crisis are aspects of their financial condition that they must carefully analyze.

The most immediate consequence of having a mortgage go into default or foreclosure is that the borrowers' credit scores will drop drastically, possibly by over 200 points, depending on how many late payments they had and how they kept up with their other credit lines. Homeowners will have to decide whether it is worth their time to work on improving this score or simply attempt to extract themselves from the credit trap and focus on savings rather than borrowing.

If the owners do decide to work on their credit and improve the record, it is most likely in an effort to qualify for a new mortgage within the first few years of facing foreclosure. Whether they lost the house completely or are dealing with a higher payment due to a forbearance agreement or modification, qualifying for a mortgage with better terms can prove to homeowners that they have repaired the situation and are creditworthy again. Some of the more important aspects of this process to focus on include paying all of the other debts on time, not opening more credit lines, and disputing any inaccurate, negative information.

However, possibly the most important action for property owners to take after facing foreclosure is to analyze their current financial status and begin a monthly savings plan. If they are still in a position where all of their monthly income is going towards bills, housing expenses, and basic general expenses (food, transportation), then it may be wise to consider taking on a second job, eliminating as many expenses as possible, or downsizing to a smaller house or alternative living arrangement. If there is no room in the budget for even a small savings plan, then it is unlikely the homeowners will be able to weather the next financial storm.

Foreclosure can be an incredibly destructive financial process, but it can also provide a unique opportunity for homeowners to reconsider their financial habits and plan for their future with a fresh start. With completely damaged credit, it may be in their best interests to discharge other debts through bankruptcy or focus on living without the pain of borrowing money from credit cards just to finance their lives. What homeowners specifically do after foreclosure will be entirely dependent on their economic situations, but every one of them should carefully assess their current financial conditions and plan for the future.

Not as long as you can prove you paid it.

If the home was a short sale, many investors will view that like a foreclosure. Please proved more details on the type of transaction this was.

The amount of time to collect on a bad check depends on the state laws in which the check was written. Generally, the statute of limitations is from one to three years. If the process is started before that time, there is no time limit.

As discussed many, many times here; Charging off or Writing off a debt is a required accounting entry. It is how the one you stiffed, shows the asset it was to receive (the money you we're to pay), and it expected or had already recorded as income, will not happen, and instead it has an expense, or a loss.

It does not forgive the debt, relieve the debt, excuse the debt, say they won't try to continue collecting the debt, etc...it just says that it is a bad debt, uncollectable and no one looking at their financial statements should think they have any expectation of receiving income for it.

It is nothing good for them...only bad.

You have bad credit with them, and reasonably, they don't want to extend you anymore...or they may have to charge it off....which means not got paid and record a loss for the service they provide. I suspect your picking and choosing what they are saying. It isn't that the big bad phone company is just threatening to not provide service, it is that they won't continue unless you pay your debt.

Clearly, instead of trying to find a way to believe that they are doing something wrong...perhaps you should simply pay YOUR bill? You should be thankful that many phone cos and utils do not report charge off to credit agencies...or you would find most everything else you want someone to trust you for would be denied too. See, you've shown, your a deadbeat.

Yes its real. Dont deal with a phone. do everything in writing through certified mail. they are jerks and will intentionally try to aggrevate you.

I am not an attorney and I cannot give legal advice. Please seek professional legal advice from a competent professional.

I believe that an LLC located within a home being foreclosed upon would not be at risk other than needing to relocate. However, there may be more to consider that I am not aware of.

As discussed many, many times here; Charging off or Writing off a debt is a required accounting entry. It is how the one you stiffed, shows the asset it was to receive (the money you we're to pay), and it expected or had already recorded as income, will not happen, and instead it has an expense, or a loss.

It does not forgive the debt, relieve the debt, excuse the debt, say they won't try to continue collecting the debt, etc...it just says that it is a bad debt.

For the company doing the accounting, one of the points of charging off an account is to say it is no longer a productive asset.....so they cannot accrue interest on their books...because its to a dead beat and it can't reasonably be expected to be received. (Also, under many circumstances, they would have to pay taxes on just recording the accrual of interest they expect to earn. They wouldn't mind paying the tax, if they actually might earn something).

The one who owes, still gets charged interest on the debt they still owe. they also normally get charged all the costs incurred in collecting the debt. Accounting entries done by the one they owe money to does not change any of their obligations.

I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed

I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed

A credit card debt will be granted a judgment possibly and then the company can pursue you to collect the debt. A garnishment could even be awarded, although this is rare on unsecured debt.

The foreclosure will be on your credit report indefinitely.

The deed in lieu is pretty straightforward. In short, it means that the mortgage creditor will accept the deed of the house in lieu of payment when the debt owner is no longer able to pay upon the debt. When this happens, the home owner surrenders the property and moves out saving the mortgage creditor the lengthy time and legal trouble of taking an legal action upon the home owner to remove the home owner from the premises, enabling the creditor to recover the debt owed. Usually this is to the benefit of the home owner in situations where the housing market is depressed, there are many foreclosures on the market preventing the usual sale of the home, and the amount of equity in the house is not worth keeping the house, and/or selling the house under normal market circumstances.

If you have a second mortgage, you should also consider that that debt is yours because the mortgage creditor is only concerned about the first mortgage, and not any subsequent mortgages taken against the home.