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Got a question, hope someone can answer... Yahoo phone out service wont take my prepaid Discover Card? Many thanks for any answer or 2. Second question.. My wife has been divorced for three years. We married one year ago. She and her former husband own home in TN in which she and I make the monthly payment of $408 per month. |
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Hmm... I need to find out myself. I don't know what is the answer to your question. I'll do some poking around and get back to you if I discover an answer. You should email the people at Discover Card as they probably could assist you..
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His BK shouldn't affect her report. The question I would be more concerned with is how the bankruptcy will affect the ownership of the house. It will be considered an asset and the last thing you want is for one of his creditors to attach some sort of a lien on his half...
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If the mortgage is reporting to her reports it might report as IIB...
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I wonder if she could keep it off her credit by proving that the house was awarded to her in the divorce and that she's the only one who has been paying (with Discover card) for it..
She needs to get an attorney and get ex's name off the note and deed before he files, if possible... |
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Divorce decrees from family court in general do nothing to alter contractual obligations, such as those associated with a mortgage...
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Can she get a loan modification just in her name only before the bankruptcy?..
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NO BK COURT or JUDGE CAN RE-WRITE A MORTGAGE LOAN.
(nor can any DIVORCE COURT or JUDGE). This post has been edited by. GEORGE. : 13 January 2010 - 07:04 PM.. |
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What I ment was, go back to the bank, and let them know that she was awarded the house and would like to do a loan modification(re-finance) in her name only..
But, my understanding, there has to be a reasonable amount of equity in the house to do so?. This post has been edited by. Beli. : 13 January 2010 - 07:29 PM.. |
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There is no equity.....this is a Double Wide that we would love to get rid of. It's been on the market for 1.5 years with no real interest. It's being priced at the payoff ammount which is probably $5-10K over the market value. It is a nice place and sits on three acres which is included as part of the mortgage. It's on an ARM loan which is 4.00% for 2010 = a $408 monthly payment + another $110 for insurance. Taxes are a paltry $300 per year.
There are two reasons why we continue to pay on time every time. DW can't stand the thought of having any baddies on her report. Second, her father who is on disability and terminally ill is living there. We made the decision together to allow him stay there until he passes. (They have never been very close). When that happens we will mostly likely try a short sale hopefully for about $50K. So then what happens? Anyone with any experience on Short Sale with Greentree?.. |
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That's the way I understand it as well. The Key to a short sale is to get the lender to agree so title can be transferred without a hitch. We would be liable for the difference. If we decided not to pay after that no forclosure would happen but I'm sure some other baddie would then show up. My father suggested to stop paying (with Discover card) all together after DW's dad passes to gain leverage with the lender. Otherwise they're not as willing to negotiate if they don't perceive a threat of getting back a property that is $10K+ in the ditch..
I just don't think DW wife can stomach the idea of doing that...... I did tell my father we would consider doing that only if he would co-sign on our mortgage when we build in a coupe of years. He sais he would get back to me on that... |
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Greentree is a pure pain I am primary on the ex's mortgage never a late payment in 10yrs but the refuse to recognize the divorce decree.....This is 3yrs after the fact....
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They dont have to recognize the divorce decree. The only option is to refi or short sale...
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I don't have an answer about your DW's credit, but we had a loan through them that we bk'd. They sent it to collections after they were notified of the bk and the CA called us. When I explained they'd received a bogus collection they sent it back to GT who then did nothing. We told them when we would be moving, 6 months after filing, and they were compliant. They even managed to report it to the CRA's correctly..
And yes, the are predatory lenders, they were sued by the gov and then listed on .gov site as such.. |
