Details – Got misguided by a con-artist mortgage broker. I was paying my mortgage on time and then refinanced because he told me I’d get a lower interest rate. The bank "forgot" to put an escrow account in my loan, unbenownst to me until nearly a year later. It jacked my payment up by 0/mo.

Anyway, tried restructuring with the bank and put my house on the market. I found two buyers but the bank has been unwilling to come down on their price, even though the house’s value has depreciated significantly.

I had a 722 score but now my credit is completely shot all because I made a dumb choice by refinancing and got taken. So… I really didn’t want to go through bankruptcy but only as a last resort. However, the house is still in limbo with the potential buyer (short sale) #2 if the bank agrees to an offer. Should I file bankruptcy now or when it gets closer to a court date? I get about 50 calls a day from bill collectors. I just leave my phone on silent and keep on working.

I know there’s never a BEST time, so when is the RIGHT time if someone is contemplating bankruptcy? And what will happen to me?

Technorati Tags: best time, bill collectors, con artist, escrow account, interest rate, last resort, limbo, mortgage broker, quot, refinancing, restructuring, right time, score, should I file bankruptcy

I owe a LOT on my credit card bill (my minimum payment is 5/month) and my interest rate is 12%. Please understand that this has taken almost 2 decades to get to this point and it was unintentional. Anyways, I have good credit with a score of 771. I don’t want to ruin that by filing bankruptcy. I am wondering if there is an alternative where I can cancel the card, pay say /mo and not have interest accrue. I will pay til I die if I have to but I cannot afford this anymore. I know you can do something similar with medical bills, so I thought maybe there is something out there for credit card bills. If it helps, I am disabled and receive SSDI, so maybe there is a government program, I don’t know. Thank you for any/all suggestions.
Just some additional thoughts, what would trash my credit worse? Filing bankruptcy or debt settlement of some type as one person mentioned? Also wondering, if I just ceased paying or only paid the very minimum I could, and lets say they end up putting me in collections, etc., and let’s say they sue me for it, could they put a garnish on my monthly SSDI check? I don’t have any assets they could take (savings, house, etc).

Technorati Tags: 2 decades, assets, collections, credit card bill, credit card bills, debt settlement, filing bankruptcy, garnish, government program, interest rate, medical bills, minimum payment, score, ssdi

hello, I just filed for bankruptcy oct 25th, i haven’t received my discharge yet , but will be very soon. I was wondering, how long will it take before my credit gets good enough to maybe get a good interest rate on a house or a car. I am in nursing school right now, and will be graduated nov 3, 2008. I hopefully want to have my credit to a point where i can get a good rate on a house. What steps can I take to improve my credit? I did just recently get a credit card w. a 350 $ limit, and plan on paying monthly to improve my score. I was rather suprised I even got a card w.out the discharge. I also just opened a checking accounts, and again was suprised to see i was accepted w. no problem, w. a big bank like bank of america no less. But what else can i do to achieve better credit and how long does it take? has anyone had similar situations. I am kinda scared to put alot of money in my bank account, because I am afraid a shady creditor will take my money out and garnish it. please help

Technorati Tags: alot of money, bank of america, bankruptcy, checking accounts, credit card, creditor, interest rate, nursing school, score

My husband and I got into credit trouble when we were younger. We are in our thirties now. Our credit scores are crap (low 500’s) but we would still love to buy a home with our VA loan someday soon. Here’s the issue, we have alot of old crap on our credit report that is either paid off or charged off. Some were deleted and others are just left on their with no action. Should we file for bankruptcy? Try and get stuff removed since it has been past 7 years? Or pay it?? I feel like everything we paid a year ago didnt make a difference and if anything made our score lower. We just are tired of renting and want to buy, we make good money….what to do!!!!

Technorati Tags: bankruptcy, crap, credit report, credit scores, credit trouble, money, score, thirties

? If we can’t buy now, what can we do to prepare to buy? My Husband filed for bankruptcy (ALONE) as little as 6 months ago, and I started a new job (which is in the same field I’ve worked in for the past 8 years). Together we make yearly and I have a total of $,000.00 in debt (if comparing debt to income) ,000.00 is for a 7 year old car repossession (that will not go away) and the rest is for a car I’m financing (which has been on time for the past two years), other than that, my credit is nice. I’ve never been evicted and I have a truck that was paid off in 2005. Of course since my Husband filed chapter 7 he has no history (score of 0). When should we be able to purchase?

Please answer ALL questions if you can.

Technorati Tags: 8 years, bankruptcy, car repossession, chapter 7, new job, score

I am not eligible to receive a student loan by myself because of my young credit of only about a year even tho I have an excellent score.
I am not able to have my parents cosign for me because they are coming out of bankruptcy a little over a year out and have re established their score. but the loan companies and banks say it needs to be 2 years. I recently transfered to a very expensive school. I did receive a scholarship, but it doesn’t quite cover the cost, which including housing is around 40k per year. I have excellent grades deans and presidents list every quarter of my 3 year length college career.
But what I really do not understand is how on a deferred student loan you are required to have a co-signer when they can be removed as your co signer after 18- 24 months.
This does not make much sense to me and if anyone has any kind of alternative ideas comments or solutions I would appreciate everything I can get my hands on.

Thank you

Technorati Tags: bankruptcy, banks, co signer, college career, loan companies, parents, presidents, scholarship, score, student loan, tho

I had a few judgements that were supposed to be removed from my credit report when I filed for chapter 7 bankruptcy, but 2 of them are still on there. How do I get these removed, like who do I contact. One I had contacted someone before and they said they were going to remove the item, yet they haven’t and it is being reported on all 3 agencies which I am sure is bringing my score down. The other one is only on my experian, but it should have been removed once I declared bankrupcy right. There was also a collection that was never removed. All three of these items are on my discharge report and my report when I filed, so they should be gone right. Any info would be greatly appreciated.

Technorati Tags: chapter 7 bankruptcy, credit report, experian, judgements, score

My credit is horrible although I never have had credit cards or repos. I just never paid bill when I was younger. I figured it was no big deal. Like I couldn’t even tell you who I all owe. My family has been using my info since I was a kid. My score is really low. Now I am grown, married with children of my own, of course I pay my bills now. But how do I go about fixing the past if I don’t even know who I all owe. I would like to buy a house someday. Should I file bankruptcy???

Technorati Tags: credit cards, married with children, score, should I file bankruptcy

I think I owe about 20,000 in I have 4 credit cards, 1 repo, 2 broken leases, and utility bills oh and 1 cell phone, but I have heard that paying old debts can still lower my score more than what it already is, I dont want to file for bankruptcy but if I dont where am I going to get 20,000 dollars? It all started when I turned 18 I am 25 now. Is it true that after 7-10 years they just fall off your credit should I pay, file bankruptcy or let it fall off, if thats true? My god mother filed for bankruptcy and was able to rebuild her credit but with my luck I wont be able to do anything I want a fresh start and I want to fix my credit does anyone have advise I obviously dont have alot of money please help.

Technorati Tags: 10 years, bankruptcy, cell phone, credit cards, debts, fresh start, god mother, leases, money, repo, score, utility bills

My mother in law has a store credit card and my husband is listed as a user not co applicant and she is thinking about filing bankruptcy. On his last credit report the card does show up on his report. Do we need to remove him as an authorized user to protect his credit? If we do, will that affect his score? If she closes the account does that affect his score?

Technorati Tags: credit report, filing bankruptcy, mother in law, score, store credit card

I’m trying to look at all the options here and wondering if I file bankruptcy when will my score go up or does it ever go up?

Technorati Tags: bankruptcy, score

Our loan was in a "modification" with the mortgage company and we were late on the payments. We sold one of our trucks on Friday for 00.00 to pay the 2 months behind and today we got the letter in mail saying they were continuing foreclosure proceedings.
We called and they said we don’t make enough, but we do so they are working on something, but I have a bad feeling that they are stalling. I want to sell the house, but my boyfriend does not want to. Our home is worth more than we refinanced for, but will be hard to sell quickly. Our credit is terrible and our score is very low. What about filing for bankruptcy or trying to sell fast..before foreclosure starts again?
I don’t think we can do much to get out of the mess we’re in.
(we missed the payments because a/c broke..we live in florida and have new baby so we had to buy window units.)

Technorati Tags: amp, filing for bankruptcy, foreclosure proceedings, mail, mortgage company, new baby, score, trucks

I have been unemployed for 9 months with bad credit as a resultof late payment. Should i file chapter 7 b/c I currently have no assets or dispute with my creditors to have some things removed from my credit report to improve my score? I am only 21yrs old and in need of a car and I am trying to straighten things up. Please help!

Technorati Tags: 9 months, assets, bad credit, chapter 7, credit report, creditors, score

I have about 30,000 in debt, i pay around 600 a month in credit bills. Ive never defaulted and my APR’s are low but with the economy my profession has slowed and its getting hard to pay everything and im drowning. Should I file bankruptcy?? I would hate to ruin my credit now that im older and have never had a bad score, but what can i do?? im drowning! please help!!

Technorati Tags: economy, profession, score, should I file bankruptcy