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PowerChat: á PowerChat: *** Entered Chat Room II on 7/18/96 at 08:06 PM *** PowerChat: á Danotepp: hello RLBnkrpt1C: Hi! RLBnkrpt1C: So, what's on your mind tonight? RLBnkrpt1C: Got a question or a problem, or a solution or a success to share? Danotepp: hello RLBnkrpt1C: What's up Dano? Danotepp: Do you have suggestions for any kind of debt? Danotepp: Remortgaged last month and cut it from 30 to 15 yrs. and from 11 to 9% RLBnkrpt1C: Nice job! Danotepp: Our appraisal didn't come in as high as we wanted and couldn't get enough to pay Danotepp: some "extra bills" RLBnkrpt1C: What did your monthly payment go from to? Danotepp: $660 to $671 Danotepp: we pay our own taxes RLBnkrpt1C: How can I help? Danotepp: our credit report didn't look good, so we can't get a loan to pay off bills Danotepp: any suggestions on how to cope with these overloaded bills besides bankruptsy? RLBnkrpt1C: What's your income and what are your monthly payments on the bills (minimums?)_ Danotepp: We have good incomes, alot goes out before we get it in our hands KEEKOO: I am in the process of trying to clear up a bad credit report. Danotepp: the screen is big enough to list them!! KEEKOO: Ten years ago I filed bankruptcy and it should come off this year. Danotepp: mortgage, 2 pers. loans come out first Danotepp: brings home about $250.00 after that KEEKOO: I can now afford to pay my bills and I have one major credit card but, I want a house RLBnkrpt1C: IS that 250 what you need to use for minimums? RLBnkrpt1C: Keekoo....how much do you pay in rent? Danotepp: minimums? KEEKOO: $154 RLBnkrpt1C: Dano... minimums on the credit cards... or is that $250 extra... RLBnkrpt1C: Kee...Are there any bills you can pay off this year? Danotepp: just about, but, we're so behind! KEEKOO: I have several judgements on my credit report mostly medical Danotepp: theres a few bills that have a couple hundred balance on them Danotepp: but, theres also, card-$1000 card-$3000 loan company- Danotepp: $3000 RLBnkrpt1C: Dano... I'd worry about doing bankrauptcy, only because since you just refinanced... RLBnkrpt1C: the trustees are going to look at that. RLBnkrpt1C: Kee...these are judgements that we'rent on your bankruptcy? KEEKOO: yes RLBnkrpt1C: Kee...how much are the judgements for? Danotepp: I don't want another loan to consolidate, seems like thats how we got in this mess KEEKOO: They all equal to about $4,000 Danotepp: meanwhile, the utilities pile up RLBnkrpt1C: Dano.. I know what you mean! Consolidatino gets lots of folks into trouble! KEEKOO: Do you think it will be hard for me to buy a house? RLBnkrpt1C: Kee.. creditors will look at athe judgements.. Have you tried to pay them down? RLBnkrpt1C: What kind of luck are you having with them? KEEKOO: Everything I have obtained since then have been paid on time. RLBnkrpt1C: Dano.. was there a particular reason you frefinanced at 15 years and not 30? KEEKOO: I am looking for a house owner hold mortgage or maybe equity. RLBnkrpt1C: Keek.... you may be able to find a "rent with option" landlord who will overlook the Danotepp: yes, we're 37 and 38 and didn't want to pay forever RLBnkrpt1C: judgements....but they most likely will do a credit check... KEEKOO: It is going to take me awhile to pay off all those judgements against me. AJLush: How long do I have to wait until I can buy a house after bankruptcy? It's been 1 1/2 year RLBnkrpt1C: and then you're stuck trying to explain. RLBnkrpt1C: AJ.. what does your credit report look like now that the bankrupatcy is discharged? AJLush: Excellent RLBnkrpt1C: Dano...are there any places you can cut back on? RLBnkrpt1C: AJ.. as long as everything is updated on your credit report....showing that Danotepp: 2 teens, braces, etc...... RLBnkrpt1C: you've discharged the debts, that they're not still listed as "under collection, RLBnkrpt1C: Dano.... EEEK talk about expenses! RLBnkrpt1C: AJ.... then you can easily qualify for a mortgage. RLBnkrpt1C: AJ.. have you managed to put any new positive info in front of the bankruptcy on your RLBnkrpt1C: credit report? RLBnkrpt1C: Dano.. how much equity do you have in your house? AJLush: Me and my boyfriend applied for a mortgage loan 2 weeks ago and are still waiting for an Danotepp: I want to help my husband out and think of something to do AJLush: answer RLBnkrpt1C: AJ.. congrats! AJLush: The bankruptcy is the only thing that we are worried about. Danotepp: it came in at 83,000. RLBnkrpt1C: As long as you have new credit information that shows you can handle money better RLBnkrpt1C: than before, you shouldn't have a problem. How much do you make, combined RLBnkrpt1C: and how much are you applying for? Danotepp: That seemed quite low. 2 years ago, it came in at 85,000 RLBnkrpt1C: Dano... did they reappraise how much the house was worth? RLBnkrpt1C: Dano.. and how much of a mortgage do you have? Danotepp: that was the appraisal Danotepp: 83000 RLBnkrpt1C: And how much is your mortgage, Dano? Danotepp: the mortgage was for 64,000 AJLush: Combined income-55,000 per year; applying for 113,900. RLBnkrpt1C: Okay, so you have about 19K in equity....hmmm..... RLBnkrpt1C: You could see about taking out a second mortgage to pay off some of the debts. RLBnkrpt1C: What do they total, Dano? Danotepp: outstanding debts? RLBnkrpt1C: Yep! Danotepp: about $9000 RLBnkrpt1C: AJ.. that shouldn't be a paroblem qualifying.. what does your boyfriend's credit RLBnkrpt1C: look like? Danotepp: they gave as much as they could at 80% AJLush: He is the one with the bankruptcy (divorce); my credit is excellent. Danotepp: 80% of $83,000 came out to about $64000 RLBnkrpt1C: AJ... then I think you guys are in goo stead! RLBnkrpt1C: Don't sweat it! RLBnkrpt1C: Dano....You may need to work on getting some of the itnerest rates lowered, RLBnkrpt1C: or getting some of the accounts cancelled. I wouldn't declare bankrutpcy RLBnkrpt1C: over 9k with 19k in equity in the house! Danotepp: is that good or bad? RLBnkrpt1C: Dano... the trustee is mostr likel.y to tell you to sell the house to pay off the 9K. RLBnkrpt1C: You can do better by lowering interest rates on some of your debts yourself. RLBnkrpt1C: What's your highest interest rate card charging you right now? Danotepp: what do you mean by cancelling the accounts? Danotepp: about 18% visa RLBnkrpt1C: Dano... cut up the credit cards so you can't charge on RLBnkrpt1C: them, and pay them down, one by one Danotepp: we don't use them, they're late and the interest keeps adding up when we're late Danotepp: I guess I'm back to square one, thought you'd have suggestion for getting more equity RLBnkrpt1C: Dano.. here are the best suggestions. Danotepp: bankruptsy is looking better and better RLBnkrpt1C: First, call the creidt card companies and ask them to freeze the interest RLBnkrpt1C: for you for 6 months while you get back on your feet. RLBnkrpt1C: Be unfront and tel them that you're thinking about declaring bankruatpcy RLBnkrpt1C: but want to make good on your debts so you don't have to. RLBnkrpt1C: Dano... when did you refinance your house? Danotepp: what does freezing do? Danotepp: May RLBnkrpt1C: I would recommend going back to the lender and askaing them to switach you to a 30 C Don 64: Paula what does it mean when a correspodence and claims of a security interest fail to list RLBnkrpt1C: year mortgage. Thsi way, you can use the money you're not paying on the mortgage RLBnkrpt1C: to pay down some of the debts. C Don 64: in detail a description of the alleged collateral RLBnkrpt1C: Dano.. you have ato ask yoruself... are youw illing to lose RLBnkrpt1C: your home in order to pay off the 9k? RLBnkrpt1C: CDon... I think that means that they can't get confirmation RLBnkrpt1C: of the item that is securing RLBnkrpt1C: a debt. Why? RLBnkrpt1C: CDon.. good to see you againa, by the way! Danotepp: no, does $9000 seem like alot, there are other loans, personal , car, etc, also RLBnkrpt1C: Dano.. what does the total debt add up to? the 9k in RLBnkrpt1C: credit cards, other loans, car etc? C Don 64: my lawyer said not to reaffirm Danotepp: car is 4000, personal loans 12,000, $9000, credit cards and rest C Don 64: he claims that it's present form is unacceptable RLBnkrpt1C: CDon.. what's the debt for? C Don 64: office max and fretters RLBnkrpt1C: Dano... are any of those for items that you want to keep? The car? RLBnkrpt1C: CDon... is fretters a department store card? Danotepp: the car, yes, personals were for house siding C Don 64: officemax was for ink and cd's and fretters was for 2 tv RLBnkrpt1C: CDon.. okay.. they're depreciated; I wouldn't reaffirm them RLBnkrpt1C: either. I know you wanted RLBnkrpt1C: to keep them for biz reasons, but you're probably better off not havinag them. C Don 64: the 2 tv's were gifts to someone RLBnkrpt1C: Dano...If all you had was your mortgage and the car loan, could yo make ends meet? RLBnkrpt1C: CDon... that's how I maxed out my cards...buying gifts for people!!!! LOL Danotepp: yes most definitely!! C Don 64: do they ask for them back RLBnkrpt1C: SEriously, though, is there any concrete reason to keep the cards? RLBnkrpt1C: No, they won't ask for the merchandize back. C Don 64: oh ok C Don 64: so what will happen now RLBnkrpt1C: CDon... did I just see you wipe that sweat from your brow RLBnkrpt1C: and exhale a sigh of relief? C Don 64: yes RLBnkrpt1C: LOL! Where do you stand right now on the filing? C Don 64: I already filed RLBnkrpt1C: Dano... then, you might consider bankruptcy, and RLBnkrpt1C: "reafafirm the car loan and the mortgage. C Don 64: and these folks did not show up RLBnkrpt1C: And all the paper work is done, CDon? C Don 64: yes RLBnkrpt1C: They didn't show up on the bankrutpcy listing or as creditors? C Don 64: been to the hearing Danotepp: what does reafirm mean? C Don 64: right Danotepp: daughter is supposed to go to college next year RLBnkrpt1C: Dano.. reaffirm means taht you agree to still make payments on those two debts. C Don 64: I had them listed but the creditors did not show up Danotepp: I wouldn't lose my house? RLBnkrpt1C: CDon.. then there's nothing you need to do. They weren't interested in showing up. Danotepp: what does that mean for college? RLBnkrpt1C: Dano... no because you would keep making payments. Now, a lot of this depends on RLBnkrpt1C: what state you live in...different states allow different exemptions. Danotepp: ny RLBnkrpt1C: Some states might force you to tap more equity to pay down some debts... C Don 64: they sent this letter to my lawyer RLBnkrpt1C: Waht did the letter say, CDon? RLBnkrpt1C: DAno.. I'd check with a banrauaptcy attorney or two to see what they say about RLBnkrpt1C: exempting the house. Danotepp: my personal loans, car and mortgage are with the same credit union Danotepp: I can bankrupt 2 personals and pay for the others at the same place? C Don 64: they claimed to be a secured but it does not appear any where in the agreement RLBnkrpt1C: dano.. should be able to. RLBnkrpt1C: CDn... what did your attorney say?W Danotepp: my husband is gonna hate this idea C Don 64: not to reaffirm RLBnkrpt1C: I hated it when I had to do it...but it's one of the only ways RLBnkrpt1C: to get back on your feet. Danotepp: I'll try calling the credit card companies first, and go from there RLBnkrpt1C: CDon.. it sounds like the letter was an attempt to get you to pay them and not RLBnkrpt1C: include them in the bankrutpcy. A ruse, most likely. Danotepp: at least it's not winter, [buffalo], if they shut off the gas, no big deal right? RLBnkrpt1C: Dano.. that's what I'd suggest. You can usually get them RLBnkrpt1C: to negotaate. Also, check with RLBnkrpt1C: hte credit union to see if they'll negotite on the personal loans. C Don 64: yeah that's what I thought RLBnkrpt1C: Dano... I'd also call the utes and ask about negotiating some payments, like being RLBnkrpt1C: abale to pay an extra $5 or $10 a month while you work to get other debts paid RLBnkrpt1C: off. Utes are pretty good... if you keep the money coming. RLBnkrpt1C: If they get shut off, it's a lot harder to get them turned back on! RLBnkrpt1C: So, CDon.. when did they say you'd hear about the discharge? C Don 64: 60 days RLBnkrpt1C: CDon.. Great! You're on the right track! Have you been setting aside some money in Danotepp: We've already negotiated with utl. co. made arrangements RLBnkrpt1C: a savings account? RLBnkrpt1C: Dano.. Great! You're on the right track! Just keep going one RLBnkrpt1C: step at a time. That's all you need to do! C Don 64: yes and now I'm getting ready to buy a mobile home RLBnkrpt1C: Are any of the creditors bugging you with phone calls or anything? RLBnkrpt1C: CDon.. that's great! What thype of interest rates are you looking at? Danotepp: ALL THE TIME I'm honest with them, but, they keep callin 2 times a week C Don 64: I'm paying in cash no more credit RLBnkrpt1C: Dano... gets frustrating, don't it! Want them to stop calling? RLBnkrpt1C: ATTA BOY DON!!!!! Danotepp: definitly Danotepp: nervous breakdown time:( RLBnkrpt1C: Here's a creditless travel tip from our report: You can buy RLBnkrpt1C: tickets with a check over RLBnkrpt1C: phone from USAir! RLBnkrpt1C: DAno.. all you need to do next time they call is say "it's inconvenient for you C Don 64: Paula Thankyou for all your help and messages on the boards you are a great Lady RLBnkrpt1C: to call me regarding this. All further contact on this RLBnkrpt1C: matter should be made by mail. Here's my address. RLBnkrpt1C: CDon you're making me blush!!! Thank you! RLBnkrpt1C: Dano.. by law they can't contact you by phone! C Don 64: Have a great night Bye:) RLBnkrpt1C: TEN MINUTE WARNING< FOLKS! Danotepp: I guess they don't know the laws RLBnkrpt1C: CDon.. you too! RLBnkrpt1C: Dano.. they like to stretch them a bit! Danotepp: I tell them what I can afford to pay and they say thats not enough Danotepp: well, thanks for the information RLBnkrpt1C: Dano.. don't even bother. Just tell them it's not conveinet to talk to you. RLBnkrpt1C: Work with the people who are willing to work with you and don't worry abouat the RLBnkrpt1C: others right now. Since the''re already late, it's already showing up RLBnkrpt1C: on you rcredit report. It can't get any worse. RLBnkrpt1C: It can only get better! Danotepp: hope so:( Danotepp: putting a real stress on the marriage Danotepp: have a good evening and thanks RLBnkrpt1C: {{{{{{{DANOTEPP}}}}}} there's a big cyber hug for you! RLBnkrpt1C: Take care of yourself. Talk with your creditors this week and come back RLBnkrpt1C: next week and give me an update. You can get through this, step by step! Danotepp: when will you be here again? RLBnkrpt1C: Next thursday at 10pm est! RLBnkrpt1C: RAin or shine! Danotepp: bye KarenMKM: Is there a topic at 11:00 p.m. or does the room simply close? RLBnkrpt1C: At 11 there's a great insurance class here! KarenMKM: OK, thanks RLBnkrpt1C: And you're always free to chat amonst yourself!!! KarenMKM: Actually,our numbers our dwindling! KarenMKM: Have a good evening! RLBnkrpt1C: This is true! CYBORG40: j RLBnkrpt1C: Well, folks.. the last few minutes were kinds slow... but that's a wrap. RLBnkrpt1C: Hope you 'll come back next thursday at 10pm est and join us again!