Debt Settlement for credit card debt?
Posted on | March 25, 2009 |
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In year 2007 July I filed a debt settlement program to settle my credit card debt for 3 creditors. Estimate pay off $425 per month for 30 months. In 2008 I got married and my husband didn’t know anything about my debt, he had a house which he brought it before we got married, he had refinance the house lately, it needs my name on the Deed of Trust under Tennessee Law. I already settle one of the creditor in 40%, but in December I’ve lost my job and I’m also 8 months pregnant now, which is really difficult for me to find a job in today’s economy situation. I just paid off the entire estimate amount recently but since I have not paid the creditor directly they accumulated the interest. All the money in reserve account is only enough to pay off 30%- 35% of the total debt. Is that enough? And what if they turn off my offer? Will they put a lien on the house even my husband brought it before we got married? Is it too late to file bankruptcy? I don’t care about my credit but I can’t let they take any action for the house or my husband; he has nothing to do with this. The two creditors are Chase and Citi. Many thanks!
I am not clear as to understand if the deed has you name on it already or, if you and your husband both are moving in the direction of doing do. His house was his before marriage so they cannot do anything to his home. Your debt was yours before marriage but the things is debt becomes joint once you are married.
What is the big difference between Debt Settlement and Credit Card counseling?
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5 Responses to “Debt Settlement for credit card debt?”
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March 25th, 2009 @ 5:54 pm
Your question isn't 100% clear, but credit card companies can't put a lien on a house, especially if its your debts and your husband's house.
Since you are now married, your fiances are one. There is no longer "his" and "her", only "ours" so you guys should work together to live on a tight budget and clear up your debts. It may take longer than usual because you are having trouble finding work, but you are in this together, that's what marriage is all about.
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March 25th, 2009 @ 6:06 pm
Ok TN is a dower state and if they have a judgment it may have attached already. Let him refinance the loan using his credit and income and you must sign the TIL and the deed of trust and the right of rescission by TN law.
I am a mortgage banker in TN & KY
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March 25th, 2009 @ 6:53 pm
I am not clear as to understand if the deed has you name on it already or, if you and your husband both are moving in the direction of doing do. His house was his before marriage so they cannot do anything to his home. Your debt was yours before marriage but the things is debt becomes joint once you are married.
References :
March 25th, 2009 @ 7:17 pm
It's up to your creditor to decide if it's enough to settle…each one will have different criteria. Remember that your creditors are under no obligation to accept settlements from any firm that you hire. They have the right to refuse to settle. If they refuse to settle, then what they do after that point is impossible to predict…they will either just sell the debt to a debt collector…or they will serve you a summons and take you to court. If they take you to court and win a judgement, they may be able to garnish wages and they may be able to put a lien on the house. They CANNOT force you to sell the house….
Don't worry about this issue until you receive a confirmed summons with a confirmed court docket #…If you get this in the future, then it's time to start worrying…..so don't file BK until you know for sure what action your creditors are going to take….wait it out…
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March 25th, 2009 @ 7:50 pm
I found a nice online list of Tennessee local credit card resources. http://www.howtofindcreditcard.com/Tennessee-Credit-Cards.html Try calling a local company and they hopefully answer your questions.
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