Michael Forest Day’s Answers

Michael Forest Day

San Ramon Financial Markets and Services Attorney.

Contributor Level 7
  1. Bank credit cards "2" holder and non holder laws

    Answered over 5 years ago.

    1. Michael Forest Day
    1 lawyer answer

    First, you need to determine your exact status on the account. Was it a joint account? Were you a guarantor? Or were you only an authorized user? If it was a joint account or if you were a guarantor, you are liable on the debt, and there is little you can do to get this negative item removed from your credit report. However, in either case, you would be entitled to receive the account statement. From what you have described, however, it appears that you were only an authorized user (...

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  2. Can a credit card company put a lein on my bank accounts

    Answered almost 6 years ago.

    1. Michael Forest Day
    2. Gabriel Cheong
    3. Brett D Weiss
    3 lawyer answers

    Yes. First, it must sue you for the unpaid balance on your account. If it wins, it can attach any assets you may have. In practice, however, this generally doesn't happen. The issuer will "charge off" your account after it has been delinquent for 180 days. Both before and after charge-off (especially after), the issuer generally will be receptive to an offer to settle your debt for less than the full amount. I'd urge you to negotiate with them; you can usually get a reasonable deal that...

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  3. Is this card could for my credit or not?

    Answered over 2 years ago.

    1. Frank Wei-Hong Chen
    2. Kathryn Ursula Tokarska
    3. Michael Forest Day
    3 lawyer answers

    Believe it or not, it's not just going overlimit that can lower your score. Line utilization is one of the factors Fair Isaac (the company that developed the credit scoring model used by all the major credit bureaus -- that's why it's called FICO -- Fair Isacc Company) uses to compute your credit score.. If your balance is over 50% of your credit line, that impacts your score negatively (slightly). As your line utilization increases, the negative hit to your score increases. It's not a huge...

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  4. The owners of the house are no longer making house payments to the bank. As tenants, do we have to keep paying rent?

    Answered over 5 years ago.

    1. Michael Forest Day
    1 lawyer answer

    Yes, you must still pay the rent according to your agreement with the landlord. It's his house until he sells it or until a judgment of foreclosure is entered.

    1 person marked this answer as helpful

  5. If my house is foreclosed and sold in an auction could I be held liable for any deficiency

    Answered almost 6 years ago.

    1. Michael Forest Day
    2. Gabriel Cheong
    2 lawyer answers

    Like so much else in the law, that depends on several factors. The primary factor is the law of the state where the property is located. You didn't indicate what state that was. Some states permit the lender to sue the borrower for a so-called "deficiency judgment" (to recover the difference between the amount realized from the sale and the amount owed on the loan plus costs of foreclosure). If the lender can sue to obtain a deficiency judgment on a loan, the loan is called a "recourse...

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  6. Can a restaurant take out a tip from my bank card without my authorization

    Answered almost 6 years ago.

    1. Edgardo Rafael Baez
    2. Michael Forest Day
    3. Gabriel Cheong
    3 lawyer answers

    No, they can't. But there are two things that might have happened here. What I suspect happened has to do with the way restaurants (and hotels, rental car companies, and gas stations) process credit card transactions. What generally happens in restaurants is that you get a bill with no room to designate a tip. You then provide your credit card to the restaurant and they get an authorization (not a charge, just an authorization). But the authorization they get is NOT for the amount of the...

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  7. Bank and stores responsibility for stolen check card, victim's right against bank and store in WI

    Answered almost 6 years ago.

    1. Anthony D. Cotton
    2. Michael Forest Day
    3. Anthony John Colleluori
    3 lawyer answers

    I'll add a couple points. From your question, I assume that it was a debit card that was stolen and not a credit card. The bottom line on lost or stolen debit cards (credit cards, too, for that matter) is simple: NOTIFY YOUR BANK AT ONCE IF YOU DISCOVER THAT YOUR CARD IS LOST OR STOLEN. First, I hope you contacted your bank promptly and notified them that your card had been stolen. For debit cards, federal regulation limits your liability to $50 if you notify them within two business...

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  8. If I am a credit card holder of the bank and no checking or saving account with them, they refused honor my paycheck to pay

    Answered almost 3 years ago.

    1. Michael Forest Day
    2. John S. Fason
    2 lawyer answers

    What you are asking the bank to do is to cash your check and then use the proceeds to pay off all or part of your credit card account. The risk to the bank, as you point out, is simple: what happens if the check bounces? The bank wouldn't be able to add the amount back to your card account, because you would not have paid the card account with a check; you would have paid in cash. They would be stuck having to present the check back through the system and trying to get your employer to pay....

  9. Advice on resolving a fraudulent use of Credit Card

    Answered over 5 years ago.

    1. Michael Forest Day
    1 lawyer answer

    Hi there: If the facts are as you described, then your credit card company didn't treat you fairly. When you assert a billing error (which you did with your affadavit), the company is required to conduct a reasonable investigaton. Merely determining that the merchant has your address and phone number is NOT a reasonable investigation. If someone stole your card or card information, they have your name. If they know where your live, it's pretty easy to find your address and phone number (...

  10. Am i liable for wifes credit cards i did not authorize. they are in her name only

    Answered over 5 years ago.

    1. Michael Forest Day
    1 lawyer answer

    You asked several questions. I'll address them one at a time. Are you responsible for your wife's credti card debt: if the cards are only in your wife's name, then you are not liable for payment. Your wife is. But keep in mind two things. First, if you and your wfe divorce, the debts are marital debts and will likely be apportioned equally unless your wife committed some sort of financial misconduct (thus, although the debt will remain with your wife, she will get compensating assets)....

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