I have 2 judgements against me for 2 credit cards with debts totalling originally $4500. Over time the debts have increased to approx $10,000. I am unemployed and my benefits will run out soon. My name is on title of the house I live in although the mortgage is not in my name. The debt collectors have placed liens on the home. The home owner, my boyfriend, wants to refinance under HARP and the liens will disqualify him from obtaining refinance. I need to do something about this and don't know what to do. I am trying to negotiate a settlement but I only have $1000 to give each creditor. I would remove my name from the title or I would declare bankruptcy. I don't have other debt.
You have choices, but for a recommendation, you should be meeting with a local bankruptcy attorney for advice. Bankruptcy is only one option. A debt settlement is unlikely unless you have at least 20% to offer to each creditor.
Hope this perspective helps!
You aren't going to get rid of both debts for a thousand dollars. Bankruptcy is an option,and should not effect your BF's refinancing.
If you'd like to discuss, please feel free to call. Jeff Gold Gold, Stewart & Benes, LLP 1854 Bellmore Ave Bellmore, NY 11710 Telephone -516.512.6333 Email - [email protected]
If the home is underwater then $2,000.00 / 20% ($1,000 to each creditor) looks pretty good to credit card companies. I honestly don't t hink you need to pay this much so call them and see what they can work out. Offer $500.00 and go from there.
If the home has a lot of equity, I don't see how a bankruptcy will help you but go to a local bankruptcy attorney and see what they can do -- only after you've tried the settlement.
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