hardship programs

Whatever you guys do... Dont stop paying it looks worse on your credit and they dont call to set up hardship they call to collect and they can garnish checks. I never advise my clients just to plain stop paying because it will bite you in the a$$

I had no trouble getting in the hardship program with Bank of America. I called told them no money and they enrolled me with no fees.

Stop paying is bad but it does get settlement offers.

most people that do settlement have no other choice and if they do have other choices they should not be considering settlement. this choice is when your out of choices except bk. usually by this time people could care less about there credit because its already shot its either the cc payments or food.

and second of all usually these accounts can be settled before ending up in court and avoid being garnished. and if you are lucky enough to live in a state like mine they cannot garnish your wages.

Well said Lovemythings. Theguru seems to be going against the grain.

hello, I have about 15000$ on 3 different citi cc, I am struggling to make the minimun payment due to a salary cut but I never missed a payment. I heard that i order to qualify for a hardship program you must miss one or two payments, is that true? can I qualify for a hardship program if my accounts are current?

You don't always have to miss payment to qualify for hardship. Try calling and asking. If they say no then you may have to fall behind.

look at it this way it doesnt hurt to ask, explain your situation and if they say no, you are no worse off than you were before.

yes ask about the obama affordability plan ,see if they can modifi your loan that way ,look plan up in search engins to read more

I have a Mortgage with BOA and dont have funds available to pay this months payment.

I only need a break from mortgage for about 6 months and then i should be ok.

What are my options and is there any hardship plans for home loans?

well im not too familiar with the way things are with mortgages and such but call them and see if they can help you out i know my bank would allow me to defer 1 payment every 2 years so it was only for a 10 year loan though. i tried to not use it unless i absolutely had to incase i would really really need it later though. but i know there are more things comming out to help the homeowner now scince last year. maybe someone else can tell you something more for sure, but it doesnt hurt to ask!

I had the same situation with Citi. I called them today and They reduce interest to 0% for 60 months. automatic draft from your checking. You don't have to miss any payment. good luck

hi lukef, what exactly did you say to them? what questions did they ask you?

Just wanted to let you know that Advantage is a closed bank.. they are unwilling to neg. lower apr.. but I can arm you with this.. I would be persistant.. they are currently working with debt consolidation companys and giving a ZERO yes ZERO percent interest rate.. so hang in there thier is hope...

Part of our town was in a flood last spring that took out the sanitary sewer system. We were asked to evacuate, tho few did. We had porta potties on each street corner for a month or so.

We are in a tourism based business. Needless to say, business income dropped to ZERO. Also our building took on some damage that will cost about $30,000 to repair....don't know when or if we'll be able to do that.

They just finished sewer repairs in Nov., so hopefully things will slowly come back. Our streets are still shot from all the heavy truck traffic for the dike building & removal, but that will be years to get all fixed.

I have a card with Bank of America. Somehow my statements stopped coming by snail mail and I missed a payment. I was called by them and I paid it over the phone. I asked why I was not recieving my statements. They didnt know. The next month the same thing happened. I believe it was August and Sept. January 1, 2010 they raised my rate from 8.5% to 27.25%. I called and talked to at least 5 different people who said they cant change it and was told to write a letter to the president which I did and again nothing happened. I notified them I was only going to pay the 8.5% and on my January statement that is all I paid. A few weeks later I got a call from them saying that my payment was late. I said it was on time but I was not paying the 27%. The person on the phone very nicely said well why dont you use the hardship program? I didnt know about it but I did sign up for it at that time. My rate for next month payment is 7.4%

It's worth trying!