Should you tell creditors you are selling house, or facing foreclosure?
Date: Sun, 07/18/2010 - 19:37
I was trying to get a job, hoping for a miracle etc, but I have to admit it now, it ain't gonna happen, certainly not in the near future anyways, and my only choice is to sell the house.
I have equity in my house that if it sells I can (hopefully) settle with the CCs, fingers crossed. But I don't know if it is a good thing, or a bad thing, to tell them that I will be trying to sell the house and hopefully pay them back/settle only after that (which could be months away) - because - if they learn this, then won't they all just rush to sue me to get liens on the house so if it sells they know they'll get their money from the sale?? Or will they like hearing that I will be (hopefully) getting some $$ eventually and be willing to wait for their payments????
Or is this just a stupid question (sorry)?
Greetings [URL="http://www.debtconsolidationcare.com/forums/memb
Greetings [URL="http://www.debtconsolidationcare.com/forums/member.php?u=220659"]LuigiVercotti[/URL],
Just wanted to say hello.
I'm still reading your post and thinking on a response.
But I can tell you right now and right here....
It's not a stupid question!:)
In fact I think it's a pretty darn good one.
I'll post my 2 cents worth later.
Respectfully yours,
King "Kash" Jabba Labba
Dear LV....I hope someone more knowledgeable can come along and
Dear LV....I hope someone more knowledgeable can come along and help....my thinking is that ....it will take awhile for you to see your house .....what part of the country are you at? Also, it takes time to get a lien on the house. I would probably just tell them that the house is probably going into forclosure and even if you did sell, there would be little money left.....Am I understanding that you have no money to settle other then if you sell your home?
Also, I would look at the bankruptcy threads......that may be an option!!! keep posting your questions....by posting and getting responses, your path will become clearer...
Thx to both of you....yes, I have been doing a lot of reading/re
Thx to both of you....yes, I have been doing a lot of reading/researching, and asking Qs on various forums. I am also trying to get legal advice etc.
Some answers to your Q's:
- I am in Pennsylvannia
- I have no real assets other than the equity in my house & practically no $$ to speak of, just trivial possessions that I have been selling to hang on
My theory is never tell them anything, as it will only be used a
My theory is never tell them anything, as it will only be used against you. I also would fear that telling them you are selling would trigger a race to the courthouse so they can get their liens.
Greetings [URL="http://www.debtconsolidationcare.com/forums/memb
Greetings [URL="http://www.debtconsolidationcare.com/forums/member.php?u=220659"]LuigiVercotti[/URL] ,
I would agree that silence is golden.
Just don't offer the information.
If they root around in the public records the rooters will find that info eventually.
Regards,
King "Kash" Jabba Labba
I beg to differ just a bit. I felt in my negotiations that as l
I beg to differ just a bit. I felt in my negotiations that as long as it was reasonably true, it was helpful to tell them how much things sucked. That typically received a human response that made it both easier to deal with them and more receptive to settlement.
Hey Luigi....sounds like you have slightly differing view points
Hey Luigi....sounds like you have slightly differing view points....but what I am gathering is that you tell them the "worst case scenario" which is what will actually happen if they don't settle with you. I agree about telling them that you could sell your house and that you have equity: probably not a good idea. But saying that you may face foreclosure or are thinking of BK .......may be okay. i told them honestly that I had papers already to go for BK....absolutely true......anyway, keep reading.....good luck and come back and tell us how you are doing
Quote:Originally Posted by AnonymousMy theory is never tell them
Quote:
Originally Posted by Anonymous My theory is never tell them anything, as it will only be used against you. I also would fear that telling them you are selling would trigger a race to the courthouse so they can get their liens. |
I spoke with a lawyer this afternoon and his advice was to not tell them anything at all (especially about trying to sell the house), and to not even speak to them. But then he isn't the one that is going to get sued either. Sigh.
dont tell them anything and then expect them to offer you a disc
dont tell them anything and then expect them to offer you a discounted settlement?? very much disagree, though it sounds like legal advice.
They will pull your credit report and see that you are late on m
They will pull your credit report and see that you are late on mortgage payments and going into foreclosure so there really is no need to tell them anything. When I had one collector question me about my home, I told them yeah I own a home and it's worth $30k less than I owe on it. They don't know that I have $125,000 of equity and I wasn't about to let the know that. At the collection level I was at when I made my settlements, they don't have the resources to see if I'm lying or not and it worked - within a short time they settled with me.
debt free to be - you're walking a fine line there. as long as
debt free to be - you're walking a fine line there. as long as they have a recent copy of your credit report its very easy to find a "general" idea of the value of your home through various web sites. as such it would be quick and rather easy to determine that you're lying, and you would be doing yourself a disservice by doing so. unless the CA's are stupid, which is always a possibility.
Greetings "usernameislame" The ccc's got your latest and great
Greetings "usernameislame"
The ccc's got your latest and greatest address for sure.
And there's "zillow" and other sites to figure out the value.
Then you can search the county records to find out the lien(s) on it.
And bam....you've got an idea of the available equity.
Only one creditor knew about this...my response was that no one will give me a line of equity. Truth spoken! Never came up again.
I was asked if I was behind on my mortgage.
My response was that I never can pay by the 1st (due date).
I paid before the 15th (late day).
They accepted that at face value.
Implying but not lying.
Just remember that their resources are very thin as Debt Free to Be has stated.
Would I volunteer information?
Absolutley not.
Have I embellished my story a little, absolutley!
Have the ccc's embellished their interest rates from 10% to 29.99%, absolutley!
I have a clear conscience.
No regrets.
Just my 2 cents worth.
King "Kash" Jabba Labba
I may have made a big mistake - or not - depending on your viewp
I may have made a big mistake - or not - depending on your viewpoint.
I openly discussed my situation with my mortgage co., asking if they would delay the oncoming foreclosure as I am trying to sell the house, openly discussed my situation as to how I have had no $$ coming in in months, work situation fell apart, am broke, etc.....but realize now that the same company is ALSO holder of 3 of my CCs which are in arrears. So those have to know my situation too (unless the right hand doesn't talk to the left hands). I guess it doesn't matter though, I don't know. My guess is they will be scrambling to sue me to get liens in on the house in case I am lucky enough to sell....sigh....
Hi again Luigi My name is debtor in CA although I always mess u
Hi again Luigi
My name is debtor in CA although I always mess up signing in and have to show up as unregisteredd! Anyway, I am from PA (long time ago, but that is where my whole family is from....so hey, hey to a fellow PA person). IMHO, you would have a hard time selling your property and no bank wants another home to sell in this market.....besides there are lots of things that make a property not sell including an owner who is being forced to sell. just the facts. I too saw a lawyer who told me to stop communicating and later that came back to bite me. I was going to go through BK at the time, so when I went to settle a lot of them had sent my case further down the line because they thought I was definitely doing BK. I would let them know that you are in dire straights and paint them a vague but bleak picture. Who knows in this economy and with the current slow down what your house would sell for if at all. I personally would not worry about the mortgage division of the bank knowing what you told the person at the CC department. I know that we all think that these banks are intrusive and tricky, but I also think they are overwhelmed with the sheer volume of the mortgage defaults and CCs accounts that are in trouble. just go with what you know and take a dim view and present it! Try to settle or consider BK....look at both options......read and post
While it is true that a savvy collector could determine home equ
While it is true that a savvy collector could determine home equity and ownership by using a combination of resources, I doubt many of them do it. I think that kind of research is going to occur on accounts that a law suit is pending and probably be done by a researcher. A collector generally only looks at the account itself and possibly a credit report. Most junk debt buyers are not going to know with any accuracy any of the information other than what they received with the account which may or may not contain statements, soc number, account number and so forth. They will try to data mine during the call though.
[SIZE=3]I would not offer a collector any information about owning/rent amount, current income or current liabilities. You certainly don???t want to lead them to believe that you have equity in a home or any other assets. You have no obligation to verify any information for them. In my opinion, the best tactic is to stall while you save money to settle with if you have a job and the means to save. If you are out of work then tell them you have no income and no assets. I would not spend more than about 1 minute on the phone telling them that one time a month. Any more discussion than that is harassment and unnecessary. [/SIZE]