Small loans for people with bad credit

Settling a loan is really buying it back from the lender. Please log collections tactics and anything that might be helpful to other. I see dealing with a sold out junior not a lot unlike dealing with a 2nd.

History seems to be showing that lenders are charging off 2nds within days of a short sale closing or foreclosure. The books are flooded with sold out junior right now is my guess.

To comment on a fear that some might have about sold out junior sitting on your credit report as a charge off and holding a government job or a position that requires you to posses a clearance, yes it could be a concern but it is not the end of the world. In fact I do work that often requires that I hold a higher level security clearance. Please know that I have investigated this very problem. I would say that if you find yourself with a charge off from a sold out junior or a secured 2nd and you currently hold a clearnace, speak to your Security officer right away.

If small loans for people with bad credit it is the result of a short sale the situation can be mitigated in that you are dealing with the debt but have not come to terms. The DOD or other government agencies know that these instant loan approval online small loans for people with bad credit things can be a fact of life especially in this economy. The concern to them is that you might be compromised for that debt. Keep all docs leading up to the short sale or foreclosure and show that apply for a personal loan you are on track to strighten out your finances. There are sights out there that address this very small loans for people with bad credit issue. If you are seeking a new clearance you might have problems if your debt to income ratio is too high, you have charge offs and that you show a history of poor debt management. Be up front with your prospective employer or current employer if seeking a higher level clearance or new clearance. One charge off from an unfortunate situation is not a show stopper and that to can be mitigated. It has been documented that debt, gambling and drugs are the top reasons why people are flipped so be aware of that. We are a military family and husband has informed security of our eminent foreclosure. I suggest military members let their security officer know what is happening. Settling a loan is really buying it back from the lender. BTW, Tom, as part of our negotiations, can we ask our junior lender to not report the loans to the credit bureaus? Say my sold out junior loans ended up in the hands of debt collectors.

So, a debt collector, who may end up purchasing my loans, would technically have 4 years from that date to report us to the bureaus, right? And, this is despite the fact that my loans are non-recourse and they are not legally entitled to a dime?

Or is there no legal time limit to how long they can usa loan report my delinquency and can technically do so for as long as the debt exists (which could even be decades from now)?

You can, and should ask for anything you want in a settlement. But without your stating that as a settlement condition, it will never be granted voluntarily by your lender. In answer to your questions about SOL and credit reporting, they are not really related. The account cannot be re-aged by having the account transferred from the original creditor to a CA. The SOL, on the other hand, as you know, limits the time in which the debtor can be sued by your creditor. Since your loans are non-recourse, you are obviously protected anyway under the provisions of Cal CCP Section 580(b). So, in your case, the SOL will prove to be redundant protection (not really needed).

We are a military family and husband has informed security of our eminent foreclosure.

I suggest military members let their security officer know what is happening.

This is very good advice because you are out in front of the issue i.

The settlement will probably cost us 25K, but we have little choice. BTW, Tom, as part of our negotiations, can we small personal loans for bad credit ask our junior lender to not report the loans to the credit bureaus?

Say my sold out junior loans ended up in the hands of debt collectors.

So, a debt collector, who may end up purchasing my small loans for people with bad credit loans, would technically have 4 years from that date to report us to the bureaus, right? And, this is despite the fact that my loans are non-recourse and they are not legally entitled to a dime?

Or is there no legal time limit legit loans online to how long they can report my delinquency and can technically do so for as long as the debt exists (which could even be decades from now)?

ALSO: All my information is a personal loan for bad credit not a payday loan collection of Lawyers Opinions, articles that I have read or situations that I have experienced here in Massachusetts. Thanks In dealing with a collection agency, recovery group for a bank regarding any charge off you must negotiate how your debt will be reported to the CRA after the debt is settled. There is little reason to settle if you are looking to improve your credit standing for some reason if they report it as Paid Collections.

Paid collections is a negative mark against you that is viewed upon very poorly by other lenders I am told. It suggests that you would not have paid if the debt had it been not sent to a CA. If the CA owns the debt, they can report it as paid in full as agreed and remove all derogs. They will not modify your report to reflect a positive mark if you do not work that into the negotiations. Often they will tell you that they cannot remove the derogs, its pure BS. It must be worked in and put down in writing and signed before any cash is transfered otherwise you will not be able to get them to do it.

I have read where by people have what is payday loan not negotiated for a derog removal in writing, but had agreed to it over the phone and the negative mark stayed there. You will have little to stand on if it is not in writing, also have a professional look at the deal before you sign it and send in the cash.

What I got was a call from another collection agency in April. Do you need to know any more To me its simple at this point. If all that I can get is a paid Collections for 5 or 10K to settle a 43K debt then I might as well file a BK7 or BK13 and have that sitting on my report with no other debt. Also know that any good Lawyer will play a bit to your fears regarding the possibility that you could get sued. Go out and look at your laws in your state and ask yourself is it worth it for the to do it unless you make a ton, its not. I found it very ironic that many professionals including respected Attorneys that I spoke with during my whole ordeal going back to 2008 all said that you could be sued and have your wages garnished but only one could point to an actual case. The case he pointed to had extenuating circumstances in that it was a HELOC on a house that was no where near underwater and the couple was older and they had lot of other resources. I have often posted the fact that I have yet to see any evidence of any sold out junior lender in any state suing a borrower on a recourse loan, even where the lender is not legally barred from doing so. However, some forum members are still expressing their concerns about this risk. So, I decided to post this short article on that potentiality. For example, an insurance company might charge a young male driver a higher premium than it would charge a young female driver. This is the case even though some young male drivers are excellent and very safe drivers. The process of moving from the specific to the small loans for people with bad credit general is both necessary and perilous. How does one know when he has used the right generalization?

Typically a test case is used by a litigator for its media effect, i.

Desirable components of that media and deterrent effect are: the fame, name recognition, and wealth of the defendant, and the dollar amount of the lawsuit. I have been suggesting as much when I say Is it worth it for a lender to sue.

The only reason to sue would be to ge a judgement and then sit on it until they can see that your financial situation has improved and then try something else. This noise about leining another property is nonsense too, in essence a lein is what led to the SOJ in the first place, why go and lein another underwater house that has a homested. I plan to wiat this out, apply strategy for settling your 2nd and work towards the best possible deal for me. I will be here in a couple months with a BOA loan as a sold out junior.

I look forward to hearing others experience with this.

Yes, we are generally of the same mind on short term cash loan the subject, as you have in the past suggested Is it worth it for a lender to sue? I particularly enjoyed the last phrase in your post, have dimished thier roar by roaring so much.

I will be here in a couple months with a BOA loan as a sold out junior.

I look forward to hearing others experience with this.

Yes, we are generally of the same mind on the subject, as you have in the past suggested Is it worth it for a lender to sue? I particularly enjoyed the last phrase in your post, have dimished thier roar by roaring so much. Please know that I viewed Strategy payday loans oakland ca for Settling Your 2nd with a very skeptical eye at first. However the savy street smarts in me did not permit me to brush it off. The strategy was in direct conflict with what we all told every day, Work with your creditors. So I did what I always do when confronted with problem, I researched it.

When I finally got good information from those who negotiate and deal, nearly every bullet in Strategy was confirmed. The point is, some of the best information out there is right here, i have confirmed much of it. Just been reading a few of your posts and decided to register to post and see what you think about my situation. I stopped paying the 1st and the HELOC around April or May 2009. During that time I received occasional calls from BofA asking if I could pay any amount of what I owed on the HELOC.

Last week I received a call from a collection agency. She said the first month of collections is the best time to settle.

Am I too far involved with the collection agency now to just ignore them? Since they are a SOJ lender, you should forever ignore them.

Your credit file has most likely been impacted by a derog report regardless of what you do with this SOJ lender. Again, I recommend you never again communicate with this lender. As far as your concern with being sued, have you read this thread? Just been reading a few of your posts and decided to register to post and see what you think about my situation. I stopped paying the 1st and the HELOC around April or May 2009. During that time I received occasional calls from BofA asking if I could pay any amount of what I owed on the HELOC. Last week I received a call from a collection agency. She said the first month of collections is the best time to settle.