How long can I put them off?

[Bassgirl]

Hi all,

I am offically one month behind on one mortgage ( Renters not paying the rent) I am current on everything else. However, I know that in one month I will not be able to pay on a 35k BoA CC ( roughly 500 month and a 45K Cap One at 800 a month Consolidation loan.) What happens if I send in a little bit of money to each? Or pay on one one month and then pay the other the next month ( alternating each month) How much time will that buy before they garnish my wages?

I am trying to buy time since I have a large recent charge of 8,900K ( funeral expense) that I recently charged. And a transfer of 6k plus back onto a CC card. ( It was with Chase and I got paranoid about them so I transfered the balance)


Thanks BG

[earningslost]

what state do you live in? and are you claiming your home as a homestead? some states don't allow creditors to garnish wages or take your property. go to your state attorney generals web site to see; here's a link to mine

[earningslost]

http://www.oag.state.tx.us/consumer/debt_collection.shtml#law

[treehugger1]

This is from my personal experience. BOA and CAP1 would not even speak with me until close to charge-off (180 days.) In the meantime, they did hire a few CA's to attempt to collect something, but they did not assign (permanent) or sell the debt. At the time, I truly believed I would eventually dig out and called them to explain my situation, not enough coming in to pay my bills. They were quite gracious. BOA eventually put me on a 5-year payoff plan at 1.75%. Cap1 never worked with me when I was able to.

After a YEAR, I am now being dunned by CA "law Offices," but I have actually never heard from an attorney. At this point in time, it has been over a year since I made payments on several accounts, and I have still not received a summons for suit. I always act upon my rights under federal and state laws when dunned by third party CA's. I'm not an easy prey, but if they try a bit harder, they can eventually get a judgment. I'm thinking the law firms charge so much for debt collection, that my "measly" $5K - $10K individual accounts don't seem that appealing in the beginning.

If you communicate with them in the beginning, you probably have months. I didn't have the debt load on indivudal accounts that you have, so I'm not sure how they respond to non-payment on large accounts.

You probably have 90 - 180 days, but this is just a guess. At this early stage, it won't hurt to give them a call. You don't need to share any financial info or personal info. They always want you to update something. Don't bother with this. Less is more, in such cases.

Hey, just my opinion based on experience.

Bigboy might also weigh in here for any relevant info he can add.

[Bassgirl]

Thanks all for your input.

90-180 days would help me a lot. I need to get outside of the 70/90 window thing.

I too believed I could dig out. Even had a resonable plan for getting it done. That is until the new job I was promised did not pay as much as it said, I had to stop driving to that job that was over an hour away because of gas so I took one closer to home. Another significant pay cut. Rented out the house I could not sell (on the market over 8 months) they have stopped paying the rent. So now I can't cover the second mortgage. Had to bury my child the same week that the renters stopped paying. All of it has pushed me over the edge financially.

I live in Arkansas, they can garnish wages here. Not sure about the homestead exemption, I am confused about all of that. Also when I do file, I am going to try to hang on to my small buisness that me and hubby are trying to get started.

I know we need to talk to a lawyer, but we keep thinking something is going to give and it will get better.

[Bassgirl]

what state do you live in? and are you claiming your home as a homestead? some states don't allow creditors to garnish wages or take your property. go to your state attorney generals web site to see; here's a link to mine

Arkansas does not say anything about garnishment on their web site. I did google it but it is vague. Looks like 25% a week? I forgot to mention that I PAY alimony also.

Thanks BG

[epiphany]

I know we need to talk to a lawyer, but we keep thinking something is going to give and it will get better.

That is what many of us here thought. I hope something truly does "give" for you but it would be wiser to face reality sooner than later.

The longer you wait, the deeper the hole.

Good luck to you.

ep

[BigJohn]

Thanks all for your input.

90-180 days would help me a lot. I need to get outside of the 70/90 window thing.

I too believed I could dig out. Even had a resonable plan for getting it done. That is until the new job I was promised did not pay as much as it said, I had to stop driving to that job that was over an hour away because of gas so I took one closer to home. Another significant pay cut. Rented out the house I could not sell (on the market over 8 months) they have stopped paying the rent. So now I can't cover the second mortgage. Had to bury my child the same week that the renters stopped paying. All of it has pushed me over the edge financially.

I live in Arkansas, they can garnish wages here. Not sure about the homestead exemption, I am confused about all of that. Also when I do file, I am going to try to hang on to my small buisness that me and hubby are trying to get started.

I know we need to talk to a lawyer, but we keep thinking something is going to give and it will get better.

I feel the sorrow you are going thru. Have you talked to a clergy person? They might help you in some areas. The lost of a child can be devastating.

As for your renters, have you started legal action against them? Where you able to get a down payment, etc. from them?

[ready2puke]

Im so very sorry for your loss...OMG thats something most of on here havent had to deal with during this financial hardship...At least I hope most havent....

[BigJohn]

Im so very sorry for your loss...OMG thats something most of on here havent had to deal with during this financial hardship...At least I hope most havent....

My sister had a son who ran up a lot of medical expenses and then passed over. The bills and the lost were too much. They had to file bankruptcy. It happens. I just wished society could go a little easier on these people.

[Bassgirl]

I feel the sorrow you are going thru. Have you talked to a clergy person? They might help you in some areas. The lost of a child can be devastating.

As for your renters, have you started legal action against them? Where you able to get a down payment, etc. from them?

I am dealing with it. I have been to a Dr. and I am on medication. Only time will help..

As for the renters, it makes more sense to leave them in it until it forcloses. At least the utilities are being paid and it is not vacant.


Thanks everyone for you answers and concern. It really helps.

BG