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 How do I get out of credit card debt?
Serious answers please. I had gotten a few credit cards so that I can have "credit". But then I had to use it for emergency reasons and now I have maxed out my cards. I don't have a ...


 How much credit do you need before you can buy a cell phone and plan?
...


 Is it possible to lease a car with a prior bankruptcy? I have a great job, just made a few mistakes!?
...


 I have a collection agency calling my on my former last name from a bill in 1994?
This place says it is a bill from 1994 - this is news to me - how long can they try and collect on this - I am not even sure it is mine!...


 What does it mean when they say its been charged off?
...


 How do I check my credit report for free?..For free really.?
Is there a such thing as "no catch" while doing this online? Many say free but aren't really....


 Does anyone know any good sites for a loan, for someone with bad credit history?
...


 Credit Card offers in my ex's name are coming to my address. What can I do?
This is weird. I've been divorced for years and my ex didn't have my address. Now I am remarried. He has recently been made aware of my new address (but not new last name) from court ...


 Will it look bad if I cancel my credit card?
I currently have 2 credit cards. I've had my visa for over a year and my mastercard for less than a year. My visa has a $1000 limit and my mastercard has a $500 limit. I'm planning on ...


 I have a credit card, how can I get sum cash from an ATM without my pin.?
This is a credit card, not a debit card. I never recieved a pin number for this and all the banks are closed....


 Is it legal to remove items from your credit report?
I am getting a credit card but I want to remove something from credit report. Is it legal to remove items from your credit report?...


 Confused about credit scores...what is the fico score?
Im going to be applying for a loan soon and the loan officer said i should have a minimum FICO score of 660. Well i pulled all three of my credit scores and they are all different! My experian score ...


 Bankruptcy?
My mom and my fiance need the cheapest way to file bankruptcy. They both qualify (done consults with lawyer who quoted them at almost $2,000 to file). I can use all the help I can. Info on how to ...


 I want a loan at £300 pound for christmas can you help me please?
...


 Can i cash a check that does not have a name on it? in place of a name it says cash. and its signed .?
i was given a pesonal check and instead of putting my name on it they put cash and signed the check. she told me that i can go to any chase bank and cash it. but i dont think thats possible. is it?...


 Need help with debt...please anyone!?
ok about a week ago i was in debt 15,000..to tell you the truth, i was pretty comfortable with that..but something happened and now ill owe 25,000..just thinking about it makes me want to throw up ...


 PayPal ? what about it?
what is paypal payment? how can i pay with paypal?...


 I'm in the process of clearing up my debt and I want to know if lenders look at settlements as a bad thing?
I planning on buying my first home by the first of the year....


 What will happen to the debt on a citibank credit card if citibank ceases to exist?
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 I was wondering if anyone knew how I could find an immediate loan of $3,000, my credit isn't good, income is.
to explain a little better.... 5 years ago my father died and it hurt my finances because I had to relocate 3,000 miles to help my family. Currently, I have a great job with good income and I just ...



Missymoo
My nephew is letting his house go into foreclosure as his payment is adjusting and he can no longer afford it.
My question is can the mortgage co. come after him later for the difference in what is owed and what they sell it for. PLEASE answer as soon as possible.
                     
 




STEVEN_LOUIS
They can but almost never do. The logic is simple. He gave up the house, what money does he have to pay any judgment. They also know that if they try to come after him, he can simply file for bankruptcy and have it wiped away. I have been in the mortgage industry for over 15 years and have never seen it happen.

Best of luck.


Judy1
Rating
Yes they can.


DaMan
HELLLLLLLLLL YES!!!

The nightmare is just beginning.

You are absolutely and positively correct.


bigdraws
Rating
Yes, he should try to re-finance. Sell the home. He can file banckruptcy to stop the forclosure that will give him about a year or a year and a hlf to work something out. I am sure the mortgage company will be willing to renegotiate they don't want the house. I had the same problem after my car was stolen and the insurance did not cover what was owed. So I had to pay the difference. He need to find a low fixed rate.


Kris
Rating
I would seriously have your nephew see a reputable bankruptcy lawyer in his area to go over his situation. If he qualifies he can file a chapter 13 bankruptcy which will help save his home. The lawyer may even know ways to help him refinance his home to get into a fixed conventional mortgage and away from the nasty adjustable rate mortgages that are taking down so many people right now.

There is nothing wrong with filing bankruptcy. We all fall into hard times at one point in our lives. We live and learn- or at least most of us do. I know I have.


luvbrd81
Rating
You should really consult a lawyer as this is definately a legal question and who knows how good the source on yahoo answers will be. But, I do do believe that they can go after him for the difference and he may be better off trying to sell the house on his own since a foreclosure is almost always sold at huge discounts.


linkin
Rating
Yes, the most certainly can and WILL come after your nephew for the difference. Bankruptcy should be an absolute last resort. I'm assuming refinancing is probably out of the question, because most people with good credit stick with a convential loan instead of an Adjustable Rate Mortgage (unless he bought a house he couldn't afford the house to begin with).

A short-sell maybe his best bet. That means he has to get the mortgage co. to accept whatever he can sell the house for as the pay-off.


plzpatience
Rating
Check any foreclosure service company and make him call there as soon as possible. They can help him out with simple interview. Don't let him ruin his financial life!


cuenca
Your Home Is Your Castle.

Surprisingly, your nephew can keep the house.
Your nephew can in-fact reduce the term of the mortgage.
Your nephew can also start to build equity this year.


All that can be done by your nephew directly, without him paying anyone.

The KEY is to know what actions to take.
Check it out: http://tinyurl.com/377j9n

Be aware that the mortgage holder will attempt to convince your nephew not to go ahead with the actions.
These are little known legal and lawful actions and very simple


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