Citi Card

[ifucan]

I have a citi card I defaulted on for $50 grand. I was laid off and unemployed but fortunately
back working. The attorney for citi sent me a letter stating of course I need to pay. I sent the letter to my attorney and she wrote them a letter stating we would make monthly payments.

They replied they will not negotiate until they file suit which my atty. said they most certainly will do. She also said they could attach the lien on my property and possibly force a sale of my house to get their $50 K back??? I'm willing to make monthly payments to them. Any advice? I don't want to lose my property for just $50 grand!!!

[chane]

I'm not really an expert in this area, but if I were going to possibly lose my house, I would do whatever it takes to negotiate with them or file bankruptcy.

[jjgross]

Originally Posted by ifucan

I have a citi card I defaulted on for $50 grand. I was laid off and unemployed but fortunately
back working. The attorney for citi sent me a letter stating of course I need to pay. I sent the letter to my attorney and she wrote them a letter stating we would make monthly payments.

They replied they will not negotiate until they file suit which my atty. said they most certainly will do. She also said they could attach the lien on my property and possibly force a sale of my house to get their $50 K back??? I'm willing to make monthly payments to them. Any advice? I don't want to lose my property for just $50 grand!!!

If your attorney hasn't suggested bk,its time to seek another opinion.If you don't act soon you'll be in court!!!

[nitro69]

If you are still in the eary stages I would look into transferring house into another family members name. Then write up a contract stating that you are renting from the family member. Then when the other party does a title search in your name nothing comes up for them to go after.

[ifucan]

This just does not makes sense. It's an unsecured debt. My mortgage company who has my 1st mortgage is working with me. How in this world can a unsecured debt with a credit card force the sale of my property to satisfy the debt. I am more than willing to start making monthly payments again.

[jjgross]

Originally Posted by ifucan

This just does not makes sense. It's an unsecured debt. My mortgage company who has my 1st mortgage is working with me. How in this world can a unsecured debt with a credit card force the sale of my property to satisfy the debt. I am more than willing to start making monthly payments again.

If your lawyer said they can force a sale to clear the debt,I would believe her.Listen at 50k their going to go to court real quick.I would work on this asap.Or file bk.

[ifucan]

No I refuse to go bankrupt. The most a credit card company can do is put a lien on my property. They cannot force me to sell my home. The mortgage company is in first position and the credit card is unsecured. They are not taking my home for $50K. Yes $50 grand is a lot, but not enough to take my property.

[chane]

Originally Posted by ifucan

No I refuse to go bankrupt. The most a credit card company can do is put a lien on my property. They cannot force me to sell my home. The mortgage company is in first position and the credit card is unsecured. They are not taking my home for $50K. Yes $50 grand is a lot, but not enough to take my property.

Why do you refuse to go bankrupt? Pride? The banks love people like that.

I finally got smart, filed BK in 2005 and quit paying the banks over and over and over. Bankers are the biggest criminals in the world and they make billions. I didn't feel the least bit bad about it. In fact, it felt great.

I've been debt free for almost 3 years and have 700+ scores. I'm now able to save and invest more than ever. I'm no longer a slave and I'm no longer paying for their yachts.

[ifucan]

Thanks Nitro: Actually the house has my name and my parents name attached to it. Not sure if that would make any difference.

Chane: Yes maybe it is pride. Probably foolish pride I admit. I guess I just keep thinking I need to man up and own up to these debts. I incurred them when my business failed. However the interest and fees I paid all these cards and lines of credit they do have enough to buy a new yacht!!LOL.

Tell you what, I'm at least going to make an appt. w/an attorney for a consultation regarding bankruptcy. However it stays with me for 10 years,correct? I mean I don't care about credit ever again so I guess it's not that big a deal. Thanks.

[jjgross]

Originally Posted by ifucan

Thanks Nitro: Actually the house has my name and my parents name attached to it. Not sure if that would make any difference.

Chane: Yes maybe it is pride. Probably foolish pride I admit. I guess I just keep thinking I need to man up and own up to these debts. I incurred them when my business failed. However the interest and fees I paid all these cards and lines of credit they do have enough to buy a new yacht!!LOL.

Tell you what, I'm at least going to make an appt. w/an attorney for a consultation regarding bankruptcy. However it stays with me for 10 years,correct? I mean I don't care about credit ever again so I guess it's not that big a deal. Thanks.

I understand about pride,but because the banks operated in a fashion that tanked the business world.Your buisness failed so it sounds to me you manned up enough.A lien would effect your folks,you can file a quit claim deed that takes you off the title,but not the mortage,so when the dust settles you could file a quick claim deed to get back on!