donaldsonb
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 Posted: Tue Nov 03, 2009 7:07 pm Post subject: Protecting my Home for Credit Card Companies |
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I became disabled in December of 2008. I have initiated a social security benefit application, but do not receive any bentfits. When I became disabled, I was contributing two thirds of our income. We have spent all of our savings to live on and to keep my husband's bills paid, figuring that one of us had to have a good credit rating. I have two old credit card bills totaling 24,000 that we just couldn't pay after I could no longer work. I couldn't participate in their settlement offers because we didn't have that kind of lump sum of cash available. I could not file backruptcy because we have too much equity in our home, and we can't refinance because of our dept to income ratio. The two credit card companies have now turned over my unpaid debts and I received the first nasty, intimidating phone call today from a collection agency telling me my home is at risk.
We can not make any additional monthly payments at this time. We do not have any more savings to pay off these vultures. What should I do?
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 smithsussane
Joined: 18 Sep 2008
Posts: 4546
Location: Alaska
445.32 Dollars($)
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| Posted: Tue Nov 03, 2009 10:20 pm Post subject: |
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Hi donaldsonb!
Welcome to forums!
Your debts have been sent to the collection agency who has the right to collect the dues from you. If you are unable to pay off the dues, then they may place lien on your property. In my opinion, you should try and negotiate with the collection agency and go for a settlement with them.
Feel free to ask if you've further queries.
Sussane |
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