Posted on: 08th Jul, 2010 07:24 am
hello all,
got foreclosed on recently by our first lender.
2 questions:
1) how can i tell if the 2nd lender will sue me? im guessing i just have to wait and see...
2) more importantly, i have some credit cards. should i wait and see if i'm sued to pay them all off?
if i am sued then i am thinking of filing bankruptcy and i feel it would be futile to pay off those credit cards if my credit is going to be destroyed for a while anyway.
not the most mature rationale but, makes sense to me....
thoughts?
thank you
got foreclosed on recently by our first lender.
2 questions:
1) how can i tell if the 2nd lender will sue me? im guessing i just have to wait and see...
2) more importantly, i have some credit cards. should i wait and see if i'm sued to pay them all off?
if i am sued then i am thinking of filing bankruptcy and i feel it would be futile to pay off those credit cards if my credit is going to be destroyed for a while anyway.
not the most mature rationale but, makes sense to me....
thoughts?
thank you
Hi robmccann!
Welcome to forums!
The second lender has the rights to recover the dues from you. He will either sue you for the dues or charge off your loan and assign the loan account to a collection agency. The collection agency will then collect the dues from you.
As far as your credit cards are concerned, if you don't pay them, then the creditor can come after you for the dues or he may sue you for the dues. You should negotiate with your creditor and try to pay off the cards. If you do not pay them off, the lender will report them as a negative item in your credit report which will lower your credit score.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The second lender has the rights to recover the dues from you. He will either sue you for the dues or charge off your loan and assign the loan account to a collection agency. The collection agency will then collect the dues from you.
As far as your credit cards are concerned, if you don't pay them, then the creditor can come after you for the dues or he may sue you for the dues. You should negotiate with your creditor and try to pay off the cards. If you do not pay them off, the lender will report them as a negative item in your credit report which will lower your credit score.
Feel free to ask if you've further queries.
Sussane