Posted on: 31st Oct, 2008 09:42 pm
Can a credit card company place a lien on real property (personal home)?
my son defaulted in his student loan pymt. and i helped him get loan. now i have a lien against my home, and iam trying to refinance this loan . what should i do. i have a second mortg. home equity and he has ruined my otherwise excellant credit. please advise
Welcome maryann,
Unless your credit gets improved, you won't be able to get a refinance. The defaulted loans needs to be paid off. Once you pay it off, it will help you improve your credit score and then you'll be able to qualify for a refinance.
Unless your credit gets improved, you won't be able to get a refinance. The defaulted loans needs to be paid off. Once you pay it off, it will help you improve your credit score and then you'll be able to qualify for a refinance.
Wow! In one little thread I've heard of violations of the fair debt collections practice act and also some things that are very easy to take care of.
maryann - You and your son need to call the student loan company and ask them for a deferment. This will report on your credit and bring your good standing back. If they grant you the deferment and do not report it accordingly then you need to dispute the item.
Collection agencies are not allowed to make empty threats. If they threaten to garnish your wages they must intend to do so. If they do not have a judgment then it would be impossible for them to do so. If they are outside of the statute of limitations they cannot get a judgment. This differs depending on what state you're in.
Keep in mind when you pay off collections, the collection account still reports on your credit - just as paid off. Still hurts your score.
The only way to get things off of your credit are written pay for deletes and disputing them properly.
maryann - You and your son need to call the student loan company and ask them for a deferment. This will report on your credit and bring your good standing back. If they grant you the deferment and do not report it accordingly then you need to dispute the item.
Collection agencies are not allowed to make empty threats. If they threaten to garnish your wages they must intend to do so. If they do not have a judgment then it would be impossible for them to do so. If they are outside of the statute of limitations they cannot get a judgment. This differs depending on what state you're in.
Keep in mind when you pay off collections, the collection account still reports on your credit - just as paid off. Still hurts your score.
The only way to get things off of your credit are written pay for deletes and disputing them properly.
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