NLIC.org

Sara Said:

I am trying to locate a Mortgage Accelleration/equity Program?

We Answered:

Are you paying them now? If so, you should know who is cashing the checks. Even if it is auto draft, the bank should be able to tell you who it is going to. If you are not paying them now, why are you looking for them?

Alex Said:

Opinions, yea or nay, on Reverse Mortgages?

We Answered:

A Reverse Mortgage is very good in certain situations. If you are an elderly person and your medicade, Social security, and pensions are not enough to support you.. and you own your home free and clear or have plenty of equity in it... AND you are okay with leaving your heirs less money so that you can live comfortably for the remainder of your days.. then a reverse mortgage is ideal for you.

If you already have a first mortgage, HELOC, or 2nd mortgage you should think twice before going for a reverse mortgage. Many lenders won't even do them if you have a HELOC or 2nd mortgage or a 1st mortgage with at least 50% equity in the home.


www.fivestarsmortgage.com

Gordon Said:

If a credit card has been charged off, will it still have to be paid?

We Answered:

In most situations it is not worth paying back a debt that has charged off. They have already ruined your credit report for 7 years (from the day of the charge off). Paying will not erase the information any sooner.

They could sue you to get whatever they can from you to repay the debt. They must do this within 4 - 7 years (depending of the state), or they loose the legal ability to recuperate money from you. Legally, the debt always exist, but the remedies only last for a few 4 - 10 years. This is called "Statute of Limitations".

Now, if you owe a lot of money, $10K or more, then it might be profitable for them to incurr in the expense of a lawyer + court and proceed legally against you.

By the way, it is true collectors will phrase their collection scripts to sound like they are lawyers, "this is a legal issue...", etc. It is a legal issue, but they are not lawyers and may not be willing to sue you. If they are a serious collection agency, and are telling you they will sue you, they are probably thinking on doing it (it may also mean that unfortunately you owe a lot!). Ask them directly if they are a lwyer and if they are to sue you. If they dance the question, they are not serious. If they give you legal papers from the court, then this is it, you are being sued.

Regarding your daughter, well... you authorized her. I don't see you off the hook via this route.

I have a feeling your daughter spent a lot of money. If this is true, you may need a lawyer my friend.