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Settling on FIA/BOA...BUT BOA has my mortgage too



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Sub: Settling on FIA/BOA...BUT BOA has my mortgage too
Sun, 19/09/2010 09:32

I have one card with BOA and one with FIA. I know that they are basically one in the same. I am so stressed right now. I am struggling with the payments. I also have four others at other credit companies (two with Chase and one with Discover and one with HSBCC)

I can no longer make these payments. My highest rates are BOA and FIA and I owe them a total of 45k. I have to stop making the payments. I plan to continue paying the others as they are smaller and at this point managable with lower rates (4-14%).

My questions are these:

Since I have my mortgage with them (BOA) how will that affect any of their negotiations with me...are they more willing to settle with me so I dont get foreclosed on or are they gonna sue me and attach a lien??

Will they see I am still paying the other cards and say that if I can pay them, I should be able to pay these.
Thanks
C



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Sub: #1 bank of america is such a big bank, i did a mortgage mod with thSun, 09/19/2010 - 09:32



bank of america is such a big bank, i did a mortgage mod with them and it was a nightmare! one dept didnt know what the other was doing. i also HAD a credit card with them ( FIA ) and just settled it. the mortgage never came up


Sub: #2 Quote:Originally Posted by AnonymousThis is the OP here..thanks Thu, 09/16/2010 - 20:42



Quote:
Originally Posted by Anonymous
This is the OP here..thanks for all your answers. Did you all let all your cards go. Also I have found out that the 1099C that they send to you can be offset by a negative net worth or being insolvent. There is a form on IRS.gov to be filled out. That is great news to me as I just would vomit to pay all the extra taxes as well. My hubby is self employed and we owe big every April. It would put me back in a bad place if I had an even bigger tax bill. Debtspin.com website has a great blog on this issue.

SO...How does it work if we default on only two cards...is that gonna make them po'd? Less likely to settle? ALSO in the calculations of insolvency...it appears that if I pay off the cards I keep current BEFORE settlement they cannot be used in my insolvency calcs. SOOO...what to do what to do???


I settled on all but one card. I kept the one card and still have it. I want the balance to be gone but just don't feel like settling it. I am paying the min and hoping for a big commission check where we can drastically reduce the balance.


Unregistered

Sub: #3 This is the OP here..thanks for all your answers. Did you all lThu, 09/16/2010 - 18:04



This is the OP here..thanks for all your answers. Did you all let all your cards go. Also I have found out that the 1099C that they send to you can be offset by a negative net worth or being insolvent. There is a form on IRS.gov to be filled out. That is great news to me as I just would vomit to pay all the extra taxes as well. My hubby is self employed and we owe big every April. It would put me back in a bad place if I had an even bigger tax bill. Debtspin.com website has a great blog on this issue.

SO...How does it work if we default on only two cards...is that gonna make them po'd? Less likely to settle? ALSO in the calculations of insolvency...it appears that if I pay off the cards I keep current BEFORE settlement they cannot be used in my insolvency calcs. SOOO...what to do what to do???


Sub: #4 Greetings all boa-the snake debtors, I have my mortgage with bThu, 09/16/2010 - 15:09



Greetings all boa-the snake debtors,

I have my mortgage with boa-the snake along with the infamous-"Gold Option" whatever line they were pumping out a few years back.

I settled with boa-the snake's Gold Option thing and never, ever was my mortgage brough into the conversation.

As you probably know boa-the snake's website will list all of your open accounts with them.

After settling with boa-the snake......my Gold Option loan/line of credit went "Poof" and dissapeared from the website.

I would speculate that the mortgage division and the cc division don't communicate very well with each other.

Hope this helps.

Regards,
King "Kash" Jabba Labba

I really hate debt......let's destroy it together!


Sub: #5 We settled a card with chase and our mort is with chase and therThu, 09/16/2010 - 13:12



We settled a card with chase and our mort is with chase and there never was a problem. We settled on 4 cards and was still paying on one but no one ever said anything. Not saying that will always be the case but that is what happened with us.


Unregistered

Sub: #6 They never asked, and we settled 20k for 30%. They don't ask so Thu, 09/16/2010 - 09:01



They never asked, and we settled 20k for 30%. They don't ask so make sure you don't tell them either.


Unregistered

Sub: #7 My second is with BoA (For the record it was and is current): thThu, 09/16/2010 - 08:33



My second is with BoA (For the record it was and is current): they never asked about it and settled out nicely on a $18K debt for 20%. The mortgage may come into play later if I don't find work, but during the negotiation they never discussed it...


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