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My friend owned a condo that he took out and unsecured loan

My friend owned a condo that he took out and unsecured loan ($17K) for the deposit on. He paid on it for 3 years (basically interest), but then ran into financial problems. His condo forclosed, sold for the amount owed, but he still owes on the unsecured loan. He then became unemployed, and that debt is still out there. The Bank it was out of said he could write a letter of hardship. He put it on the back burner, became employed again, and now pays rent + other things. He reapproached the bank and they offered for him to write the hardship letter, include his taxes from last year, and 3 recent months of bank statements.He is wanting to address this, but is also engaged to be married (she wasn't a cosigner, wasn't with him when he bought it), and paying for the wedding himself (large family, catholic).I know he can afford to pay about $75 a month until August of 2017, then increase it. Are there any tips you can offer for the letter, or is there a better option than the hardship letter?Also, The fiance may be wanting to look at purchasing a home, how will this affect her/both of them after marriage?

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Emilee Weaver

Controller

Masters of Professional Accounting

50 satisfied customers
Real Estate Question: I owe more money on my house than it

Real Estate Question: I owe more money on my house than it is worth. I have also experienced certain hardships via medical expenses and loss of job/income. I would like to know how to negotiate the principle on my home down. Currently I owe approximately $470k. The appraised value is approximatley $360. I would like to reduce the principle to $350 and then pay it off in cash. How do I go about doing this?

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PDtax

Owner

Master's Degree

6,994 satisfied customers
In February 2014 I received notice of a tax lien on my

In February 2014 I received notice of a tax lien on my personal SSN from the IRS. This was due to a negligent payroll clerk who did not pay payroll taxes. I was a 1/3 partner in the LLC and had left the day to day management of the company 6 months prior to the tax lien. Regardless, within a few days of receiving the letter from the IRS the payroll taxes were paid immediately and the IRS removed the tax lien. However, it was recorded with the county recorder and is a giant stain on my otherwise perfect credit. How is it possible that I am 1 of 3 partners that got hit with this on my personal credit while the other 2 partners didn't. Also, I was a silent partner for 6 months when this transpired and yet I have to pay for it on my credit for the next 7 years? I'm beyond frustrated with this. It has significantly dropped my credit score. How can I get this removed from my personal credit?

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Mark Taylor

Certified Public Accountant

Masters

1,262 satisfied customers
I had two repossessions, I have been paying a collection

i had two repossessions, I have been paying a collection agency for two years. Does it help my credit report. Because it still say they were charged off.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
I want to know about repos and giving back my motorcycle to

Hi, i want to know about repos and giving back my motorcycle to finance company. I had it for 3 months, paid on time, its becoming financially hard to keep paying for it, I want to know if its an option to give it back, or just let them repossess it. How much will it hurt my credit score? how long do it stay on credit report?

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Mark Taylor

Certified Public Accountant

Masters

1,262 satisfied customers
In 2009 I had an account with Entergy Louisiana LLC that was

Hi,in 2009 I had an account with Entergy Louisiana LLC that was closed but there was a remaining balance that was never paid. That went to my credit score, which means it lowered my score.I called them and they said they cannot contact the bureaus directly after I pay, but they said I get an statement saying I don't owe them anything anymore and I can simply give this statement to the bureaus to have the debt removed from my score.I just wanted to double check if that's correct, because I'm aware that just paying the remaining amount is not enough, unless I have a way of prove I did it so the bureau take the debt out of my credit.

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TaxRobin

Vocational, Technical or Trade School

21,216 satisfied customers
URGENT/ PLEASE ANSWER ASAP/ GRATEFUL & WILL TIP VERY

URGENT/ PLEASE ANSWER ASAP/ GRATEFUL & WILL TIP VERY WELL/REFI-MORTGAGE Q'SHi there!Even Though I pay for the monthly service, I haven't asked a Q for a long time. Is sure is great to know you're out there when I need you though!!I am in an unusual situation of working as a live-in care giver for the terminally ill. I have almost no time off, and as it turns out early tomorrow morning (Thurs 6/16/16) will be my only opportunity in this next 3 months to apply for a refi for my home mortgage.Can someone please answer these Q's for me tonight, so that I can know what I'm doing first thing in the morning when I apply? Thanks so much for your help!! Note: I will not be able to chat, or get to my computer to answer any Qs to clarify that you may have for me. I get one shot to send these Qs now, and one shot to read the answers in the morning. So I will very gladly tip, if you can please answer my questions very clearly & specifically & in a way that I will not have to ask follow up questions in order to understand. (Also I do realize this is more than one Q!) Thanks so much again for your help!Questions:1) I understand that it's the law now that mortgage lenders have to verify your income with the IRS before granting a loan, which makes complete sense to me. But can you please tell me if I give the mortgage co. my 2 most recent tax returns, and then also my pay check stubs to date, that have not yet been filed (on my 2016 tax return), does the mortgage lender somehow report that to the IRS as well?And is there some sort of way that the mortgage co is required to confirm my current pay earned so far this year with the IRS, or any institution other than directly with my employer, and showing my pay check stubs?*** THESE FIRST 2 Q's on #1 ARE THE MOST CRITICAL for me to have answered***As, although my current employer does give me pay check subs correctly, I'm not sure they are caught up to doing/& filing everything on their end yet, that they should be (and will be soon). Sometimes families with terminally ill loved ones find themselves scrambling to have to learn about & do all that is required of them legally to become an “employer” also, in the process of just wanting someone to come in and take care of their loved ones, who they of course are already very emotional about. And while I completely understand and sympathize with the stress on them, I just need to make sure that (by morning! Yikes), this will not turn out to be a problem for me for any reason. …either now, in applying for the refi, or later, after I have gotten the refi. Please be clear on specifically what I have underlined for question number 1. Thanks so much!2) I have an extension on last years taxes, and will be turning it in tomorrow. If I take it directly to the IRS office will verification from them that they received it, be enough for the mortgage co to go ahead and process my loan based on that information and my return as I turned it in…or will the IRS need to takes weeks to process it first before the bank can use the it?3) How do I get quotes for loans at 2 separate mortgage companies? Apply at both places at the same time? And will they each pay for their own appraiser to come out? Or will I be responsible for the bill for the appraisal if I do not follow through and choose that company for the loan?4) If I apply for a loan at one bank and don't qualify, is there any way for the next bank I apply at to know that I did not qualify previously? (other than an inquiry hit showing on my credit report)5) How soon after I refi, can I refi again? Because when they decide on my interest rate now, it will be based partly on my fico score which includes credit card debt, and although my fico score is not bad, it will be exceptional after I no longer have this debt (which will immediately be paid off as part of this inclusive refi loan). I would of course like to take advantage of the lowest rates possible while they are still available. Does my thinking make sense? Wouldn't it be to my benefit to do that?THANK YOU SO VERY MUCH FOR YOUR IMMEDIATE ANSWERS!

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PDtax

Owner

Master's Degree

6,994 satisfied customers
Credit Report question: Is there a way to prompt an update

Credit Report question: Is there a way to prompt an update of my credit reports on the 3 agencies??? I have a low credit score of about 660ish. All my indicators are good except for credit card utilization, which is about 42% available. I have about 30k on various accounts. I would like to get my score up over 680 so I can refi some real estate loans. I paid down about $15k of credit lines, cards, etc. about 4 weeks ago to cut some interest and to bump my score. Nothing has changed. I thought credit status was sent out monthly? When I monitor my report on creditkarma and identity gaurd, no reports have gone in to them with the now paid off balances since April and May on the various cards. Is there a way to prompt an update??

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Megan C

Master's Degree

29,966 satisfied customers
I'm trying to build my credit history ... Will using my

I'm trying to build my credit history ... Will using my debit card for all the transactions smallest to biggest affect it negatively?Any tips on building a good credit?

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bkb1956

Enrolled Agent, Paralegal

5,148 satisfied customers
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