best buy and foreclosure.com questions

[hopefulrelief]

Hi all!
We are getting closer to the end...June 13th and hopefully all will be quiet. We still have 5 rental properties to process through foreclosure so we still have some muck to wade through so a bit of relief will be good!!

Anyway...I have 2 questions...

1.) Best Buy sent us a letter offering to settle on us paying 1/2 of what we owe...we only owe 400 and something $, we were just continuing to pay as usual. Does anyone know if we have to pay all of it up front or can we continue to pay monthly? We were paying it down with a bit more than min payments since we have essentially no $ to give them right now! Anyone have experience?

2.) Our primary residence is listed on foreclosures.com. Can't figure out why. We are as said letting 5 rentals foreclose. We signed intent to reaff our home, never been late, never missed a payment...etc. Do we have to sign reaff papers. We were sent and signed reaff on our HELOC. Never recieved any one the primary loan. I do not want this to come back to bite us, the last thing I want is to loose our home. What do you guys advise? We have a smart attorney...little did I know he charged a flat fee up front of $1700.00 and then went on to charge me for every contact I made with him with out discloing I was on the timer every blasted time! To the tune of $850 and we are not even discharged yet! I HATE to call and ask him anything at this point...
HR

[lrprn]

1.) Best Buy sent us a letter offering to settle on us paying 1/2 of what we owe...we only owe 400 and something $, we were just continuing to pay as usual. Does anyone know if we have to pay all of it up front or can we continue to pay monthly? We were paying it down with a bit more than min payments since we have essentially no $ to give them right now! Anyone have experience?

If you listed Best Buy on your creditor list, when you are discharged, this debt will be wiped out like it never existed. The chance that Best Buy would ever come pick up whatever merchandise they sold you to "secure" the credit charge is very near zero. Why would you want to pay them anything? And did I understand right that you are still paying on your Best Buy bill during your bankruptcy? Did you reaffirm it?

2.) Our primary residence is listed on foreclosures.com. Can't figure out why.

This website has different areas - Preforeclosures, Auctions, and REO/Bank Owned - which section is your home listed in? Other foreclosure websites separate out the homes much the same way. I've heard that many Ch 7 homes will automatically be listed as preforeclosures even when the owners have no intention of giving up their homes. The website culls their information from the public bankruptcy notices, and many times these don't list that the home has been reaffirmed or that the owners intend to keep the home. Have you asked your lawyer about it?

[jal1129]

I posted in another thread that my house is listed on foreclosure.com and I don't even own it, I rent. I checked pacer for my landlord and they are not listed so I am sure its on there because of me. They must not check thier facts very carefully is all I can say.

[whatamess]

I know someone else..

That while they were in BR, the house they lived in was listed under foreclosure...and it was his fathers house. He had no rights to it.

I am wondering also about us, when we file a we are living in my mothers home. I just dont want people offering to buy her "foreclosed" (not, as I am not even in her will) home as this would really stress her out.
WAM

[JollyGG]

Hi all!
We have a smart attorney...little did I know he charged a flat fee up front of $1700.00 and then went on to charge me for every contact I made with him with out discloing I was on the timer every blasted time! To the tune of $850 and we are not even discharged yet! I HATE to call and ask him anything at this point...
HR

Ours did the exact same thing. We still owe him 13000 at this point that added up after the initial 1700. We are paying that monthly. It sucks but I don't see that we have much we can do about it. At least I was happy with the job he did even if I am not happy about his fees. People often ask about what are average fees on this board and I'm always embarased to say what we paid. Glad to see I'm not the only one.
Ours wasn't just every time we contacted him. I swear it was every time he looked at our file. "Reviewed and forwarded reafirmation" = $$, "Reviewed letter from bank - saying direct debt has been discontinued" = $$, "Amend schedule" (for his mistake) = $$, plus of course "respond to debtors emails and calls" = $$

[Blue_Ray]

Well I think Best Buy is a unsecure credit card, why would they take back the merchandise purchased? Its the credit card company that is getting screwed, which on my Best Buy account is Household bank. hummmm

Can they take the stuff purchased, really?

[SinkingFast]

Well I think Best Buy is a unsecure credit card, why would they take back the merchandise purchased? Its the credit card company that is getting screwed, which on my Best Buy account is Household bank. hummmm

Can they take the stuff purchased, really?

Generally, on Store cards, there's a Security Interest Statement in your "Terms of Service" agreement. Things you buy at their store are indeed Secured.

So yes, they can take things back. Hardly ever, do they.

They have to come and get whatever. And realistically, there's no market for used TV's, washing machines, computers, etc. The Stores would spend more to pick up and store the items than they'll make at sale.

Generally, the Stores would much rather threaten to seize your things and then settle on something, some sort of payment from you.

[hopefulrelief]

Oh...sorry so long to check back...crazy busy week!!

O.K....I am not sure whether to take a gamble on BB....I have been 1 in a million several times in my life (never the good side yet...LOL) and they are only asking for two hundred and something $! I'll have to pass this along to my husband. I think the $400 is for our TV...can definately not afford a new one if they played hardball! We did not reaffirm but were told they are difficult to deal with so just assumed we would be stuck with it and kept paying on it.

Thanks for the info on foreclosure.com...I called our mortgage company and spoke to the girl in charge of BK...she was nice and assured me repeatedly that we have nothing to worry about...our acct is fine and there is no draw back to not reaffirming except the whole reporting to the Credit Agencies. Have any of you reaffirmed for this reason. I understand that we could have our case reopened if we chose to later to reaffirm but that would mean more lawyer fees....blah!

Jolly....13K??? OMG...if we wind up there I will throw up. Did you have a complicated case? I hope you meant $1300. Lord help us! I just felt so duped because he never disclosed. If he would have told me the first call I was on the clock....oh how my communication whould have changed! I told him that and he actually agreeded with me and said he agreeded he could have been clearer! The told me to send the bill with my disputes and they would look it to it. Not holding my breath but praying! Scary thing is it's not over! I have not called him since the call disputing the $....I have to this week...no getting around it! YUCK, nothing like digging yourself into to a new hole...although a much shallower one I may say!

[SinkingFast]

You can get around the Reaffirmation thing. It won't help with your Credit rebuilding and improving your scores, but it will help when you shop for another mortgage.

All you gotta do is have the Lender give you a year end Statement each year. Ask them to show each month's payments, how much you paid, maybe the PI and escrow breakdown, and the date each payment was posted. Or however your Lender will format the Statement.

Save the year end Statements for future reference for when you're in the market to buy another house.

Voila!! You've got payment records!!

From what I've read at several mortgage websites, "alternate credit reporting" is growing by leaps and bounds. People like us who've gone BK. Immigrants and people starting out who have little or no Credit. The Government programs are accepting alternate credit reporting. Conventional Lenders probably do too.

[JollyGG]

Jolly....13K??? OMG...if we wind up there I will throw up. Did you have a complicated case? I hope you meant $1300. Lord help us! I just felt so duped because he never disclosed. If he would have told me the first call I was on the clock....oh how my communication whould have changed! I told him that and he actually agreeded with me and said he agreeded he could have been clearer! The told me to send the bill with my disputes and they would look it to it. Not holding my breath but praying! Scary thing is it's not over! I have not called him since the call disputing the $....I have to this week...no getting around it! YUCK, nothing like digging yourself into to a new hole...although a much shallower one I may say!

Sorry, typo I meant 1300. And no we did not have a complicated case. It was rather straightforward.

[CindyLou]

Never heard a peep from best buy. They don't want your stuff! call and remind them they were included in your bk and do not send anymore offers. That will be that!

[follie]

If you included BB in your BK, they shouldn't even be talking to you! They are not allowed to make any more collection attempts. Let your lawyer see the letter they sent, and for heaven's sake, stop paying them!

[hopefulrelief]

Thanks for your replies...follie, you made me laugh!! The letter was actually sent through my lawyer. I am going to tell him we are not going to pay. I can not believe that we are only 7 days from the discharge! As slow as it all seemed it went fast! Strange. Thanks for the reaff info, I think we will let it go and not reaffirm. I pray things keep looking up but God forbid something else go haywire...I don't want any judgements for the balance of our house! Thanks for the tips! Eveyone here are such helpful blessings!