Divorce Money Matters

Would you like to learn about recent changes in credit card laws and how they affect you? 

• Are credit worries keeping you awake at night?

• Would you like to improve your credit rating, but don’t know how?

• Do you believe you are powerless to keep more money in your pocket when it comes to your credit cards?

If you answered yes to any or all of these questions then you don’t want to miss this teleconference:

“Surviving the Credit Crisis –

What’s New and What You Can Do to Overcome

Credit Challenges and Changes!”

You still have time to sign up for the call happening tonight at 7:00 pm!

http://divorcemoneymatters.com/considering-divorce/events/surviving-the-credit-crisis-teleseminar/

Learn more about Cindy’s Pay Debt Quickly kit that clients are raving about!  Learn how to create your personal debt payoff plan!!

From the Center for media and Democracy weekly ezine 9-23-09

Banks to Bailout Government?
Source: New York Times, September 21, 2009

Steve Labaton of the New York Times reported that senior regulators at the Federal Deposit Insurance Corporation (FDIC) are seriously considering a plan to have the nation’s "healthy banks" loan money to the government to replenish the FDIC insurance fund that protects bank depositors. The fund, which has been tapped to protect deposits in close to 100 failed banks, is rapidly running out of money. Generally federal agencies are wary of using funding mechanisms that might give the appearance that they have been "captured" by the very institutions they are charged with regulating. But apparently FDIC chair Sheila Bair would rather pursue this cockeyed strategy than ask sparring partner — Treasury Secretary Timothy Geithner — for a government check. Not surprisingly, banks welcomed this development with open arms. The Independent Community Bankers of America’s Karen Thomas claimed, "Borrowing from healthy banks instead of the Treasury has the advantage of keeping this in the family. It is much better for perceptions than having the fund borrow from someone else." If the banksters really think we are all one great big family, perhaps they’ll start giving consumers a break on 27% credit card interest rates.

Is this a set up or just a bad movie?  What will they conjure up next!  ~Lisa

1. You can take over and start making the payments to prevent further problems.

2. Contact the mortgage company on the loan and let them know the situation.  Ask them how much he is in arrears and will they consider going back in and correcting the credit history, in essence wiping off the issue on your credit report, if you make up the payments?  Some will, some won’t….doesn’t hurt to try.  Ask to speak to a supervisor if necessary.  These days most will be happy to reclaim the money and be accommodating to your needs as well.  Get any agreements from the mortgage company in writing before you make any payments.   
3. Have your husband quit claim his interest to you and then try to sell your interest in the time-share on your own.  Time shares are a bit tricky to sell, so you may have to come up with some creative options.

4. If you are not in a position to do these things then I am afraid there is not much more you can do other than let them foreclose on the loan.  Unfortunately, that will have a further negative credit rating on you as you have found.  You could put a note in your credit files stating the terms of the divorce, but as you now likely know, courts do not have authority to make lenders comply with the terms of the divorce decree.