I suppose I’ll be the politically correct one here—even though Mons effectively snatched the argument right out from under me via keyboard warfare.😍 To the OP: if you find Profku’s writing style grating, you have the option to hit "ignore." Alternatively, if you believe anything here violates the Reddit forum rules, there is a report button located just below the avatar.
The collateral currently consists of the entire house—it's all on the line. However, you could potentially subdivide those units and petition for a restructuring of the security interest—say, shifting the lien from the whole property down to just one specific apartment. Of course, the real question remains whether a bank like Chase would actually agree to trade a $750,000 asset for a single unit valued at maybe $200,000.
If you don't settle the debt, the bank can freeze every single account you hold with them to recoup the funds—they might even trigger promissory notes or block your accounts at other institutions. Now, does anyone know the exact procedure for when they force an employer to divert a portion of a paycheck directly toward credit card debt? 🤷 I’m honestly not sure if that happens earlier in the process, but I am certain it's possible once a lawsuit is filed and a court order for execution is issued.
If the owner is foolish enough—and I mean truly, recklessly foolish—to keep the mortgage in her own name while transferring the property title to you, then sure, it’s possible. But I highly doubt anyone would ever walk into such a trap; legally speaking, she remains fully liable for the entire debt while you enjoy the property without any official obligation to pay a cent. The standard ways people actually handle this are either by assuming her mortgage—meaning you take over the loan with the bank—or by taking out a new loan to pay hers off entirely. In either scenario, expect them to grill you about your credit score. Of course, if you’re dead set on that first option, your main hurdle is convincing the owner. Personally? If I were in her shoes, I wouldn't touch that deal with a ten-foot pole. Banks have their ways of collecting, but individuals have plenty of other methods too—regardless of whatever "contracts" you might sign.
edit: Just to be clear—she could just as easily demand a promissory note from you to settle things if you default on your private agreement. However, banks are massive institutions; they have much faster, more efficient ways of chasing down money than some individual does.
Can I get in on this too, specifically regarding the $6000 😢 😍 ? Oh, and just to confirm—here in the States, having a solid credit score is just as vital as your mortgage application 😉 .
As far as I am aware, there is a specific process—at least, that’s how they approached me 🤷-- you just take your most recent pay stub to your local Chase branch and sign a request to increase your credit limit.
It all depends on which bank you're dealing with—it’s not a monolith. Some lenders, like JPMorgan Chase, might actually demand actual invoices or even pro forma invoices for any renovation work completed 😉
If you’re making a transfer to a standard checking account—basically just a regular person's bank account—you leave the model field blank, and then just toss in a 31 or 32 under the reference number...
Even if a bank like JPMorgan Chase offered such an option—which is a stretch—it would only be contingent on you proving the cash loan was used strictly for residential purposes
Initially, you're looking at your base salary—but then, thanks to how consistently you handle your bills every six months, that number starts climbing. The catch? At the very beginning, you're stuck with a negative balance against your pay and a direct debit limit that barely touches your actual salary 😉
The "senior employee" clearly had a bit of a brain fog moment here🤣 🤣 With a standard credit card, interest only kicks in if you're carrying a balance from a cash advance (interest on the loan itself) or if you use consumer credit at a retail store—not just simple installment plans. And which branch are we even talking about???
Henry Cox78 said:Jack even got banned just because he had the nerve to call out the corrupt leaders on Reddit. 🤣 🤣 What a joke 🤣
I'm just sitting here waiting for them to ban Cats and at least one of us, followed by a total moderator 🤷 plus they stripped Tyler Thomas12 of his privileges 🤣 🤣 I’m still sticking to my guns—the user base would be massive if they just locked all those PDF threads after midnight 🤣 🤣 then you'd see how confused everyone gets 🤣
edit: or maybe they should just unlock that main topic and clear the warnings from the front page 🙂
