I wasn't really feeling it—I didn't see much of a reason to bother, and honestly, I don't have much use for it anyway—but fine, here we go. So, I started the registration process. And now, after uploading my ID and the video verification, it’s been stuck on "transferring data in progress" for over half an hour. I just don't have the patience for this kind of nonsense. In my book, they're completely useless.
This isn't really the main topic, I know... but here we go—rumors are already starting to circulate that even the Federal Reserve is taking a massive dive.
Bryan Edwards83 said:I guess they were just paying out the maximum allowed by the moratorium, but starting tomorrow, maybe anyone can withdraw whatever amount they want.
I don't know, it feels unlikely—it looks more like they're going to extend the moratorium. I caught it on the news earlier... they were basically saying two days isn't enough time, blah blah "we need more time to make rational decisions," blah blah. It was on the 3:00 PM news on ABC. There’s footage online if anyone actually wants to see it...
The sheer level of financial illiteracy here honestly catches me off guard.
Even in this space, you see people posting things like "I've lost all my money."
Seriously—how did people even graduate high school? Do they read? Do they actually practice reading comprehension? Or is the only thing that matters just grabbing a loan and letting the chips fall where they may?
🤦
It’s a total disaster. Honestly, I’m not even surprised by how many people in the US end up with frozen accounts—if anything, I think half of them probably brought it on themselves.
Andrew Wells58 said:I don't know, I actually signed up for American Express a while ago because it’s handy for receiving small transfers, like reimbursements or stuff from Craigslist. You can top it up at any local newsstand, a gas station, or just grab cash at a JP Morgan Chase ATM or a convenience store. As for the card, I'll have to see. It sounds interesting if I can use it on AliExpress, PayPal, and things like that. Maybe it's good for kids' pocket money when they go out, though I'm not sure if they can open accounts themselves.
I liked it better than Chime, honestly, mostly because setting up the account was faster and easier. Though, I didn't spend a ton of time digging into how Chime works.
Basically, it’s nothing to write home about, but for me, it handles some of my practical needs quite well.
You can actually pick up several Mastercards and just link them all back to the same account—it’s pretty straightforward. You could give one to everyone and then simply set individual spending limits on each card to keep things under control.
hollowmason64 said:Just because you find it interesting doesn't mean you can spout nonsense and claim something is a lie. What would you have us do? Just ignore the statute of limitations? Look, being in debt isn't a murder charge or a war crime.
Exactly. Given how old this debt is, plus inflation, the general instability of the country, and all those other factors, your best bet is to hand this over to a professional. Reach out to the bank, ask them exactly what they're claiming, and let them lay out the options. It’ll work out. The interest isn't going to cost you your house, regardless of how worried you were 😁 And the reason you're seeing so much conflicting info online is just because everyone feels entitled to jump in and share advice that makes sense to *them*.
Now, dear hollowmason64, when we're dealing with claims secured by a lien, there actually isn't a statute of limitations on interest. Let's not jump to conclusions quite so quickly.
Carl Wilson said:Maybe just wait for one of the upcoming updates to the Real Estate Law and try to file for amortization?
Here’s how the law stands right now: Article 162. (1) An owner of property burdened by a mortgage—or even any co-owner or joint owner—can petition the county recorder's office to start proceedings to amortize and clear the mortgage debt: – if at least 30 years have passed since the mortgage was recorded, or if there are subsequent filings related to it, then from the date of the last such filing – if it’s impossible to track down the authorized parties or their legal successors, and – if during this entire period, neither the principal nor interest has been requested or received, and no other rights related to the debt were exercised. (2) This article doesn't apply to mortgages recorded before September 1, 1980. Those specific mortgages will be cleared automatically by the state or upon a party's request.
Up until recently, the cutoff date was December 25, 1958.
You gotta consider that the creditor didn't lift a finger to collect what they're owed (even though they had plenty of ways to do it), which pretty much proves they aren't actually interested in getting paid.
Honestly, if there’s already a lien recorded, you don't even need to take any action. The interest alone is going to be massive.
Steven Stewart3 said:Man, if you look into the San Diego Zoo, there are actually statute of limitations on interest, but I haven't quite tracked down the specific details I'm hunting for. But hey, no biggie—I’ve got connections... though looking at this thread, it seems like you can get help here... not! I bet they just want you to pay them a fee first.
As for the other thing, people who get their accounts frozen because banks or similar outfits kick off an attachment proceedingwithin the required timeframe are basically screwed, unless they hire a Lawyer or some high-end firm that actually knows what they're doing.
These guys over at General Electric are acting pretty clueless, honestly. I was browsing online and saw all this stuff about foreign companies buying up their debts, and now they're losing money on claims because of those wars in Zaire or Libya. It's a total mess.
So, basically, someone owes money for years, they never touch the principal, and eventually, the interest just expires under the statute of limitations. That's pretty interesting.🙂
Steven Stewart3 said:Look, if the San Diego Zoo legal docs say that claims regarding interest on receivables from a sales contract or whatever expire after a certain timeframe, they list a bunch of other scenarios too—but there’s absolutely nothing in there about what I’m asking about, which is those specific claims registered in the public records. So, why couldn't that be wiped out as well? I mean, seriously, interest amounts can't just keep growing forever!🙄
Which specific section are you referring to?
Go ahead and ask anyone currently facing bankruptcy how it feels... those people whose interest payments have effectively swallowed their principal whole.
hollowmason64 said:Once enough time has passed for a debt to become stale, the creditor is basically only entitled to collect the principal amount. They can't come after you for interest, legal fees, or any other extra charges, so you really only owe whatever specific amount was originally recorded in the lien.
If you're looking to sell your property, the creditor can actually provide a letter of intent that outlines the exact amount they’re looking for. In those scenarios, the buyer pays that specified amount directly to them first to secure a release of the lien—essentially giving them a clear title—and then they pay the remaining balance to you. It's honestly not a big deal, nor is it complicated at all. A ton of people sell homes with existing mortgages using this exact method.
Besides, creditors are usually pretty willing to cut a deal. At the end of the day, getting cash in hand right now is much better than dragging things out through the court system or dealing with the whole circus of a forced sale.
But here’s the most important part for you: if that lien has been sitting there since back in '84, you're only on the hook for the amount listed in that original record.
So, how much time are we actually talking about when it comes to that statute of limitations?
Steven Stewart3 said:Hey everyone! So, I’m a lawyer by trade, but honestly, I’m a bit out of my element here. I can read the statutes all day, but there’s a massive difference between what’s written in the books and how things actually play out in the real world. Here’s the deal: back in the 80s when my family was building our house, my dad was working over at the refinery in St. Louis. I think he managed to snag a loan from General Electric, which was doing business over in Canada back then. I was looking into it recently, and it looks like that company has really beefed up its operations in Canada lately. My brother—who definitely doesn't have a law degree—did some math on the debt listed on the title, and with interest, he thinks we're looking at roughly $7,500. Now I'm wondering, if I were to put the house on the market:
1. Is it even normal for buyers to want a house with a lien like this attached to it? I assume most buyers are smart enough to run things by their own attorney, so I'm curious about how people usually handle these kinds of encumbrances during a sale.
2. Does the interest actually apply to the specific amount listed on the property deed extract? And if it does, what's the best way to calculate the total?
3. If I need to file a petition to clear this lien from the property, I know it involves some kind of non-adversarial legal proceeding. What do you guys think the odds are of a successful outcome? Like, give it to me in percentages. If I hire a killer lawyer, can I get everything wiped from the records? Also, is there any chance for a settlement where I could, say, pay off half the amount, or am I stuck paying every single cent?
Thanks so much for the help!
1. In practice, most buyers are going to insist on a property that is completely clear of any liens or encumbrances. 2. Yes, they do; interest starts accruing from the date the lien was originally recorded. 3. You don't necessarily need an attorney to negotiate with the creditor. A settlement is always an option, depending on how reasonable the creditor decides to be. Removing the lien isn't possible until the debt is fully satisfied. Trying to start a legal proceeding just to clear a lien is basically throwing money down the drain... I mean, on what grounds would a court even grant the removal of a lien?
Harold Anderson3 said:I originally kicked off this thread back in May of last year. The garnishment hasn't actually hit my paycheck yet, but I’m starting to worry that avoiding it might be a lost cause because 1. JPMorgan Chase is coming after me for $333 over the next three months. 2. My primary bank (think Wells Fargo) just announced they’re dropping my overdraft limit from $10,000 down to $2,600 starting next month. 3. I still have to cover my basic monthly bills and, you know, actually afford to eat. I managed to get a four-month loan moratorium, but honestly, given how things are looking, it feels like a temporary band-aid on a much larger problem. I’ve already started looking into what my move will be once the legal seizure officially kicks in. My take-home pay is roughly $4 $0.00, so if I set up a protected account through the IRS, I’ll basically be living on two-thirds of my check from then on. It’s a bit daunting to think that this whole cycle could drag on for years...
So, I was just reading up on this. Aircash has actually rolled out an option to send money directly to a Chase ATM. The sender basically generates a code, and then the recipient can just walk up to any Chase ATM and withdraw the cash—no card required, they just need that code sent over by the sender. It’s free through the end of the year, but after that, they'll be charging a 4% fee.
Auuu, look, if you don't actually know what you're talking about, maybe just stay out of the conversation—you're honestly just spreading misinformation at this point.
I mean, sure, why don't you just drive an ambulance through a red light at a roundabout and plow right into me? That would be a great solution.
According to you, it's 100% my fault and 0% yours. Real logical.
Honestly, you'd be better off just keeping quiet...
Second, for her to even access your credit report, she needs a signed statement from you authorizing it. Since she didn't get one from you, that's on her—she can't just go digging through your files. No one is allowed into your credit history without your written consent.
Now, here's the other thing: once the second bank sees that JPMorgan Chase pulled your credit, they're going to demand proof that you haven't taken out a loan there.
So, you'll have to head down to a branch, sign that statement for the clueless lady, and ask her for confirmation that you haven't opened any new credit lines.
Also, expect that confirmation to cost you $18.
Sent from my unknown using Reddit
So, what you're saying is if I check in with five different banks about a loan—and they would obviously only check my credit report if I gave them the green light—then the sixth bank will demand five separate letters from those five different banks proving I haven't taken out any other loans? And that's going to run me over $100???
I highly doubt it. The whole point of a credit report is to show my current obligations—basically, whether or not I'm actually good for the money.