cancel
Showing results for 
Search instead for 
Did you mean: 

What is the likelyhood of getting sued by BofA if I go 90 days W/O payment.

tag
HopeMission
Regular Contributor

Re: What is the likelyhood of getting sued by BofA if I go 90 days W/O payment.

Talked to my guy again today and he interrupted my “What if I get sued talk” to explain. “Who cares?!”

 

“It’s just the creditor you want to include in the BK7 anyways.” He also said “you don’t have to be served face to face either.” They can just drop summons on your door step… but again prefaced… “Who cares”

 

I guess my next question is can a bank that holds the account you have defaulted on take money from a checking, savings, CD etc that is also holds in your name?

 

In other words, could there every be any fine print allowing them to freeze, garnish etc. other funds (within the same bank) you have in other accounts to cover the one that has reached C/O (Charge Off) status?

 

My guess is that CANT without going through court. Anybody have any experience with this?

 

How long until C/O? I thought it was 90 days. Then I heard 180 days. Then my guy told me it depends on the bank… He said these days banks are waiting 5-6 months.

 

Granted anyone going through will suffer a tremendous credit score hit. Would it be any less a initial hit if you were to finish filing for your BK7 before your account enters C/O?

 

Thank you for all your stories and guidance.

Ex 673 | Eq 665 | 665 TU (10-9-18)
Filed BK7: 11/2014 (start score TU 749) Discharge 4/2015 578 TU

$11,500 Cap1 Spark | $7,000 Cap1 QS | $5,500 Barclay | $500 Secured card w/ Western Fed CU | $3,000 Un-Secured Fry’s First Electronic Bank | Macy's 3,500 | Disc 11,500 | $100 Un-Secured Share Loan | all Util under 3%
Message 31 of 43
Kirmie2010
Established Contributor

Re: What is the likelyhood of getting sued by BofA if I go 90 days W/O payment.

Dont know much about most of what your talking but not answering the door wont work. (i tried)

 

A few ways to serve, may not apply to all states.

• Serving a person who works with the respondent
who will give the papers to the respondent
• Serving someone at the home of the respondent
who will give the papers to the respondent
• Placing an advertisement in a newspaper
• Attaching the papers to the front door of the
respondent

When I was served;  One they left it on the steps by the front door.  Another they gave to my mom who said she had no contact with me and I did not live there.  They tried to do it through my work as well but that didnt happen. (I work many sites, they never showed at the correct one when I was there)  but they can serve you at work as well.

 

 

 

Message 32 of 43
bstone
Frequent Contributor

Re: What is the likelyhood of getting sued by BofA if I go 90 days W/O payment.


@HopeMission wrote:

Talked to my guy again today and he interrupted my “What if I get sued talk” to explain. “Who cares?!”

 

“It’s just the creditor you want to include in the BK7 anyways.” He also said “you don’t have to be served face to face either.” They can just drop summons on your door step… but again prefaced… “Who cares”

 

 

See, this is what you get with a $29/mo lawyer - misinformation.

 

http://www.courts.ca.gov/selfhelp-serving.htm

 

That is from CA courts (I believe you said you lived in CA), if I'm wrong just Google your states civil lawsuit process.  In CA there are several ways to be served, none of which is just dropping the papers at the door.  Face to face, certified mail and giving to someone else in the house over 18 are what appears to be legal.

 

Once again, good luck with your complex case and your over-qualified attorney.


 

NFCU Rewards - $18,000, NFCU Signature - $18,000, NFCU LOC - $15,000, Care Credit - $7,700, Lowe's - $6,400, Capital One QS - $5,000, Walmart - $5,000, Amazon - $4,000
Message 33 of 43
Anonymous
Not applicable

Re: What is the likelyhood of getting sued by BofA if I go 90 days W/O payment.

"I guess my next question is can a bank that holds the account you have defaulted on take money from a checking, savings, CD etc that is also holds in your name?"

 

Depends on the bank. Wells Fargo is notoriously bad for this. They will apparently set off your bank account if you have a loan with them. I have no idea about Bank of America, though.

Message 34 of 43
0REDSOX7
Valued Contributor

Re: What is the likelyhood of getting sued by BofA if I go 90 days W/O payment.

YES.

Bank of America does have a clause that is known as the Right to Set Off. So they have the right to freeze any and all deposit accounts (within law) to offset any outstanding debts.

I banked with B of A prior to filing and my attorney explicitly told me to move my money away from them ASAP as they will freeze your accounts. I know Wells Fargo actually freezes accounts even if you don't owe them any money.

If you have deposit accounts, I would move it out asap.

Oh, and with regards to being served and being told "who cares?" - well, you should, because there are separate forms needed to file if you've been served. Does the $29/month service know what those forms are?
BK Discharge 2/11/14

Currently in the garden.
Message 35 of 43
HopeMission
Regular Contributor

Re: What is the likelyhood of getting sued by BofA if I go 90 days W/O payment.

It almost seems like some are buthurt over the fact I have an extra >1,500 hundred in my pocket by using my due dilagance, employing a PPL lawer, a BPP for filing out and organizing my paperwork, NoLo guides and millions of reliable online resources to get informed while still having the option of employing a lawyer to review and double check my docs and or go into court with me.

 

If someone wanted advice on weather they felt their particular case warranted a $800 1,500 or a 3,000 they could just start a thread asking for specifics as to why they would need to lawyer up in that way. I don’t have that question.

Ex 673 | Eq 665 | 665 TU (10-9-18)
Filed BK7: 11/2014 (start score TU 749) Discharge 4/2015 578 TU

$11,500 Cap1 Spark | $7,000 Cap1 QS | $5,500 Barclay | $500 Secured card w/ Western Fed CU | $3,000 Un-Secured Fry’s First Electronic Bank | Macy's 3,500 | Disc 11,500 | $100 Un-Secured Share Loan | all Util under 3%
Message 36 of 43
HopeMission
Regular Contributor

Re: What is the likelyhood of getting sued by BofA if I go 90 days W/O payment.

I hope bstone is correct about the inferred/ encouraged method of being served. I would prefer not being served at all but I believe the “What difference does it make” line used by by Hilary Clinton and my Lawyer makes sense. Your still filing for BK7.

 

Japakar has been served several times without actually being formally/physically served. I don’t know where Japakar is from but I can see how process servers will get paid either way. They can drop it in hand or on door-step.

 

As long as the respondent eventually signs and returns the forms they get paid. In the rare instance the respondent says he never got it/ wasn’t physically served, then they don’t get paid and have to try plan B to get paid.

 

Anybody else been served in Cali or some state where they are supposed to hand deliver the docs in some other way? Anybody challenge being served the proper way?

 

Anybody have any stories of when BofA did a C/O on their defaulted card? How much was on the card?

 

Anybody experienced an account garnish or freeze from the bank that hosts their defaulted CCard?

Ex 673 | Eq 665 | 665 TU (10-9-18)
Filed BK7: 11/2014 (start score TU 749) Discharge 4/2015 578 TU

$11,500 Cap1 Spark | $7,000 Cap1 QS | $5,500 Barclay | $500 Secured card w/ Western Fed CU | $3,000 Un-Secured Fry’s First Electronic Bank | Macy's 3,500 | Disc 11,500 | $100 Un-Secured Share Loan | all Util under 3%
Message 37 of 43
TRC_WA
Senior Contributor

Re: What is the likelyhood of getting sued by BofA if I go 90 days W/O payment.

OP definitely wins the ask most questions in a single thread award.

 

Hands down... funny how every answer brings up another dozen questions.  To be expected I guess... gotta wet the line fishing for free legal advice.

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 38 of 43
HopeMission
Regular Contributor

Re: What is the likelyhood of getting sued by BofA if I go 90 days W/O payment.

Anybody else been served in Cali or some state where they are supposed to hand deliver the docs in some other way? Anybody challenge being served the proper way?

 

Anybody have any stories of when BofA did a C/O on their defaulted card? How much was on the card?

 

Anybody experienced an account garnish or freeze from the bank that hosts their defaulted CCard?

 

Thank you in advance!  Smiley Happy

Ex 673 | Eq 665 | 665 TU (10-9-18)
Filed BK7: 11/2014 (start score TU 749) Discharge 4/2015 578 TU

$11,500 Cap1 Spark | $7,000 Cap1 QS | $5,500 Barclay | $500 Secured card w/ Western Fed CU | $3,000 Un-Secured Fry’s First Electronic Bank | Macy's 3,500 | Disc 11,500 | $100 Un-Secured Share Loan | all Util under 3%
Message 39 of 43
TRC_WA
Senior Contributor

Re: What is the likelyhood of getting sued by BofA if I go 90 days W/O payment.


@HopeMission wrote:

It almost seems like some are buthurt over the fact I have an extra >1,500 hundred in my pocket by using my due dilagance, employing a PPL lawer, a BPP for filing out and organizing my paperwork, NoLo guides and millions of reliable online resources to get informed while still having the option of employing a lawyer to review and double check my docs and or go into court with me.


Not really... In fact I am looking forward to the next thread... The one that starts with "I tried to file BK7 on my own to save $1500 but I've made some mistakes.  Please help me."

 

As said earlier in the thread... Any monkey can fill out paperwork.  That isn't why you hire an attorney.

 

Anyway... I've got the popcorn ready awaiting your next thread.  I just hope I don't have to wait 4 years...  Speaking of that...

 

http://ficoforums.myfico.com/t5/Credit-Cards/Stategic-Default-Settlement-or-BK-Please-help-me/m-p/68...

 

4 years ago you were here... You still haven't resolved your financial issues with BoA?  You said your goal was to be out of debt and in a new home in 4 years.  Well... It's been 4 years and 4 months.

 

How's it workin' out for ya? 

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 40 of 43
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.