Mom forged loans and is now filing for bankruptcy

[Anonymous]

That is definitely not an assumption.
Thinking you can just sit by and debt disappears is more harmful than helpful.

My point is if the wife doesn't also file BK she will be paying for the debt or it will go on her credit. And getting a judgement is worse than getting a baddie. The consequences are also worse. Been there.

Just don't ever let anything turn into a judgement.

And that is my honest opinion. I could lie to make someone feel better or be honest from what I personally have experienced so maybe they can avoid those bad experiences. I prefer they avoid bad experiences.

[Anonymous]

BUT I WOULD DEFINITELY NOT FILE BK.
just to make that clear.

I would file a report and send it to the credit bureaus.
Her mother is grown and she should have asked before forging her name.

[Anonymous]

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@Anonymous wrote:
That is definitely not an assumption.
Thinking you can just sit by and debt disappears is more harmful than helpful.

My point is if the wife doesn't also file BK she will be paying for the debt or it will go on her credit. And getting a judgement is worse than getting a baddie. The consequences are also worse. Been there.

Just don't ever let anything turn into a judgement.

And that is my honest opinion. I could lie to make someone feel better or be honest from what I personally have experienced so maybe they can avoid those bad experiences. I prefer they avoid bad experiences.

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I am sorry to hear that you have had a bad experience in this area and I understand where you are coming from. But if the statute of limitations has expired, then no judgement can ever be brought. The OP needs to figure all of that out and not make any hasty decisions based on fear and your earlier post could incite fear into the OP, that is why I responded to your post.

I totally understand what this lady did was completely wrong, but should the OPs wife have her mother possibly put in prison over this? Unfortunately it is already a bad experience for them and hastily having the mother arrested would surely make it a worse experience. I understand that there is no correct answer for the OPs question, our opinions will differ, but I am urging the OP to really consider all things necessary before considering filing felony charges against the mother in law.

[gdale6]

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@Anonymous wrote:

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@Anonymous wrote:
That is definitely not an assumption.
Thinking you can just sit by and debt disappears is more harmful than helpful.

My point is if the wife doesn't also file BK she will be paying for the debt or it will go on her credit. And getting a judgement is worse than getting a baddie. The consequences are also worse. Been there.

Just don't ever let anything turn into a judgement.

And that is my honest opinion. I could lie to make someone feel better or be honest from what I personally have experienced so maybe they can avoid those bad experiences. I prefer they avoid bad experiences.

---

I am sorry to hear that you have had a bad experience in this area and I understand where you are coming from. But if the statute of limitations has expired, then no judgement can ever be brought. The OP needs to figure all of that out and not make any hasty decisions based on fear and your earlier post could incite fear into the OP, that is why I responded to your post.

I totally understand what this lady did was completely wrong, but should the OPs wife have her mother possibly put in prison over this? Unfortunately it is already a bad experience for them and hastily having the mother arrested would surely make it a worse experience. I understand that there is no correct answer for the OPs question, our opinions will differ, but I am urging the OP to really consider all things necessary before considering filing felony charges against the mother in law.

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Actually you can be sued at any time by any one, its up to you to assert that the SOL has expired as your defense otherwise a judgment can be granted. There are only 2 states in the US where the debt is officially dead at SOL and all efforts to collect must cease those 2 are WI & MS.

Everyone is entitled to their interpretation of the facts that have been presented and I dont think Jackie was trying to incite "fear" into the OP.

Welcome to My Fico OP and I am sorry these things have occured

[Anonymous]

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@gdale6 wrote:

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@Anonymous wrote:

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@Anonymous wrote:
That is definitely not an assumption.
Thinking you can just sit by and debt disappears is more harmful than helpful.

My point is if the wife doesn't also file BK she will be paying for the debt or it will go on her credit. And getting a judgement is worse than getting a baddie. The consequences are also worse. Been there.

Just don't ever let anything turn into a judgement.

And that is my honest opinion. I could lie to make someone feel better or be honest from what I personally have experienced so maybe they can avoid those bad experiences. I prefer they avoid bad experiences.

---

I am sorry to hear that you have had a bad experience in this area and I understand where you are coming from. But if the statute of limitations has expired, then no judgement can ever be brought. The OP needs to figure all of that out and not make any hasty decisions based on fear and your earlier post could incite fear into the OP, that is why I responded to your post.

I totally understand what this lady did was completely wrong, but should the OPs wife have her mother possibly put in prison over this? Unfortunately it is already a bad experience for them and hastily having the mother arrested would surely make it a worse experience. I understand that there is no correct answer for the OPs question, our opinions will differ, but I am urging the OP to really consider all things necessary before considering filing felony charges against the mother in law.

---

Actually you can be sued at any time by any one, its up to you to assert that the SOL has expired as your defense otherwise a judgment can be granted. There are only 2 states in the US where the debt is officially dead at SOL and all efforts to collect must cease those 2 are WI & MS.

Everyone is entitled to their interpretation of the facts that have been presented and I dont think Jackie was trying to incite "fear" into the OP.

Welcome to My Fico OP and I am sorry these things have occured

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Well I could have phrased that a little better to say that a suit could be filed against a person after the SOL has expired, but all they would have to do is show up in court and use the SOL in defense to get the case thrown out and that would prevent a judgement ever occuring passed the SOL.

Sure efforts to collect do not cease at the SOL, but all legal tools in order to do so cease at SOL, thus preventing any judgements.

[2b2rich]

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@Anonymous wrote:

Hi there,

As a college student, my wife has a school loan and 2 personal loans. Her mother has forged her signature for the 2 personal loans. Upon finding out, my wife confronted her and her mom "promised" that she will take care of it. Of course, man years go by...and so did many excuses...still, no repayment from her mom. As such, these 2 personal loans are not in good standing with the bank and they are wrecking my wife's credit score for life.  Are you saying that these loans have gone without payment for years? Are they Student Loans that were deferred during this time?  If not, how did they go this long without regular payments?  Or are you saying that you wife has been paying them back, and in the struggle the loans have suffered late payments on your wife's credit?

Her mom stole the money from her and used it for herself. My wife has obtained the loan agreements from the bank and the signature was indeed forged. She could not bare to file for fraud as her mom will be arrested as a result. Is there a way her mom could accept this responsibility? Could her mom tell the bank that she accepts this responsibility?

Her mom has other money problems and she is going to file for BANKRUPTCY! I want to know how will this affect this situation? Will the bank be in our favor even if her mom files for bankruptcy and could she still resume her responsibility for the loan? Pls helpppp, I feel that her mom has screwed both of our lives for good as we might never be able to afford a house mortgage!!!

What should be do? We both wants this out of her (my wife's) credit score.

Thank you.

regards,

hayswils

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[gdale6]

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@Anonymous wrote:

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@gdale6 wrote:

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@Anonymous wrote:

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@Anonymous wrote:
That is definitely not an assumption.
Thinking you can just sit by and debt disappears is more harmful than helpful.

My point is if the wife doesn't also file BK she will be paying for the debt or it will go on her credit. And getting a judgement is worse than getting a baddie. The consequences are also worse. Been there.

Just don't ever let anything turn into a judgement.

And that is my honest opinion. I could lie to make someone feel better or be honest from what I personally have experienced so maybe they can avoid those bad experiences. I prefer they avoid bad experiences.

---

I am sorry to hear that you have had a bad experience in this area and I understand where you are coming from. But if the statute of limitations has expired, then no judgement can ever be brought. The OP needs to figure all of that out and not make any hasty decisions based on fear and your earlier post could incite fear into the OP, that is why I responded to your post.

I totally understand what this lady did was completely wrong, but should the OPs wife have her mother possibly put in prison over this? Unfortunately it is already a bad experience for them and hastily having the mother arrested would surely make it a worse experience. I understand that there is no correct answer for the OPs question, our opinions will differ, but I am urging the OP to really consider all things necessary before considering filing felony charges against the mother in law.

---

Actually you can be sued at any time by any one, its up to you to assert that the SOL has expired as your defense otherwise a judgment can be granted. There are only 2 states in the US where the debt is officially dead at SOL and all efforts to collect must cease those 2 are WI & MS.

Everyone is entitled to their interpretation of the facts that have been presented and I dont think Jackie was trying to incite "fear" into the OP.

Welcome to My Fico OP and I am sorry these things have occured

---

Well I could have phrased that a little better to say that a suit could be filed against a person after the SOL has expired, but all they would have to do is show up in court and use the SOL in defense to get the case thrown out and that would prevent a judgement ever occuring passed the SOL.

Sure efforts to collect do not cease at the SOL, but all legal tools in order to do so cease at SOL, thus preventing any judgements.

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Yup... The more reputable firms wont sue past SOL but there are others that are disreputable who will prey on the uninformed and it happens every workday in the USA just because people dont know their rights. Have a good holiday

[Rebuilding69]

This goes far beyond waiting for these to fall off & freezing reports. That doesnt fix the actual problem, which is that her mom doesnt give a **** about her own daughter. I doubt this is the last problem you'll have from a person like that.

If it were me I would have had her arrested & prosecuted. She OBVIOUSLY could care less about her own daughter!

You dont need someone like that in your life whom has no respect for flesh & blood.

IMO, you file for fraudulent activity. Until you do that this is going to be a thorn in your side.

Just because a debt is past SOL doesnt mean its gone. It just means you have to show up to court everytime someone tries to sue you. And if you dont show up you're SOL.

[Anonymous]

My youngest daughter did the same to me years back.  I sign my name like chicken scratch & yet I found out she knows how to copy it exactly!  Not much you can do.  File for fraud & prove it wasn't her would result in the police knocking on your mother-in-law's door.  I just PIF all the accounts & waited for them to fall off.  Not much else you can do.  I would speak with her about this & ask that she take responsiblity for the loans or else.  Maybe the "or else" will wake her up.  I mean you tell her.  Coming from her daughter would seem not as serious.  I always keep monitoring on now so nothing will ever happen again.  Also only keep 4 cc's in my iPhone case.  The rest are put away.  And I make sure all hubby's & my info is put away too.  I never want to go down that road again.

[Anonymous]

Some are getting carried away with what could happen verses what likely will happen - as in probably not much. Hopefully, the OP's wife checks their credit reports at AnnualCreditReport.com for DOFD / estimated date of removal. The paid places, including MyFICO, generally don't include this important information.

And next, the OP needs to check the SOL for credit card debt in their state - search statute of limitations credit cards in google (not sure if posting those links is allowed; are guides, and not legal advice; generally accurate, but not guaranteed). 4-6 years is typical, though a few, such as Delaware, is 3 and a few, such as, Montana and Rhode Island, is 8-10 years or even longer.

Being sued does not automatically result in a judgement. Most creditors who sue are more than happy to settle prior to court, and hence, no judgement entered. Suing costs money (filing fees, serving summons, court prep / appearance, etc) and often not worth the hassles, even for large creditors. There are instances of creditors suing for very little, such as $100, and yet other creditors lettting $10K+ debt go (more common than one would expect) ... it depends on a lot of factors. One of the easiest ways to reduce the odds of being sued is having the most terrible looking credit reports possible, but I digress

As for getting a mortgage, don't sweat it. Unpaid judgements can be a problem, but unpaid debt TLs that have fallen off credit reports are no biggie. Lenders want to lend, and will overlook the distant past - they do all the time.