#16
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this is the type of thing i would gladly consult/pay a professional for. there are lots of ins-and-outs and different strategies and approaches for this type of things.
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#17
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First, you are in a tough spot, and you are doing the right thing by looking at creative ways to move forward.
After about 20 years of working with clients in the residential mortgage world I'll offer my suggestions that may help you to add to the other advice given already. For free and without harming your credit scores go to annualcreditreport.com and get a copy of each of your credit reports from the three different credit reporting agencies. Save each of these reports for you and your spouse as a PDF on your computer. Next, write out (important step) all of your debts, account numbers, how much you owe, minimum monthly payment, interest rate, phone numbers to who you owe money to-basically make a very detailed list if you have not done this already. Vision-what is it that you wish to accomplish short and long term? Are there other sources of income or funds that will be coming in? What is the value of your house vs. the damage to your credit if you do go into BK? My 2 cents-possibly negotiate with all of your credit card lenders as these payments are squeezing your debts. You may have a lot of equity in your home, so I'd advise against BK for 40K if you have a CA home with a lot if equity. In a few years after settling your cc balances and getting your credit on track you may be able to get a small equity loan against your home. Until then, get even more detailed on your debts, look to creative income producing activities, and have a long and short term plan. Be careful of anyone or company claiming to clear up everything for free (credit firms or attorneys), some are great, but the majority are are a worse nightmare than you can imagine. It will take work, but you've already on your way to getting there by being honest about the situation and asking how to move on. Last edited by 19wisconsin64; 10-18-2018 at 06:42 AM. |
#18
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Hey, I'm in the biz from from regulatory pov. If you want to chat, pm me. Proposal to creditors is the way to go in short
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#19
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Do NOT sign up with one of those debt consolidation companies--complete ripoff no matter how many ribbons they say they have from the Better Business Bureau. Find a Chapter 13 bankruptcy attorney or firm and make an appointment with them. This form of bankruptcy leaves your home out of the plan entirely, you continue to pay your mortgage and you pay whatever the calculator says you can afford on your unsecured debt. Payment plans last up to 5 yrs and so long as you have complied with your court-approved payment plan, you are discharged from debt at that time. Your house payment was never in the plan and this type of bankruptcy has no effect on your mortgage or your equity in your home.
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Bedford Ti Sport Tourer |
#20
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This...
Quote:
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Serotta Legend Ti Calfee Tetra Pro Olmo Competition |
#21
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Last post seems like the way to go. This has been a super enlightening/helpful read, thanks.
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