| T O P I C R E V I E W |
| Runbikegrrl |
Posted - Jun 12 2009 : 06:11:23 AM
Anyone here ever file? I am in foreclosure on a rental property I own and the house I live in will be in danger soon if I don't do something. I owe just about 70,000 in combined loans (home equity, student, daughters wedding, etc). My interest rates are horrible...that's why it is so out of control. I can't even come close to making payments and get hasseled by 10-12 phone calls a day. I have neard that bankruptcy filing is a horrible process so i am not sure which is worse...keep living like this or what/ Any advice?
"So many interests so little time!"
http://lovelifelivegrrl.blogspot.com/ |
| 7 L A T E S T R E P L I E S (Newest First) |
| SpiritedRose |
Posted - Jun 18 2009 : 08:53:05 AM
When I married my husband, I got his credit card debt under control through ClearPoint Finanical Solutions. You'll want to make sure whoever you talk to is certified, like with the National Foundation for Credit Counseling (NFCC). This company can also help you regarding bankruptcy. You can call and talk (for free) to someone that may be able to help get you headed in the right direction.
If all you owe is $70k total, you should definitely be able to refinance or get a home mortgage or something so that you can get your payments and interest rates down to a sustainable level. And don't take out any more loans that are high interest!
Don't let bankruptcy be an option if you can help it at all! Get a second job for a while or anything to prevent it if you can! Good luck!
Cheesemaker with a supportive husband,
Registered Jersey breeder, AKC Akita breeder, and friend of two favorite cats!
spiritedrose.wordpress.com |
| queenofdreamsz4u |
Posted - Jun 13 2009 : 3:51:45 PM
For your primary residence..your mortgage company should be providing this service for you....this is money allocated to help homeowners in trouble that was included in the "bailout" package.
This is the link that gives three examples of how it can help you..it will not help with the investment property but it should with your primary.
http://www.treas.gov/initiatives/eesa/homeowner-affordability-plan/HousingExampleSheet.pdf
 Queen of Dreamsz ~ keeper of dream kingdom
* * * * * * www.queenofdreamsz.blogspot.com * * * * * *
"Imagination is more important than knowledge"
~ ~ ~ ~ ~ ~ ~ ~ Albert Einstein ~ ~ ~ ~ ~ ~ ~ ~ |
| Runbikegrrl |
Posted - Jun 12 2009 : 5:41:10 PM
Thank you for your replies! Jonni thank you so much for that little phrase....I said it to to collectors today we'll see what happens! Joanna here's the thing...there is no we in this equation I am a single mother of three. Last one in college now. I use to make more money...long story. I live very frugally now. No credit cards, almost never eat out...brown bag to work 5 days a week. NEVER buy clothes...wear hand me downs from weatlhty friends and sew the rest. No movies, or much of anything else. My big extravagance is beer and wine...I won't drink swill. but I could save $40 or more a month if I gave up my wine and beer for awhile. But even then it is not going to get me out of debt...
"So many interests so little time!"
http://lovelifelivegrrl.blogspot.com/ |
| JojoNH |
Posted - Jun 12 2009 : 5:04:04 PM
I know things are rough to say the least right now, however, there are ways to avoid bankruptcy. Check out the website DaveRamsey.com
he has wonderful advice and an easy to follow plan to be debt free.
We followed it and now we only owe our mortgage and are doing everything we can to get that paid off so we can shout from the roof tops that we are debt free. ( we had 2 houses, 1 large parcel of land, 2 vehicle payments, credit cards and more)
My very best advise to anyone looking to be out of debt is to follow his plan. . . it has been a life saver for us!
Joanna #566
JojoNH
http://www.CountryCents.com
http://CountryCents.Blogspot.com
http://Twitter.com/Eastwooddesigns |
| FebruaryViolet |
Posted - Jun 12 2009 : 07:22:13 AM
Mary Ann, I would agree with Corinne...I work for a financial planning and real estate attorney (who also is the Master Commissioner of the county, in charge of selling foreclosed properties)and his first suggestion is to always contact your lending company about refinancing the loans for better rates. If they are unwilling, would you consider, and the lender consider, a short sell of the investment property? How much equity is in the investment property? Are you "upside down" in the mortgage (house is worth less than mortgage now?)
One of my co-workers is currently filing bankruptcy, and it has been a great relief for them...her situation became dire, though. Her husband has been out of work for 8 months, and their house and car payments alone totalled $2000. She works part time and there was very little to cover even those payments. Is that the way you feel, that there is no way out? It can be very frightening, but as Diana mentioned, a good bankruptcy attorney can take the worry away and handle everything. Be prepared to feel pretty vulnerable for a little while, because they do delve into everything (asset wise). But, usually, when someone files for bankruptcy, the relief far outweighs the burden.
By law, if you inform these creditors that they may only contact you in writing, then they must comply (it's the Fair Debt Collection Act), and you can simply say, "you are on notice that you may only contact me in writing from this day further. If you don't comply, you are in direct violation of the Fair Debt Collection Act and I will contact an attorney and our state's Attorney General."
Best of luck to you..I know it's so difficult right now, and as Corinne said, you are not the only one in this boat, even though it feels like it.
Musings from our family in the Bluegrass http://sweetvioletmae.blogspot.com/ |
| Corinnelouise |
Posted - Jun 12 2009 : 07:03:47 AM
Mary Ann, could you have an appointment and check with somebody that secure loans in one single payment before your file for bankruptcy ? We have relative who went this route and it took them 7 years until their names were finally cleared. And it was more than 10 years ago, so now I have no idea how long it can take up. In between they had access to credit through special credit company and the rates were higher than at the bank and slowly they rebuilt their credit. But it was a tough time for them during these years.
Wishing you good luck with all your decisions. I am sure you can find somebody to talk to who has a solution, you are not alone in this situation.
Please do not feel discouraged, these situation happen.
Hugs,
Corinne
Sister # 101
'Heaven on Earth' is a choice you must make, not a place you must find.
Dr. Wayne Dyer |
| gramadinah |
Posted - Jun 12 2009 : 07:02:21 AM
Not so horrible but you really need to get a lawyer. There are packets that you can fill out your self but I don't think it would be a good idea with owning 2 houses.
When you get a lawyer then you can tell the people to stop calling and contact your lawyer.
Sorry this is happening.
Diana
Farmgirl Sister #273 |
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