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THis is specifically in toronto canada
I have not graduated but they are sending my file to a collection agency
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Additional Details
lets say you leave your credit card inside your car and your car gets stolen.... |
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I've heard you should get 3 credit cards and make all payments on time. Is this right?
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| Credit card question? |
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| My goal is to own a consignment shop. I defaulted on my college loans years ago, but have been paying them off with no late payments. My college loan is my ONLY debt. (no car payment, no credit ... |
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niketattman23 | I cannot afford the mortgage payment on my house anymore. I'm considering bankruptcy or forecloser.? |
My Credit card debt is less than $2,000 and I can pay them regularly. I cant afford the $2,500 a month mortgage payment. I don't have any other debt & no car loan. |
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sexytrojan
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What kind of loan do you have? Interest only, ARM or fixed?
You may be able to refinance and put the closing costs on the back of your mortgage.
Another option is to sell it. There are plenty of companies who will buy from you when you are in trouble. At least you will avoid the options you are considering.
Best of luck to you! |
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thylawyer
 |
Bankruptcy in your situation is not a good idea, unless you have been in arrears on the mortgage and are at risk of foreclosure (3 months in arrears).
If the house is worth more than you owe, and you can make some money on the sale, sell it. If you are close to the likely sale price on your balance, offer the mortgage company a deed in lieu of foreclosure. You walk away with no black mark on your credit.
If your problem paying the mortgage is temporary, a chapter 13 might help stave off foreclosure. If not, your plan could propose a sale of the property, either at auction or a private sale. |
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Steve Wood
 |
Foreclosure is not a good option. You will get screwed. You are entitled to receive any amount in excess of the obligation, but only after they have taken numerous fees and expenses. You may even be obligated to pay any shortage if the property does not sell for enough.
Your choices depend on how far down the tube you are and what your equity in the property is.
The best choice is to refinance and restructure the loan in a manner so that you can make the payments.
If you can not refinance and have no other source of funds (friends or family) to help you out, sell it yourself.
While there are those who will buy properties in distress, they are looking to buy cheap and will offer below market.
If you can not sell and need to prevent the foreclosure, you can file for bankruptcy (Chapter 13). This will stall the foreclosure, but if you do not make enough money to satisfy the court that you can meet the payments under the "Plan", your bankruptcy petition will be dismissed and the lender will foreclose.
The bankruptcy rules have changed and it is not so easy anymore for individuals.
Seek counsel from a certified credit counselor. (You will need to in order to file bankruptcy anyway. Check with the bankruptcy court for a list of local counselors). The bankruptcy court also requires recent tax returns. If your filing is not up to date, you can not file for bankruptcy.
While you can do it yourself, it is easier if you hire an attorney specializing in bankruptcy and familiar with the new rules.
Good luck and take action sooner rather than later. |
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Jim C
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Bankruptcy isn't as easy as it used to be. You can no longer file and erase all your debt. Now they make you go through credit counseling first, which is a good thing because they really do help. However you must enter all of your debt into the program no matter good, bad, or indifferent. Bankruptcy also haunts you for ten years. No one will give you a loan after that.
Foreclosure isn't good either because that really screws your credit rating, more so than a bankruptcy. Bankruptcy is a long term thing but foreclosure carries more negative weight.
Best thing - sell for what you owe and get out as fast as you can. |
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WhyAskWhy
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It's my understanding that if you own your home that Chapter 13 is the only bankruptcy option available provided that you "qualify" to do it. You have to contact a credit counseling service for an appointment, go over all the stuff with them, and they'll "certify" whether or not you qualify for bankruptcy. If you do, then you can head to an attorney. If not, I have no clue what you do...
BTW, have you thought of checking with the mortgage company to see if they can do loan modification for you? |
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H.V.
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Where do you live?
www.bletza.com |
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jan d
 |
How to Avoid Bankruptcy Explained
http://www.debt-explained.com/category/How-to-Avoid-Bankruptcy-Explained.html |
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Laquishacashaunette
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Bankruptcy, that will stave off the foreclosure for awhile at least. |
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Clockwork Grape
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Do you have any equity in the place (is the value you could sell it for greater than the mortgage)...if there's no equity, you have nothing to protect except your good credit. In many states, home loans are non recourse - you can walk away from the house and they can't touch your other assets. If you want to stay in the place you can look at adjusting the terms - switching to an ARM - do you expect your finances to improve in the next few years? Do you still have income?
If the house has equity, you need to protect it - find a way to tap into the equity with a better mortgage or a reverse mortgage....
But the real way to protect your interest is to cut your costs - rent out the rooms in the house - bring in some more income - even if you have to move out for a while and live with family, get some tenants that can pick up the mortgage cost. |
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nelson_devon
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You have an awfully nice house it sounds like. |
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princemo4
 |
May I suggest a side business, like an online business. You already know how to use the internet, so why don't you use it for your advantage. You really don't want to declare bankruptcy and I don't think you want a foreclosure. If you can just make $200-$400 a week, that can save your house and your life. If you mess up your credit, you will not find good apartments to rent, because almost all of them do a credit check.
I suggest looking for programs that you can signup to and have them go to work for you. Or if you have a few friends and relatives, you can join affiliates program.
I suggest the 2 following programs:
http://www.5x9program.com : This programs can be a true miracle if everyone involved does their part. However, you need to invest $14 and at least refer 5-10 friends/relatives. Once you refer your 10 friends, just hang on for awhile and then check your balance, you might find thousands. The program does have a $2 million limit, enough to buy 5 houses.
http://www.coloniasgreatestvitamin.com : This program requires a small investment (like $39) but they will give you your own website and they will pay you lots of money if your website sells vitamins for them. Of course, with the power of the internet, you don't have to work to hard to make people visit your web site, you just need to submit to search engines, like Yahoo and Google.
Good Luck with your situation, please don't allow foreclosure |
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