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Additional Details
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nerdmom1970 | We need advice on serious debt, and we are in BIG trouble.? |
My husband makes about $10,000 a month. We are in a bad loan with Countrywide and our mortgage keeps increasing and is now $8000 a month. We have a 2nd as well with Greentree, and a third, 1 auto payment and numerous credit cards that are maxed. We have 5 kids, live in a 2000 square foot home that is worth about $920,000 and we owe $1,100,000 in home loans alone.
I could go into all the detail, but it's not really my problem. My problem is how to get out. Do we go into foreclosure lose the house and go rent while we pay off everything? Or do we go into bankruptcy? Either way our adjustable neg-am mortgage continues to rise, and he doesn't make enough to cover it and our bills. We can't sell the house for what we owe, so do we have any other options? Has anyone ever heard of anyone going through this? We haven't missed May's payment yet, should we put the house on the market in hopes of selling and paying off the first? PLEASE somone help guide us in the right direction! |
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stopccdebt
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You show a lot of courage explaining your situation here. It does indeed sound like your family is in a difficult situation. You will need a couple of things to see long term improvement.
First, you need to examine your budget to see what you are spending your money on. 70% of the nonessentials should be cut out. Its OK to still have some leisure expenses.
If your budget is still in the negative, then you will need to further reduce expenses, and yes you may need more income. Remember that it is hard to spend money while you are busy making it.
The second thing that your family needs to do is to actually learn about how these financial products work. Your mortgage terms are terrible. There is zero reason for purchasing a million dollar home using an ARM. The sleezeball mortgage broker that encouraged you to sign has a lot of explaining to do. And yes, he probably made $10k extra in commissions just by conning you into going for that loan instead of a more reasonable loan.
Talk to a credit counselor and talk to a lawyer. Only then will your options become clear. |
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Club_obi_wan
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See daveramsey.com and enroll in financial peace university, you've totally messed yourself up.
First why does your mortgage keep increasing? Most FIRST mortgages adjust only once a year and usually its 2-3 points max although that aint chicken feed on a 1.1million mortgage. Perhaps there is something I dont know about Countrywide.
If you havent missed any payments your bank will work with you if you're running into trouble.
BUt the answer seems simple to me, if you can get 900,000 off a 1.1 mortgage (does that include the 2nd and 3rd?) you should not have too much trouble paying down that debt if your pulling in 10k a month and willing to rent a smaller home....A MUCH SMALLER HOME.
Then you need to get your other debts under control. Cut up all your credit cards and stick to writing checks and paying cash for your goods. Pay off your debt by paying the smallest balance first and getting rid of it from the bottom up. After each credit card is paid off, cancel it and dont get any more.
Try not to declare bankruptcy or go into forclosure (voluntary or not) b/c it will ruin your credit.
Last, get rid of all your crap - and you've probably got tons of it sell it on ebay or with yard/garage sales, get rid of it, turn it into cash and use it to pay your bills. |
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dragonfire
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your plight is typical of those who in effect paid too much for your house in an over heated market with an exotic loan, you are now seeing the end effect, you will lose the house ( it's not your choice, you are definately over extended ), your credit will be ruined. That's a fact. No one can help your self center and selfish lifestyle that is obviously "keeping up with the Jones" mentality. You state you have maxed out credit cards, you could ( and should ) cut them all up but you got a deeper self depreciating self worth issue and hence why you associate self emotioanl worth with material things ( a real bad issue ). It's a shame on such income you have nothing of net worth saved ( since your going to lose the house you effective have a negative networth ) as such an income could have better spent in investments. Be aware of anyone claiming they can save you from your inevitable crash, as all they will do is throw you under the bus while making of a few dollars on yet another loan or some other finacial arrangment.
Filing for bankruptcy will be also tough as a judge will not be sypathetic to your plight on such a monthly income and will most likely deny your petition, there by letting the creditors assume their rightful course or procuring judgements. |
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hazellaura
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maybe you should get a job and try and help out, that would be a good step. and dont live beyond your means. sounds like u have a spending problem and now are learning from your mistakes. not trying to be mean but don't get yourself into things that you can't dig yourself out of. |
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abby fth
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If you have found yourself overwhelmed by debt from your credit cards, you may be wondering how to eliminate credit card debt in your life. Believe it or not, you have a lot of company when it comes to worrying about how you are going to eliminate credit card debt. Many Americans are over their heads in debt. It is important that you take steps to get your debt under control before you end up in serious financial trouble.
Find a Way to Get Better Rates
One way that can help you get rid of the credit card debt that you are in is to find a way that you can get better rates on your credit cards. You can do this by trying to find a credit card that has lower rates than your current cards, and then make transfers over to the card with the lower interest rate.
Another way you may be able to get better rates is to try to negotiate with the company or have a credit counselor negotiate with the company to get you better rates on your card. While you may not realize it, having a lower rate can actually save you hundreds of dollars and can help you get out of credit card debt much faster.
Eliminate Debts One By One
If you are wondering how to eliminate credit card debt, another way that can be a great help is to start working methodically to eliminate your debts one by one. You can choose either to pay extra on your card with the lowest amount of debt or you may want to pay more on the card with the highest interest rate, but whichever way you choose will be a great way to help you get out of debt much faster. Read more about it at: http://www.credit-card-gallery.com/article/195,4_Tips_on_How_to_Eliminate_Credit_Card_Debt |
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christain gurl
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First off go see a credit counselor, having a credit councelsor counts alot for you see the goverment and the lender can actually see that you are making an effort to bring it underneath control, turn in the mercedes benz, and every upscale thing you can think of. Pay off all credit cards, call another bank to see if you can conslidate your debt. Plus if you are in a sub prime loan, that alone is enough justification to go to the federal goverment and report Country wide for basically advising you on a bad loan. The banks and federal goverment actually set aside one billion dollars for essentially the economy not to collaspe. |
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girlwhoknowsitstrue
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If you go into foreclosure, they can still come after you for the difference between the mortgage and what they get for it.
My advice is to go to a Christian Financial planner, maybe someone that a company like Dave Ramsey recommends, who has the heart of a teacher - and they can sort through it - Yes, you can try to sell the house, but this is a big mess.
If you do not change your spending habits, the bankruptcy will only be a short term fix - |
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who?
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$8,000 a month is ridiculous. If you dont want to lose the house i would pair the kids up into two rooms and see if you can't rent out the other rooms. You might be hard pressed finding someone who wants to live with 5 kids though? If you can't get a job yourself or find another income I dont see how you can keep those payments up. I think bankruptcy should be your last option though. If you can only sell it for 920,000 you would have to eat 180k which would probably take over three years to pay off assuming you had to rent somewhere else. I would look into some non-profit companies that specialize in this sort of thing and maybe they can help you out. |
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SuperCobra
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Live in one level with the family and rent out the other rooms! Get room mates |
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mattzcoz
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You're in a hole. Don't pay this month's mortgage. You can call/write them to let them know, but meanwhile, use that money to hire a bankruptcy lawyer |
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Link_The_World
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That is sad that a family that makes over 10,000 a month is even mentioning the word bankruptcy. I do know how to help you, but I wont. Learn to live within your means. Most people get by on an average household income of $50,000 a year, yet you seem to mess up making more than double that. I bet you were most of the reason the credit cards are maxed. I bet you have a really nice car and ....gees I could go on forever, but I wont.
Like I said, I am a personal banker that deals with helping people out of debt everyday, but I wont help you.
Oh and of course you have already traded in the BMW or Benz for a Kia right? Oh no! What would everyone else think?? |
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