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Posts Tagged ‘mortgage payment’

I want to explore all my options before filing bankruptcy. I can afford my mortgage payment, my car payment, and my house bills (utilities, cable bill, etc) but cannot afford to pay my credit card bills and loan bills.

How can I go about finding a good non-profit debt consolidation firm that can help me? Just using google isn’t cutting it, as there’s thousands.

Help appreciated.

Hello,

I’m a student right now and I am going to be starting the 1st of four years getting my PharmD (i’ll be a pharmacist). I currently only work about 3 months out of the year doing sales. The past two years I have made just about 25k/summer. This summer I am projected to make the same amount of money. The other 9 months of the year I just go to school and don’t work. Currently I have no student loans, or any debt for that matter. Pharmacy school is more expense than normal school and I plan on paying about 14k a year for tuition. Generally I pay just over 200/month for rent and utilities. I will be sticking around the same city for at least the next 4 years. I feel as though continuing to rent is a waste of money. My question is weather or not I should take on the student loans and use my cash to pay for a home. Obviously, I would be getting roomates to help cover the cost of this. The homes I’m looking at would be in about the 110k range. I figured a mortgage payment of about 800/month with utilities and whatnot. Is it wise for me to just graduate debt free or should I start taking out loans and get into a house? Any ideas/pointers/advice? Also, if I plan to work throughout the rest of the year from here on out to help pay for things…the only thing is that I will not be able to make the same kind of money. I only do my sales job in the summers( yeah…i’m a door to door salesman, hate me if you wish). So my pay will not be as good but it will be something i figure.

This was long. Sorry. Advice please….thanks

For lack of a better term i was forced to take out a mortgage last year on my home that was paid for. The terms and percentages were awful but thats besides the point.

My income at the time was sufficent to pay my bills and the mortgage.

I ran a successful business for a little over two years until 4 months ago when things went downhill. My mortgage payment is more than most people make in my area in 2-3 paychecks and now im unemployed with a SMALL list of other monthly bills besides the mortgage. I do have about k in other unsecured debt from the business and other unsecured creditors from when i was young that i never took care of.

I have thought about bankruptcy, chapter 13 is a no-go mostly because i cant afford the mortgage payments now so why would i waste my time with a 13?Otherwise it could work,but otherwise i dont really need a bankruptcy if were not including the house mortgage because i could just set up monthly payments with my creditors at a small payment.
7 minutes ago – 3 days left to answer.
my monthly expenses are slim so im not worried about that.

My problem seems to stem from my home, i have about 40k worth of equity in a 117k home.

With that kind of equity, it really does not make sense to file a chapter 7 because in my state you lose all equity besides 5k no matter what.

It really doesnt make sense to do a 13 because as already stated i cant afford the payments now,much less the payments to all my creditors plus the mortgage.

And the only other options are selling, of which is not really an option because foreclosure has already been initiated.

Or a deed in lieu of foreclosure, but then im giving them all of my equity for "free" although the foreclosure would likely not show up on my credit report and i could begin to repair the other damage.It would be faster to do this than to wait 10 years for a BK to come off the credit or 7 years for a foreclosure to come off.

OR just let it be foreclosed on……thats not appealing at all ofcourse.
ADVICE?

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I know a couple who’s marriage is about to be over. But they owe around ,000 more than their house is worth, and neither can afford the mortgage payment alone.

They are separated technically, but need both incomes to maintain their bills. It is a nice house they both want, but the value has declined so much that the principle debt is way higher. With a much needed divorce, they both realize what needs to be done in their relationship, but are unable to do so. Even if they could sell it in the terrible market, they still would be over k in the hole.

What is the smartest thing to do.
This is serious, so please serious advice only.