Posted on: 01st Jul, 2011 05:42 pm
i have 67k dollars in unsecured debt and a first and second mortgage in my home. i was on my way to pay off my debt but now i am going thru a divorce and no longer have my husband's income to contribute. he is letting me keep the house but paying the debt and the mortgage payment would be a little bit too much for me to handle. the home is currently worth about 100k less than the mortgage balance. i am considering going thru the short sale process but i am current on my payments even though i am usually having to pay late (15 - 20 days) since i struggle to put the full payment together every month. i am also now only able to afford the minimum payment on the 67k credit card debt. you suggestions and ideas are appreciated.
Hi vegafamily,
If you don't want to keep the property, then you can contact your lender and apply for a short sale. If the short sale takes place, then it will have a negative impact on your credit report if your name is mentioned on the mortgage. As far as your credit cards are concerned, you can contact your creditor and apply for a credit card debt consolidation.
If you don't want to keep the property, then you can contact your lender and apply for a short sale. If the short sale takes place, then it will have a negative impact on your credit report if your name is mentioned on the mortgage. As far as your credit cards are concerned, you can contact your creditor and apply for a credit card debt consolidation.
Honestly, though you don't mention thinking along these lines, bankruptcy may be a viable option for you. I'd suggest sitting down with a good attorney who knows bankruptcy law and is expert in financial matters and obtaining an opinion about what you might be able to do.
This shows real expetrsie. Thanks for the answer.