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My property has been foreclosed....and i am stuck with$30,000 line of credit? |
i am thinking of filing for chapter 13 since i also have some credit card debt. is that going to look EXTREMLY bad having both of those marks on me? dont know what to do!!! Your question should be a lesson to the rest of us as to why buying a house with little or no money down, or getting a home equity loan is a really bad plan. Sorry about your situation, not a lot of fun here. You haven't posted enough information for me to determine if bankruptcy is a good idea; but for the vast majority of people this is not a bankruptcy situation. It's going to be a lot better for you to cut your lifestyle, live on a tight budget, and work extra jobs. Personally I don't think you'll do that because you probably would have realized you could not afford the house if you were used to living on a budget. The bottom line is you bought more house than you could afford, and didn't deal with the reality of your mess sooner. I expect you'll file bankruptcy and when you do just go ahead and do a chapter 7, why screw around with the payment plans of a chapter 13 if your not willing to do what it takes to keep your promises. I have been told it has gotten harder to File Bankrupcy so Make sure you get a Good Laywer that deals with that kind of thing. Check your Yellow Pages under Credit Counselling. You might get some great options there. Just don't give up! if you cant pay the bills chapter 13 will be your best bet, its only gonna hurt you for what around 10 years or so on your credit Move to Canada, the land of second, third, fourth and fifth chances! If you didn't have any other liens against your property, try for a deed-in-leiu. It makes it not look as bad on your credit. Not all mortgage companies will give you that opportunity. It depends a lot on why you got so far behind in your debts. If it's too late to try this, you could try for Chpt. 13. This will certainly make your credit look better. The key is to not miss any payments. If it were me, I would put all my debts together other than the mortgage on your house, and try to get a Chpt. 13 and religiously pay the court every month. Is it absolutely too late to not work out a forebearance agreement with the mortgage company to try to catch up on your mortgage payments? If this is your only property and your source of residence no one is able to take it away from you.Believe me they tried it with me. However if you owe taxes on it . They can and will sell it at auction! So beware Always be sure your city & county taxes are paid!!! |
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