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 Posted: Thu Mar 27, 2008 3:50 pm |
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I have a 15 yr 6.5% fixed mortgage on my home. I had huge credit card debt so my husband and I did a HELOC. Our HELOC is now at $250k WOW! At its limit. Interest only too! However, I also have gotten into Cr.card debt again trying to pay the HELOC. I want to settle w/ my credit cards,(60k) and can I settle w/ the HELOC? Since it is a 2nd mortgage not the 1st? I can afford only to pay the 1st mortgage at this rate. Ugh, we have worked like DOGS and this is all we have to show for ourselves....My business in real estate has failed and I am basically unemployed. Can I just stop paying my HELOC, and they can't actually foreclose on me as long as I'm paying my first mortgage. I know you all must think I am awful. Thanks for any advice. Ugh.....
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tomwhy3
Joined: 27 Mar 2008
Posts: 1
Debtcc Points: 45
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| Posted: Thu Mar 27, 2008 5:45 pm |
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Hi there tomwhy3 -
First and foremost, no one here thinks you are awful - most of us have made credit/money/mortgage mistakes or had issues with the same, that's why we're here! We came here for help with our own issues, and stayed to help others the same way we were helped.
I'm not terribly experienced with the 2nd mortgage issue you are dealing with, but someone else will come along soon to answer your question. I just wanted to reassure you that no one here is going to judge you.
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SUEBEEHONEY70
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Joined: 12 Oct 2006
Posts: 4316
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| Posted: Thu Mar 27, 2008 5:47 pm |
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We don't think you are awful, you were just doing what you could to get by. And nobody will judge you for that. I am sorry but I don't know anything about a 2nd mortgage but I am sure someone will be along shortly to help you out.
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puddlejmpr
Debt Samaritan
Joined: 15 Dec 2006
Posts: 1178
Debtcc Points: 2625
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| Posted: Fri Mar 28, 2008 4:19 pm |
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If you stop paying on your second mortgage, they can foreclose. You should talk to a bankruptcy attorney - they can possibly restructure your mortgages and eliminate your credit card debt.
However, to clarify, a second mortgage is a lien against your residence and they can foreclose before a first - technically they force a foreclosure as well on the first. Have you talked to a lender about the new FHA Stimulus loan that may be able to help you to refinance the first and second to make it more affordable?
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Guest
Debtcc Points: 100
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| Posted: Sat Mar 29, 2008 12:23 am |
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Yes thats true the lender can foreclose....but if you explain your situation to the lender then he might also chalk out a repayment plan for you.
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goodnelly
Debt Samaritan
Joined: 20 Jun 2007
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Debtcc Points: 8484
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