Short Sale VS Default or Settle Credit Cards -- Which is Best Option?
Date: Sat, 01/16/2010 - 10:04
I am current on all of my bills as of right now, but will not be able to sustain that for much longer. I could not sell my house (would have to come to the table with more money than I have to close), so now I am starting to consider a short sale.
Before I consider a short sale I wanted to find out if it is better to do a short sale ...or if it is better to keep your good status with your mortgage & not pay 2 - 3 of my credit cards and perhaps reach a reduced amount settlement with 1 of them.
I would appreciate any advice & discussion on which option is the best one to pursue.
E
Have you considered credit card debt negotiation? Negotiating a
Have you considered credit card debt negotiation? Negotiating a payoff to your credit cards could take from 50-90% off the stated balance. That would free up a great deal of funds to resolve the mortgage issues. I would suggest Legal Credit Card Help at
Try negotiating on your own verses paying a company to do so. Th
Try negotiating on your own verses paying a company to do so. There are tons of sample letters at this forum to get you started.
I would consider not paying the house if you are upside down, wh
I would consider not paying the house if you are upside down, what is the point of putting more money into it. You could stop making payments and live there for a year before they could get you out. Because your credit will take a hit anyway, I would also stop paying on my credit cards, with the money you save from not paying your mortgage you could settle these cards after 150 days. You would not have to file BK and you could start fresh and build your credit back up. I don't have any details about your situation, so this is just a possible solution.