Debtconsolidationcare.com - the USA consumer forum

Missed two mortage payments and have cc , need advice

Date: Thu, 06/25/2009 - 11:03

Submitted by anonymous
on Thu, 06/25/2009 - 11:03

Posts: 202330 Credits: [Donate]

Total Replies: 3


I defaulted on my mortgage for 2 months and my credit score went from 703 to 610. I signed up for the obama help homeowners plan, got accepted for 3 months and i am in the proccess of getting help from my motgage for a loan modification. I have about 30k in credit card debt and the lady from the hope hot line was telling me to stop paying my credit cards.. i know i would be offered settlements and etc downt he road after being late and was wondering if its going to hurt my credit score even more? and how long would it hurt it for? I already know that the being late on my mortage is going to be on there for 7 years...I am also self employed construction worker but i don't think my personal credit card would effect any of my business association with my credits at lumber yards as i pay them in full on time everytime. I am just trying to figure out my options because i dont want to keep paying cc if it wont hurt my credit more or screw me up for ever because i know everyone else is struggling. Thank you


I would look at getting your mortgage taken care of first. Your priorities should be shelter, food then transportation. You need shelter to support you and your family. You need food to sustain you and your family. You need transportation to get to work in order to keep the first two going. Your credit cards should come last on your priority list. This forum can help you find a right solution whether it is doing it yourself or chosing a reputable company. If you are looking into settlement your accounts will go delinquient in order for settlement to occur. If you choose debt managment, you will pay close to what your minimum payment and a counselor will help you negotiate a lower balance. My recommendation is calling 3 companies in both industries comparing and contrasting then going with the company that makes the most sense to you.

Do your due dilgence though and research the BBB, USOBA and IAPDA.


lrhall41

Submitted by on Thu, 06/25/2009 - 16:23

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