Help Is My Life Ruined!!?

Date: Tue, 06/22/2010 - 08:18

Submitted by cherrychip462
on Tue, 06/22/2010 - 08:18

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Total Replies: 3

:confused:I owe two mortgages and 6 lines of credit at a bank. The mortgages are 1200 a month and the credit lines are 900 a month at varying rates. The house does not have enough equity in it to qualify for any loan help and the bank will not work with me on merging all of the loans into one with a lower payment. what is terrible is that the house only has 10 years left until its paid off and I lost my job and now work for much less money. I dont want to lose my house but the bank is being very snooty and non caring to my pleas.....Is there any help for me without going bankrutkrupt? I have a credit score in the 850 range and I worked hard to get it there after a previous bankruptcy back 20 years ago. Is there any way for me to keep my house? Or will the bank just boot me out? All of these loans are through the same bank,mortgages and all. HELP! :confused:

What state are you in? Are the credit lines secured or unsecure

What state are you in? Are the credit lines secured or unsecured?

lrhall41

Submitted by SOAPLADY on Tue, 06/22/2010 - 08:34

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Illinois and the credit lines are all unsecured.

lrhall41

Submitted by cherrychip462 on Tue, 06/22/2010 - 09:05

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Well you probably have several options. The first would be that

Well you probably have several options. The first would be that you default on the unsecured lines of credit and then try to settle with them sometime after 90 days late.

The second option would be to meet with a bk attorney to talk about doing a Chapt 13 bk. This would allow you to keep your home in most cases. Now if you have enough equity in the home to pay your creditors off then the bk court can move you to a Chap 7 in which it would be sold to pay them, that is why you need to meet with an attorney. he/she will help you see what the best option is for you. But if you can come up with some money by either selling stuff, 401(k), friends or family I would definately go the settlement route.

It will ruin your creidt but is much much better than a bk and if you are truly at your wits end and can't make ends meet then your credit is going to go anyway.

lrhall41

Submitted by Debt Free to Be on Wed, 06/23/2010 - 18:47

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