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My debt vs my wife's debt

Date: Fri, 07/22/2011 - 05:16

Submitted by yetin
on Fri, 07/22/2011 - 05:16

Posts: Credits: [Donate]

Total Replies: 4


My wife and I are in tremendous debt, all of which is my fault. Bottom line, I'm looking to find out what my options are. We live in NJ and each of us have credit cards in our names individually. If things start to get slippery with regards to making payments, will my wife's credit be affected if I stop paying any bills in my name in order to keep hers current?

Also, we do have a mortgage that has both of our names. How will this be affected? Her credit score vs. mine? What is the overall impact of letting my stuff go in order for her to survive financially?

Thanks for any feedback! It's very much appreciated. I will be happy to share more details.


Hi,
Quite a situation you have got there! First of all be current on the mortgage payment. Since this is a secured loan your property may go into foreclosure if you cannot make your mortgage payment.

Now as for your other debts, you can opt for debt consolidation individually for both your and your wife's debt. If you are current on your payments it may improve the credit scores of both.

You should completely stop using your credit cards and reduce your expenses a great deal to be able to pay back your debts through debt consolidation.
Hope these suggestions would help you. Feel free to ask anything else if you want.

Thanks :)


lrhall41

Submitted by scarlett.brooks13 on Fri, 07/22/2011 - 05:50

( Posts: 46 | Credits: )


Hi,

As long as your wife is not an authorized user, or jointly liable on your accounts, her credit will not be negatively impacted if you discontinue making payments on your accounts.

Your mortgage will not be affected if you discontinue making your payments. The only foreseeable problem you may encounter is if you'll have to re-finance an adjustable rate mortgage in the coming years.

Have you consulted with a consumer credit counseling agency or debt settlement company? If you'd like to avoid bankruptcy, these are your best options.

Good luck!

Marie Megge
Donaldson Williams, Inc.


lrhall41

Submitted by mariemegge on Fri, 07/22/2011 - 06:42

( Posts: 168 | Credits: )


Quote:


Your mortgage will not be affected if you discontinue making your payments.


I'm sorry, what?

Your mortgage will definitely be affected if you stop making payments. Continue making your mortgage payments and your wife's payments.

If your wife is not on your cards/accounts as a cosigner, joint owner or authorized user, she won't be affected by you stopping making payments. How much do you owe on your cards? How many do you have? Who are your lenders? Maybe we can help you plan a strategic default and settlement negotiations.


lrhall41

Submitted by OhioGal1 on Fri, 07/22/2011 - 06:56

( Posts: 5253 | Credits: )


Hello,
I'd like to clarify my answer. I meant that if OP discontinues making his credit card payments, his mortgage will not be affected. I certainly didn't mean to encourage him to discontinue his mortgage payments.

Hopefully this clears things up for you. Thanks!

Marie Megge
Donaldson Williams, Inc.


lrhall41

Submitted by mariemegge on Fri, 07/22/2011 - 07:58

( Posts: 168 | Credits: )