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Linda Roch
Linda Roch, Mensa Member
Category: General
Satisfied Customers: 1309
Experience:  I am a good researcher and I am a member of Mensa
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Have $46,000 credit card debt, 1st mortgage bal $138,000, second

Resolved Question:

Have $46,000 credit card debt, 1st mortgage bal $138,000, second mortgage bal $118,500. Home is worth approx $201,000 .
My wife can only work 3 hours a day due to health issues
Our take home is $4454 monthly ($5838 gross monthly)
Total PITI for both mortgages $2000.00
Current debt payments for credit cards $821
Our second mortgage is an interest only mortgage at 7.65% locked until 2014 & is $750 month
Is it snart to even try to keep our home?
Submitted: 4 years ago.
Category: General
Expert:  Linda Roch replied 4 years ago.
Chat Conversation Started
Linda Roch :

You have a couple of options. At this point, it seems that you're struggling. To ease things, you can try to file a bankruptcy and eliminate the 46k of credit card debt as with the interest, you may never actually be able to pay them off. Now, you can file bankruptcy and keep your house if you can make current payments or you can let the house go and probably stay in there up to a year without paying anything. Your house is underwater about 50k so it is up to you but the market may get better in the future. If you're looking for a clean start, you can let everything go and just start over.

Linda Roch :

However, if you don't file bankruptcy and lose the house, the mortgage company may be able to sue you for whatever amount is still owed once the house is sold in a foreclosure (usually the second mortgage).

Linda Roch :

if you have significant assets such as a lot of money in the bank or expensive cars that are paid in full, a bankruptcy could be difficult

Linda Roch :

is there anything else that I can answer for you?

Customer:

I have $40,000 in a 401 k and some other retirement accounts totaling $approx 18000. If I file bankruptcy can they go after my retirementv funds?

Linda Roch :

No, the retirement fund is protected upt o 48k.

Customer:

Thanks for your answer, Linda.

Linda Roch, Mensa Member
Category: General
Satisfied Customers: 1309
Experience: I am a good researcher and I am a member of Mensa
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