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Hello, I have a home, a job, and a 401K. Im 59 and looking

Hello, I have a home, a...
Hello,
I have a home, a job, and a 401K. I'm 59 and looking to retire in the next 8 years. I'm current on all my mortgage bills, including a DMP through credit card conseling. I cosigned on my daughter's student loans and she is defaulting so they are comming after me. My house is slightly underwater. My credit rating is very bad at this point. I think I should consider bankruptsy since my credit is so compromised and figure out my options. Sallie Mae calls me every day. I just don't answer because I can't pay.
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Answered in 1 minute by:
12/5/2012
Paul K, Esq.
Paul K, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 141
Experience: 10 years Exp., Great customer service, Prompt responses.
Verified

Paul K, Esq. :

Hello, my name is XXXXX XXXXX I would love to assist you. Give me a moment to research your issue and I will answer promptly.

Paul K, Esq. :

I feel bad for you and your situation.

Paul K, Esq. :

It is always tough when someone else's debts bring you down.

Paul K, Esq. :

Unfortunately, student loans are nearly impossible to discharge, even if they are not your own.

Paul K, Esq. :

Filing a BK case could end your DMP and get rid of all your other debts, so that all of your excess money can go to helping your daughter and her loans.

Paul K, Esq. :

So the BK would basically help to clear everything else but those.

Paul K, Esq. :

The other option is to really push her to get a federal consolidation so that she can start making those payments. I understand she tried, but in order for you to not have to pay, it may be worth setting up an appointment for her and attending with her and helping with the paperwork as much as possible.

Paul K, Esq. :

It is a tough situation for you to be in for sure.

Paul K, Esq. :

I will give you a moment to read all this and catch up, and then we can go from there.

Customer:

Yes, I agree, and have been trying to get her to get that right. The frustration is that I can't contact the Consolodation folks for her. She screws it us and is overwhelmed and blames me then she is too busy to work on it. Really she is overwhelmed, but I watch my credit sink lower and lower over the past 6 months.

Paul K, Esq. :

Well, if she can get the papers and you can take them

Paul K, Esq. :

and help fill them out

Paul K, Esq. :

then that may help

Paul K, Esq. :

I would basically play it as this "I understand that you are busy and overwhelmed."

Paul K, Esq. :

"Let me help you and fill it out for you."

Paul K, Esq. :

That way you know it is done and done right

Customer:

Yes, we started that process, but they wanted IRS data and the IRS was difficult to deal with. The mail goes to her house and I have no idea where she it. I think it's start over time because she neglected it for months. We do it together, and she rushes through so I can't double check it and the agency won't work with me. It's a real headache.

Paul K, Esq. :

Sounds tough.

Paul K, Esq. :

Well see if she will let you do all of it this time, and when she has to call, try to be there

Paul K, Esq. :

on speakerphone

Paul K, Esq. :

so that you can help guide her through it.

Paul K, Esq. :

Again, however....

Paul K, Esq. :

a BK in your name can get rid of all your other debts

Customer:

I'm writing to see if bankrupcy is an option for me for the loans I have. Also can I refinance with the govt underwater plan under these circumstances.

Paul K, Esq. :

so that you can focus on helping her financially if you are forced into doing so.

Paul K, Esq. :

If you home is underwater, Yes

Customer:

I wanted to downsize my home, but with my credit so low now, I wonder if I can just refi under that program and rent out the big house. Sallie Mae can't touch my house, right?

Paul K, Esq. :

you may be bale to use different government programs to get a Loan Modification or alter your loan

Paul K, Esq. :

It will definitely help you with your credit card bills

Customer:

I have a regular loan and a second mortgage. Can I combine them under that program.

Paul K, Esq. :

Actually there are better ones where if your home is worth less than your first mortgage

Paul K, Esq. :

your second can be stripped completely

Paul K, Esq. :

A qualified attorney in your area can assist you bse dupon the factors of your specific home

Customer:

I'm thinking if I do the refi first then file bankruptcy after I have the reduced rate mortgage, I'd be betteroff. How do I find out if it's worth less that the first mortgage. What about zillow.com, is that a fair gauge?

Paul K, Esq. :

it is

Paul K, Esq. :

zillow or the county value

Paul K, Esq. :

Then compare to first mortgage amount

Paul K, Esq. :

There are many factors wrapped around your specific situation and mortgage amounts

Paul K, Esq. :

So there are many options\

Paul K, Esq. :

I know it is tough and confusing

Paul K, Esq. :

trying to deal with your daughter's situation and your own

Paul K, Esq. :

but I think a combination of a BK for you and a Consolidation for her will help you both

Paul K, Esq. :

I hope this was helpful.

Customer:

Thanks.

Paul K, Esq. :

I will be on and off throughout the day and night

Paul K, Esq. :

so if you have more questions, please let me know

Paul K, Esq. :

I try to be as helpful as possible

Paul K, Esq. :

Have a great day and dont forget to rate our experience. I will check back to see if you have more questions so that I can make sure you are 100% satisfied!!!

Customer:

Thanks for your help. I never thought I'd be here, but now my ability to retire is most important. I've been in the DMP over a year and a half with a 4 year plan. I think my credit won't get better fast enought for my to sell my house and buy another one even in the 2.5 years that it would take me to complete the DMP program so why bother.

Customer:

One more question. Can Sallie Mae garnish my wages. My daugher is also employed. Who would they garnish first or would they do both?

Paul K, Esq. :

They would garnish her first

Paul K, Esq. :

You would be the backup in case all collection actions against her fail.

Paul K, Esq. :

HAve a great day!!!

Paul K, Esq. :

and good luck!

Customer:

Could you please weigh in on my thoughts about my credit recovery time and selling my current home. I feel bankrupcy should be an absolute last resort.

Customer:

I just checked my HARP eligibility and my home first mortgage is likey in the 80% loan to value and held by Fannie Mae. So is it best to go through a bankruptsy lawyer to get the second mortgage written off or just apply for the HARP through my lender?

Customer:

My second is around $20,000

Paul K, Esq. :

Well if there is no equity, then try to get the second removed AND do HARP.

Paul K, Esq. :

If you want to avoid a BK, then apply for a loan modification and see what you can get done

Paul K, Esq. :

Credit usually rebuilds quickly if you do good things and slowly if you dont.

Paul K, Esq. :

So if you pay mortgage/car payment on time for a year, your credit score will increase

Paul K, Esq. :

If you miss a payment or two, it will not

Paul K, Esq. :

So with or without a BK, as long as going forward you pay things timely, your credit improves.

Paul K, Esq. :

Let em know if there is anything else!

Customer:

How would I go about getting the second removed?

Paul K, Esq. :

It is hard to do without an attorney because you have to file what is called an Adversary Proceeding.

Paul K, Esq. :

This is basically a lawsuit

Paul K, Esq. :

in the BK

Paul K, Esq. :

against the second mortgage company

Paul K, Esq. :

alleging that they are unsecured.

Paul K, Esq. :

If they are, then they become an unsecured creditor like a credit card and the mortgage is stripped.

Customer:

Ok, so would I do the HARP before I contact the attourney or do it in tandem.

Paul K, Esq. :

I would do it together. Usually the same attorney can help with both a Loan Mod and a BK.

Paul K, Esq. :

Have a great evening and dont forget to provide a positive rating!!!

Paul K, Esq. :

This question is still reflected as open, so if you have any more questions, please let me know!!! Have a great weekend.

Paul K, Esq.
Paul K, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 141
Experience: 10 years Exp., Great customer service, Prompt responses.
Verified
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Paul K, Esq.
Paul K, Esq.
Paul K, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 141
141 Satisfied Customers
Experience: 10 years Exp., Great customer service, Prompt responses.

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