In a Bind, and Need Help

[Administrator]

Hi all,I've just recently found this very helpful site, and have looked and read through the forums. I think I have a good idea of what I need to do, but wanted to present my problem,and get your feedback:My domestic partner and I have sat down to look at our finances, and we are in a pretty desperate situation:1. 1st Mortgage at $460k 2nd Mortgage at $80khome is about $500k (unofficial guesstimate)so home is 40k loss of value currentlytotal monthly mortgage is $41002. Domestic partner has been laid off 3 times in the past couple of years, and finished paying off a bankruptcy filed about 3 years ago. In order to pay that, and a couple of credit cards, we had to take out the 2nd. Then with the job situation, we've had to do more cash advances, and slippery slope into about $90k in credit card debt. So, we are currently about negative $3k per month with all our bills, and we do not have anymore credit cards to tap into. We do not know what else to do, except file for bankruptcy. But, even then, with a $4100 mortgage, we'd only have about $100 free after necessities, and that's if I get approved for a chp. 7. If chp. 13, then there'd be nothing. From what I've gathered from my reading, here's what I think I should do:1. Contact both my 1st and 2nd mortgage lenders, and tell them my situation to see if they can do anything. 2. File for Chapter 7 bankruptcy for the credit cards. And, if my morgatgers can't do anything, the best thing would be, I see, is to sell the house (however we need to, short sale, foreclosure, deed in lieu), so we can have some breathing room. We want to keep the house as much as possible as our lives revolve around our 5 year kid. And his life is rooted in the city we live in. Thank you for any and all advice in advance.


To view links or images in this forum your post count must be 1 or greater. You currently have 0 posts.


(Source: mortgagefit.com)