Article by Christy Thompson
Such a good question. You?re right. I am very adamant that people be logical about their foreclosure, but there is a lot of emotion and concern whether this is the right thing to do. How are you going to affect yourself by doing so?
A lot of my clients really struggle with the concept. Some of them find that after they?ve lost a job or they have less income as the result of no overtime or one spouse has gone from full time to part time, they simply can?t afford the payments.
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I refinanced my house through Ocwen in 2002 just before a major surgery to help with cost that I knew I would incur during the no work time. They told me one thing on the phone and when it came to signing, the paper work was nothing like what they offered me on the phone, but at the time is was only one week before surgery so I went ahead and signed. Since then I struggled and finally last year I was able to pay off my 2nd mortgage and all credit cards. The only bill left was the mortgage, since I paid off my vehicle the year before. November of last year I was in a bad car accident that totaled my vehicle. After receiving the check from the insurance company I purchased a used 2008 Dodge Advenger for 15,000 with 6,500 down on a 36 month loan. (Trying to stay debt free). Well December comes in and on the 2nd I was informed that layoffs would begin that week and sure enough two days later I got the call not to come in. This was a big surprise, since my company received records profits just the quarter before. Anyway I feel really bad, but I just cannot handle the mortgage payments anymore and I have tried everything to get the mortgage company to do something. They say I do not make enough for them to be able to help me. I am currently spending three hundred every month more than I am bringing in. My savings is now gone and starting to use credit cards again. And at this point I have a good chance of getting a job outside of Michigan, but if I do get the Obama modification I have to stay here with no hope of a job. Things just look worse at my company each month.
Will I be able to keep the car even though there is some equity in it? And can I let the house go this way with no reprecussions? I feel bad, but I also feel they took advantage of me when I was in a bad situation. And I have had the house on the market for over three years with not even a glimmer of hope. Thanks in advance for any and all advice. For those who like to talk down about people that file bankruptcy I pray you never find yourself in this situation. Current situation:
House owed 99,500 value about 105,000
Car owed 7,000 value about 15,000 (kbb)
What are the best ways to improve our credit post bankruptcy without getting credit cards? Any advice would be appreciated. We are young (in our late 20′s) and my wife lost her job about 3 years ago and our income dropped $50,000 a year which caused us to file bankruptcy.
We just filed in October and from what I understand it should be discharged very soon, but I want to make sure that we stay on the right track and I have been trying to read as much as possible about it.
Is there is better way than another to pay a credit card so it’ll show on your credit better. Like to carry a balance, and pay interest……or charge something every month and fully pay it off right after you buy it………(always never missing a payment, always on time, blah blah blah).Any better methods…….just trying to rebuild credit after bankruptcy 2 years ago. I have nothing on my credit except a carnote that has been paid on time faithfully for 2 years straight, and that’s it………..
any other methods of advice.
And roughly how long after a bankruptcy can I be on a loan to buy a house…..fiance and I are looking to buy a house after we get married, and he thinks my credit wont be good enough to be on the loan!
My bankruptcy was filed because of medical bills with an ex-husband. No credit cards were involved. I would now like to buy my own house–so how long do I have to wait to re-establish my credit? I am a single Mom with no child support. Is there a program that can get us into a house?
will sell … buy a house or a car, you might want to do that before you file … I can max out all my credit cards, file for bankruptcy, and never pay for the things I bought. That’s … What Happens to My House in Bankruptcy? … …
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… bankruptcy to get rid of a large credit card … Is it better to file bankruptcy to get rid of a large credit card balance or use a … is nearly 70 and never plans to buy a house … hit but if you are considering bankruptcy then I .. … 2008 April | Bankruptcy Questions – Part 3. Plus it would give you some time to save up for some sort of down payment. While the old bankruptcy could be … How To Buy A House After Bankruptcy. April 22nd, 2008 at 12:00am Under . … …
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i havent filed for BK, Ive lost my house, and now all my credit cards companies are treating me like the worst of the worst(18yrs w/out a single cc late payment)and doest stop there…i have a credit card for 40k, last week they drop me … …
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if you are not able to pay the credit cards and the house and car payments bankruptcy basics bankruptcy court chapter … if you file a chapter bankruptcy you … may or may not be . … That said, you can always find a place to live, even after filing bankruptcy. There are always some landlords who do not run credit checks prior to renting, or who don’t care if you did file bankruptcy … or who realize that if you just filed bankruptcy their chances of receiving their … …
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9 Responses to “Credit card companies target bankruptcy filers.” bagpiper2005 says: February 7, 2010 at 4:03 am. “Poor poor credit card companies” my ass. God I hate credit card companies, they were rich before, now they’re even richer. … After losing my house in foreclosure, its been awful w/my credit cards. A card that had 40k now has 2k in credit?. Every 2months my cards decrease, so i been just payin minimun payment to keep my credit limit high!…pretty much they … …
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