Will Bankruptcy Fix It?

Bankruptcy...it doesn't fix your foreclosure but only delays it, causes you to have really yucky credit, etc. etc. (and I did say to consult with a bankruptcy lawyer at least once, didn't I? I did? Good.)

So now let's talk about lowering your monthly nut without trying to refinance.

We're talking a workout agreement.

No reason you can't work things out with your credit card companies and your mortgage company.

See, with the credit card companies, you have what I call the "big stick" you can use -- bankruptcy, or the threat of that. If you were to file, they'd receive anywhere from little to nothing in most cases. So they like to talk and work things out to maximize what money goes into their hot little hands.

You can't really threaten a mortgage company with bankruptcy. Remember, they are protected from bankruptcy because they can take your house back.

But your mortgage company still wants to deal. Because...they want a loan that is "performing" on their books. And foreclosures cost them all sorts of money.

So they want to avoid foreclosure.

Negotiating credit card debts yourself

You can always put together a hardship letter and send it to your credit card companies. You can negotiate a workout agreement with them. The alternative for them is to pursue you and have you file for bankruptcy, so they will often make a deal with you.

The deal can include:

1. Working out a reasonable payment plan.

2. No interest on the payment plan.

3. The credit card company will withdraw negative credit
reports on you. They may say they can't do this, but they can.

Negotiating with your mortgage company

You can also negotiate with your mortgage company's "loss mitigation" department.

This can often result in the following advantages:

1. You pay off the arrears over six months, sometimes

    longer (sometimes much, much longer.)

2. You make a good-faith down payment on your arrears.

3. You start making the regular payments again, and your
   mortgage company accepts them.

4. In some cases, arrears can be added to the original
   loan amount. Interest rates can sometimes be adjusted.

That means payments can be LOWER and you don't need

to get a new loan!

As you can see...there are many ways to get lower monthly payments besides bankruptcy or getting new loans. For more info on Debt Agreements go here.

For help on selling your house go here.

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