| 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 yourselfYou 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. Negotiating with your mortgage company
This can often result in the following advantages: longer (sometimes much, much longer.) That means payments can be LOWER and you don't need to get a new loan! For help on selling your house go here. |
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