We need advice on serious debt, and we are in BIG trouble.?
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My husband makes about $10,000 a month. We are in a bad loan with Countrywide and our mortgage keeps increasing and is now $8000 a month. We have a 2nd as well with Greentree, and a third, 1 auto payment and numerous credit cards that are maxed. We have 5 kids, live in a 2000 square foot home that is worth about $920,000 and we owe $1,100,000 in home loans alone.
I could go into all the detail, but it's not really my problem. My problem is how to get out. Do we go into foreclosure lose the house and go rent while we pay off everything? Or do we go into bankruptcy? Either way our adjustable neg-am mortgage continues to rise, and he doesn't make enough to cover it and our bills. We can't sell the house for what we owe, so do we have any other options? Has anyone ever heard of anyone going through this? We haven't missed May's payment yet, should we put the house on the market in hopes of selling and paying off the first? PLEASE somone help guide us in the right direction!
We need advice on serious debt, and we are in BIG trouble.?You show a lot of courage explaining your situation here. It does indeed sound like your family is in a difficult situation. You will need a couple of things to see long term improvement.
First, you need to examine your budget to see what you are spending your money on. 70% of the nonessentials should be cut out. Its OK to still have some leisure expenses.
If your budget is still in the negative, then you will need to further reduce expenses, and yes you may need more income. Remember that it is hard to spend money while you are busy making it.
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