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Credit card debt, can I lose my home? United States
i have about 40,000 in unsecured debt, i own my house with no mortgage. i built this debt up after my husband abandoned us and our children and then I found out I had received a sexually transmitted disease from my husband, this sent me into a depression and I was unable to work for quite a while.
Now I have left the state to get away from all that, and settled in a small home in another state. i do own this house without a mortgage, and I own it on my own.
i cannot pay my creditors, and i cannot file bankruptcy because of my home i cannot file chapter 7, and because i am not working I cannot afford chapter 13. What i need to know is there anyway a creditor can force me to sell my home, or can they just place a lein?
I am so petrified, that my daughter and i will be homeless.
Banks are reluctant to give you a loan because you do not have a source of income and you are already $40,000 in debt. You are unemployed. First, look at all your credit cards. The higher the credit line, the lower it will make your score. If some of the available credit amounts are excessive, call and lower the available credit line. Call your creditors and negotiate a lower interest rate, consolidate the debt at a lower rate when possible.
Take a close look at your expenses and cut them as drastically as possible. Then get out the newspaper and find a job. You can not continue to live in a house, charge your living expenses to a credit card and not have an income. Eventually the credit card companies will close the accounts due to none payment. Then what? Before that happens, it is time to take charge of your life.
Oh I am not using the cards, stopped over 6 months ago, I do support myself. I do no living on credit cards, that was when I was working but out of work due to different things. I just moved to another state and am currently working for work, have only been here about 4 weeks. I am not living off of cards at all.
Once you find employment, the banks may look at you differently. In the mean time, have you asked about a reverse mortgage? It may be just enough to tide you over until you can get your finances in order and start getting paychecks coming in.
Once you find employment, the banks may look at you differently. In the mean time, have you asked about a reverse mortgage? It may be just enough to tide you over until you can get your finances in order and start getting paychecks coming in.
In your original post you said; "I was unable to work for quite a while." I took that to mean that you were working now. If you aren't working that could explain the reluctance to give you even a secured loan, if there is no income. But if you have a job, its harder to understand.
In your original post you said; "I was unable to work for quite a while." I took that to mean that you were working now. If you aren't working that could explain the reluctance to give you even a secured loan, if there is no income. But if you have a job, its harder to understand.
I am currently looking for work. I left California where I did have a job. I am just settling in here, it should not take long to find a job. I currently have an income of child support, which pays the bills and feeds us.
Nobody will loan you the money???? You called everywhere??? Ain't gonna happen???? I know somebody down in your neck of the woods who does stuff…
Would you be willing to sell your house for, say $50,000, and enter into a lease with an option to buy the house back at the same price? You'll have to pay rent (whatever the going rate is for a house like that), plus payments on the option. They'd be high payments too. But when you've built, say, $15k in equity on your option, you could exercise your option to again purchase your house back, using the option as a down payment. Then you'll need to make payments on the remaining balance of $35k. They'd be high payments too.
The good news about an arrangement like this is you get your money, and you don't lose your house, that is IF you make your payments on time. The bad news is, if you miss one payment, then you're out in a month with nothing.
Nobody will loan you the money???? You called everywhere??? Ain't gonna happen???? I know somebody down in your neck of the woods who does stuff…
Would you be willing to sell your house for, say $50,000, and enter into a lease with an option to buy the house back at the same price? You'll have to pay rent (whatever the going rate is for a house like that), plus payments on the option. They'd be high payments too. But when you've built, say, $15k in equity on your option, you could exercise your option to again purchase your house back, using the option as a down payment. Then you'll need to make payments on the remaining balance of $35k. They'd be high payments too.
The good news about an arrangement like this is you get your money, and you don't lose your house, that is IF you make your payments on time. The bad news is, if you miss one payment, then you're out in a month with nothing.
excon
I have tried about 6 places for loans. And no one will do it. I guess because I am unemployed.
No I would not do anything like that? What kind of benefit would that have for me? As yo have said I will not lose my house, so why would I do that? I know they will place a lien, but thats ok with me as long as I dont lose my house. I know when I sell it or refinance that lien would have to be paid.
With $40k in judgments, that are surly headed your way, you won't have an income and you won't have bank accounts. What good is your house if you can't eat?
Plus, the interest continues to accrue (at credit card rates) while they wait for you to sell your house. You have equity of about $115,000 now. With a lien of $40k accruing interest, you won't have ANY equity in left in 7 - 10 years.
That's why you should consider something like this. Otherwise, it's a slow death.
excon
PS> (edited) And, I didn't even mention the legal fees that are going to be stacked up on you. They alone might wipe you out.
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