[slvrtrixter]

My husband has run up $22,000 in credit cards in 4 years. I am not a co-signer and I took my name off as authorized. He has paid the mortgage and min. on the cards but can't do it anymore. I've tried to use our home to get equity out to pay off these bills but we can't afford the new payment. I have no guarantee he will stop this addiction. So how long will I keep the house? Nothing is selling in WI, have joint property laws in divorce. Who gets the house first mortgage co or credit cards? Should I start packing?

[this8384]

You're husband is not addicted; he's a selfish moron. There's no logical reason he needed to spend that kind of money. This is obviously a strain on your marriage; he needs to realize that and stop doing what he's doing. I would recommend talking to a financial advisor to try and sort out this problem; then I would seek marriage counseling.

[Fr_Chuck]

First, stop paying the credit cards and keep paying the mortgage, you won't lose the house most likely, always pay the house, electric and food first, then other things if you can.

Let his credit stayed runined, that way he can not get any more cards.

[slvrtrixter]

Yes he is a moron and maybe I am too for not getting help sooner. I decided to take out a second mortgage for $22,000 at 8.25 with 10 year amoritzation of monthly payments of $213. And when the house market is more normal dump the house and him. If I let this go on and his credit companies get his bank account the mortgage will not get paid. Is this a good action?

[Fr_Chuck]

Well first a budget, cut up his cards ( if there are any left) and borrowing money to pay those debts may not be the best. I would look toward possible bankruptcy perhaps, or a Credit counseling program to work out payments with them. Don't risk your home more by putting another lien on it.

So don't keep much money in the bank account, extra money, pay some bill ahead even. Cash the check, and pay with money orders or something if attaching the money is a fear.

[slvrtrixter]

We are taking out the 2nd mortgage and will see how the budget goes for 6 months. I want to save bankruptcy for the house foreclosure(if happens if income goes down) and my son's car which is in my name and his. He is remarried and refuses to get a loan and pay it off, another story. I want to sell the house when real estate starts moving. I figure I would rather have 3 banks then 12 after me for debt. Have I covered my butt?

[smidgensmom]

Sounds like your rear is covered. Foreclosure takes only 2 years to get out of, not so bad I guess. Might be worth it to get out of all that debt. I understand. You could accually buy another forcloseure home there are some very nice ones out there now especially.