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| The independent answer to your debt problems | login join |
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its me
| 12-01-2009 07:13 PM |
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Joined: 12 Jan 2009 Posts: 2 | I've no idea how much my wife owes but there have been lots of debt collection agencies, bounced cheques and overdrawn accounts in the last couple of years. Those that i found out about have been addressed, generally by me, but every couple of months another creditor will call the house or i will find an unpaid final demand. My question is about our home, the deeds are solely in my name as is the mortgage, i was on the property ladder before starting our relationship, married without realising the level of debt. The car is in my name, paid for from my bank account, in fact my wife hasn't really contributed to anything in the home. Can the debt collectors start placing demands that risk me losing my home and car etc? |
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hopeful99
| 01-06-2009 11:27 PM |
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Joined: 01 Jun 2009 Posts: 1 | June of 2008, my husband and I lost our jobs, we worked for the same company (Budget Cuts). Couple of months before this happened, I tried talking to mtg lender to see if can lower our monthly pymt. Was told unless we stop paying (Default) cannot do anything. Needless to say I was shocked. In other words unless I ruined my 765 credit score they were not willing to help. We tried keeping up with our mortgage and credit card payments. First stopped making pymts to credit cards (only have 2). My husband and I struggleling finding a job, we had to choose to feed our family and pay utilities (heat etc.) or pay our Mrtg. We fell behind and could not make October's Mrtg. Called Lender, asked for Forbearance Dept. and pleaded our case. Our case has been under the process of modifying our mortgage and this is since Nov 2008. All ppwk have been submitted, as well as sending mthly budget updates and I call weekly for updates on decision. Every time, they say case is being reviewed by negotiator. We have had received copies for Foreclosure filing with court from Bank's Attorneys. In this economical times, has been difficult to find work, but luckly my husband got a job, although salary was less and 2 and 1/2 hours away from home, works through Saturdays & twce a month he is able to come home after work (Sat & leaves Sun afternoon. But like I said in these times you are lucky to land anything. I on the other hand, with 3 kids 3,10,17yrs old, find myself wiht my hands tide. No jobs available localy and with small kids don't have the flexibility to travel long distances. The last 2 calls I made to lender for updates, I feel like they are playing me, because they seem to be requesting to re-fax ppwk. Our retirement money is in this property. Our loan was 280k, now with lawyer fees and interest etc. is now 301k and ascending. The property was valued at 411k on 2006. Credit card debt is 28k & camper loan of 28k. At this point, I feel that we should take the loss, move to wherehusband is and perhaps I can also find a job as well. IF HOUSE FORECLOSES, CREDIT CARD DEBT OF $28K, CAMPER (REPO)... Our salaries combined will not be enough to re-pay credit...can our salaries be garnished....is Bankruptcy the best way to go in this case? Sincerely yours Desperate 4 |
