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    #1

    looking for a little advice

    We've got 60k left on a mortgage, but home equity line is used up at 150k. about 30k in cc debt. Barely making it. Making the payments on time, but barely over the minimum.

    If we file for bankruptcy will we lose the house? What would you recommend? Thanks.
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    #2
    Originally posted by tropolis View Post
    We've got 60k left on a mortgage, but home equity line is used up at 150k. about 30k in cc debt. Barely making it. Making the payments on time, but barely over the minimum.

    If we file for bankruptcy will we lose the house? What would you recommend? Thanks.
    Let me understand this. You took out 150K of home equity and still have 30k in CC's. That means you owe 210k total on the house regardless if the mortgage is 60K. You can affirm the house if you still make the payments on it and most likely will survive the BK. Is this a sub prime mortgage? If you dont think that you can make the mortgage every month then let it go. I mean, you milked out 150k already.
    "Paper is poverty,... it is only the ghost of money, and not money itself." --Thomas Jefferson to Edward Carrington, 1788

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      #3
      Originally posted by bmrigs View Post
      Let me understand this. You took out 150K of home equity and still have 30k in CC's. That means you owe 210k total on the house regardless if the mortgage is 60K. You can affirm the house if you still make the payments on it and most likely will survive the BK. Is this a sub prime mortgage? If you dont think that you can make the mortgage every month then let it go. I mean, you milked out 150k already.
      Yes, essentially out of control spending and some medical issues. We basically used the heloc like many are using it, as a ATM card. Doesn't also help that I'm a recovering gambling addict who spent a good amount of that money on those sites. No not a subprime mortgage.

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        #4
        Can I reaffirm the mortgage and not the HELOC? We can handle the mortgage, but not both mortgage and HELOC.

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          #5
          In a ch 13 you can strip off the 2nd if the amount owed on your 1st is less than what house is worth (so in your case your home would have to be worth less than 60K).

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            #6
            And it's not, so essentially I'm stuck.

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              #7
              Well that's a 13, you might qualify for a 7 and I don't know all the details of that.

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