Hi,
sorry for the long story but here goes.....
We moved to NC and bought a house where my employer provided $100K down payment assistance. We also took out an equity line to do some renovation. When we took this, my employer agreed to take 3rd position and subordinate themselves to the first two loans.
Due to severe financial crisis, they asked me to resign and had me sign a promissory note. The realtor said our home would sell within 30 days for a number of factors.
I took another job and moved to MD. We rented for 6 months and bought a house there as we were certain the NC house would sell with the resort season beginning.
Again, due to financial issues, I was asked to resign....yes, believe it or not!
We have since moved back to Arkansas where I have a job making less than half of what I earned in MD. We are happy to be here and want to stay. The good news is that there is virtually no way they will have the issues of my previous employers!
So, I started the short-sale process via an attorney and have the hit roadblocks. National City bank has stonewalled us for months in spite of our having good offers. We did just get an offer that they accepted but they refused to forgive the second. As a result, I would be responsible for over $100K. Further, we have never gotten an offer in NC during the nearly 2 years its been on the market. The prices for both homes are crazy low!!
There is still a very small chance that my previous employer in NC might buy the house to protect their interest as they are in 3rd place and would get nearly nothing should I declare BK. If they do that, and National City can be negotiated with, we might still avoid BK....but that is highly doubtful.
So, what next? I earn $83K and my wife has returned to work earning about $30K. We surprisingly own very little that has any real value as we are upside-down on both cars.
Do I file Chapter 7 or 13? I thought 13 but the debt limit is $900+K and we are well over that. However, I earn more than $70K. We are very worried about it because if wage garnishment happens, the entire town will know. It is highly likely we would then both lose our jobs. It is a very small town and it will get out for sure. Even a sheriff's visit to the house will attract loads of attention and scrutiny.
We both have (or had, really) credit scores of 780 and over 800 up until this mess began 4 months ago. We have never carried a balance on any credit cards and have always been on time with every payment on every debt....for what that's worth.
Sorry for the length. It is a huge, horrible mess and we are freaked out!
thanks in advance for any help or encouragement.
sorry for the long story but here goes.....
We moved to NC and bought a house where my employer provided $100K down payment assistance. We also took out an equity line to do some renovation. When we took this, my employer agreed to take 3rd position and subordinate themselves to the first two loans.
Due to severe financial crisis, they asked me to resign and had me sign a promissory note. The realtor said our home would sell within 30 days for a number of factors.
I took another job and moved to MD. We rented for 6 months and bought a house there as we were certain the NC house would sell with the resort season beginning.
Again, due to financial issues, I was asked to resign....yes, believe it or not!
We have since moved back to Arkansas where I have a job making less than half of what I earned in MD. We are happy to be here and want to stay. The good news is that there is virtually no way they will have the issues of my previous employers!
So, I started the short-sale process via an attorney and have the hit roadblocks. National City bank has stonewalled us for months in spite of our having good offers. We did just get an offer that they accepted but they refused to forgive the second. As a result, I would be responsible for over $100K. Further, we have never gotten an offer in NC during the nearly 2 years its been on the market. The prices for both homes are crazy low!!
There is still a very small chance that my previous employer in NC might buy the house to protect their interest as they are in 3rd place and would get nearly nothing should I declare BK. If they do that, and National City can be negotiated with, we might still avoid BK....but that is highly doubtful.
So, what next? I earn $83K and my wife has returned to work earning about $30K. We surprisingly own very little that has any real value as we are upside-down on both cars.
Do I file Chapter 7 or 13? I thought 13 but the debt limit is $900+K and we are well over that. However, I earn more than $70K. We are very worried about it because if wage garnishment happens, the entire town will know. It is highly likely we would then both lose our jobs. It is a very small town and it will get out for sure. Even a sheriff's visit to the house will attract loads of attention and scrutiny.
We both have (or had, really) credit scores of 780 and over 800 up until this mess began 4 months ago. We have never carried a balance on any credit cards and have always been on time with every payment on every debt....for what that's worth.
Sorry for the length. It is a huge, horrible mess and we are freaked out!
thanks in advance for any help or encouragement.
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