Cash Advance to pay off 2nd Mortage

[latino]

Okay it's been close to 2 years I've borrowed some what of around 45 thousand to pay off my 2nd mortgage. I tried to pay everything on time but the overtime in my job just stopped, and my wife lost her job, I make less than 60 thousand a year, but I'm really considering bankruptcy, my body just broke down on me this last weekend, I've been hospitalized just trying to put everything together my stress level just broke me down. Now I no where near to pay off the 40 thousand that I owe, but I was better paying off the 2nd mortgage that was to be payed off in 15 years with a total amount payoff due on the 14 year of 35 thousand. But I didn't know that the wife was going to lose her job, and I'm probably going to lose the car lease as well. ( need advice )

[JRScott]

Okay let me ask you took cash advances of 45k two years ago and used it to pay off your 2nd mortgage?

First off try to get on your feet. Whatever has to happen will happen.

We'd need more actual information on your income/debt/assets to be able to advise if you might could do bk or not. However I would wait til file until you yourself are well in case you need to let medical expenses be discharged too.

[latino]

okay so I said let me get a cash advance to pay off these credit cards, they were from my daughters medical bills, old debt, so I said to myself I'll get cash to pay off credit cards, because my second mortgage was a 15 year note at $ 381 a month with $ 15.00 going into the amount of the loan, now at the end of the loan I would have to come up with $ 35 thousand dollars to pay off the note or pay it off on 15 years at $90 thousand. It's a ditech loan I thought they were helping me out, at the time my daughter was home due to medical, my wife couldn't work. So they overtime was good for a while my mortgage is $1600 a month car note $345 a month, then comes car insurance at $100, gas $200 a month, $250 on food for 4, child support $400 a month, power bill $190 a month, water $120 a month, cell phone $50. Okay so I brought kitchen supplies, 3 lcd's, a good stereo, a new couch, put down some money on a used car to own in about 3 years. But I was working that overtime till it stopped and they they wife got a lay off. Oh I forgot all this on a base salary of $50 thousand a year.

[cool33097]

Now that you paid off you second mortgage, do you have equity in your house?

[latino]

I live in Florida so the bottom just drop out of the house but I think I have about 5 thousand in equity.