I posted my situation in the 'general section', but since my question is related to Chap 13, I think I would post here.
I have made some really stupid financial decisions as well as run up insane CC debt in the last few years. I have recently moved to CT near the Hartford area for a job. I did something stupid and signed a contract & put a deposit down for a condo that is being constructed.
I realize that I can't afford it given mortgage rates of today & my total debt load. Looking at a total P&I of $1,750 assuming 10% down + $250 for condo fees + Property taxes which will likely be $4,800 annually + PMI Possibly + Utilities (gas + electric in CT can be in the hundreds during the winter).
I stopped payment on the check. Now I am likely going to be sued by the developer and likely for civil damages as well. I did this because I didn't want to have to worry about this check being cashed and then having to worry about if & when I would see that money back. As of today, the check has not been cashed & it is 30 days old.
These are my choices:
1) Lift the stop pay. Go thru with the purchase even if I am looking at 'subprime' mortgage rates & file for chapter 13 on the credit cards approx 6-9 months after closing.
2) File for chapter 13 now. Hopefully that can 'stay' or 'stop' a judgement and tell the developer that I couldn't get financing or financing at a prime rate. The mortgage broker that the RE agent referred me to preapproved me based on a CT FHA First Time Buyer program with 3% down @ a 5.30% rate (as of early June) that I never locked in. Plus subject likely to PMI. I realized that I cannot qualify for b/c I have not been a CT resident for more than 2 years and because of my debt ratio. I would have to go stated on a 80 / 10 / 10 program with rates on the first mortgage between 7% - 9%.
I am single & make $75,000 a year. I don't have any substantial assets except a brokerage account with about $80,000 in it. I can split $40,000 for DP, and $40,000 for Credit cards but that will still leave about $30,000 in credit card debt.
I am also looking at being sued by other parties as well:
1) MCI on my landline phone back in NY that I have a past due of over $400 on .
2) LA Fitness gym
3) My landlord back in NYC because I in affect broke a lease that runs thru Mar 31 2008.
I have made some really stupid financial decisions as well as run up insane CC debt in the last few years. I have recently moved to CT near the Hartford area for a job. I did something stupid and signed a contract & put a deposit down for a condo that is being constructed.
I realize that I can't afford it given mortgage rates of today & my total debt load. Looking at a total P&I of $1,750 assuming 10% down + $250 for condo fees + Property taxes which will likely be $4,800 annually + PMI Possibly + Utilities (gas + electric in CT can be in the hundreds during the winter).
I stopped payment on the check. Now I am likely going to be sued by the developer and likely for civil damages as well. I did this because I didn't want to have to worry about this check being cashed and then having to worry about if & when I would see that money back. As of today, the check has not been cashed & it is 30 days old.
These are my choices:
1) Lift the stop pay. Go thru with the purchase even if I am looking at 'subprime' mortgage rates & file for chapter 13 on the credit cards approx 6-9 months after closing.
2) File for chapter 13 now. Hopefully that can 'stay' or 'stop' a judgement and tell the developer that I couldn't get financing or financing at a prime rate. The mortgage broker that the RE agent referred me to preapproved me based on a CT FHA First Time Buyer program with 3% down @ a 5.30% rate (as of early June) that I never locked in. Plus subject likely to PMI. I realized that I cannot qualify for b/c I have not been a CT resident for more than 2 years and because of my debt ratio. I would have to go stated on a 80 / 10 / 10 program with rates on the first mortgage between 7% - 9%.
I am single & make $75,000 a year. I don't have any substantial assets except a brokerage account with about $80,000 in it. I can split $40,000 for DP, and $40,000 for Credit cards but that will still leave about $30,000 in credit card debt.
I am also looking at being sued by other parties as well:
1) MCI on my landline phone back in NY that I have a past due of over $400 on .
2) LA Fitness gym
3) My landlord back in NYC because I in affect broke a lease that runs thru Mar 31 2008.
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