Does anyone know?

[driven]

I live in south fl. and bought my house aug. 2005 and every year my taxes and homeowners insurance has gone up,the housing market down and as a electrician no work for over7 months.I've maxed my credit cards thinking the work was going to back {thinking it was just slow}my house payment was a little over 1,400 and within 3 years now is over 2,000.

MY HOME LOAN WAS SPLIT IN TWO DIFFERENT LOANS,ONE HAS MY HOUSE PAYMENT WITH MY ESCROW AND ONE WAS FOR THE FIXING UP THE HOUSE .[THINKING THE MARKET WAS GOING TO DO ALOT BETTER]

MY QUESTION;

IF I WAS TO STOP PAYING THE LOAN THAT DIDN'T HAVE THE HOUSE PAYMENT ON IT,EVEN THOUGH I GOT BOTH AT SAME TIME, SAME PEOPLE,COULD THEY STILL TAKE THE HOUSE?THAT AND STOP PAYMENT ON MY CARDS I CAN PAY THE ONE LOAN AND KEEP MY HOUSE AND NOT GO IN BR.

AND IF YOU JUST STOP PAYING YOUR CREDIT CARDS I KNOW YOU GET BAD CREDIT BUT THAT HAPPENDS WITH BR ALSO,WOULD IT BE BETTER JUST TO FILE?AND DO I MAX OUT MY CARDS BEFORE I DO SO?

[lrprn]

MY HOME LOAN WAS SPLIT IN TWO DIFFERENT LOANS,ONE HAS MY HOUSE PAYMENT WITH MY ESCROW AND ONE WAS FOR THE FIXING UP THE HOUSE .[THINKING THE MARKET WAS GOING TO DO ALOT BETTER]

So what you have is a mortgage loan and a home improvement loan. The unanswered question is did you secure the home improvement loan with your home or is that second loan unsecured?

Depending on the answer to this question. the answers to several of your other questions will change.

IF I WAS TO STOP PAYING THE LOAN THAT DIDN'T HAVE THE HOUSE PAYMENT ON IT,EVEN THOUGH I GOT BOTH AT SAME TIME, SAME PEOPLE,COULD THEY STILL TAKE THE HOUSE?

Depends on if the second loan is secured by the house or not.

THAT AND STOP PAYMENT ON MY CARDS I CAN PAY THE ONE LOAN AND KEEP MY HOUSE AND NOT GO IN BR.

Assuming you don't file bankruptcy, if you think that the home improvement lender is just going to let you stop making payments and walk away, that is a mistake. Your second lender will go to court to get a judgment against you for the amount of the loan plus late fees and penalties. It depends on the state you live in as to what the lender can do to get you to pay them what they are owed. Wage garnishment, judgments, liens against the house - all are possibilities.

ALSO,WOULD IT BE BETTER JUST TO FILE?

Again depends on the whole picture of your finances, not just your house loans. What state are you in? Are you married? How much gross income did you and your spouse make from all sources over the last six calendar months? Do you have children? Do you have autos and other assets that you want to keep? How much equity do you have in these other assets?

The more information you give us the better we'll be able to help you sort things out.

AND DO I MAX OUT MY CARDS BEFORE I DO SO?

This is an easy question to answer - NO! To deliberately max your charges out knowing you are going to file to wipe the debt out is bankruptcy fraud. You don't want to go there.

[driven]

Found out it is a secured loan.
Didn't think that the home improvement loan would go away but that they wouldn't take the house,But i understand what your saying i and i don't know why i didn't think of all the other charges that will add up.But being secured they can take the house?

Now this may be a stupid question but,my home improvement loan just went over 30 days.I never been late so far on the house loan.If i only can pay one,,Do i pay the 30 day late loan,Or do i let the house loan go late, and pay the 30 day late loan?

My big problem is i am self employed and never know week to week if i'll get a call on work.I can get a weeks work that my pay everything that month or no calls for 2 months.
I don't when to say it's time.Do i just spend all my saving thinking i'll get a call on work?would you?Or when should you say when?When i'm 2-3 months behind?
Is this why people claim bankrupy,to get out from under and start over?I know this is only your advice but it helps me more than you know!If it was to say,take me 6-7 years to pay my credit card,Would you claim br on your card because you could start new credit in about 5 years couldn't you?
THANK YOU SO MUCH...

[One Half Full]

Is this why people claim bankrupy,to get out from under and start over?I know this is only your advice but it helps me more than you know!If it was to say,take me 6-7 years to pay my credit card,Would you claim br on your card because you could start new credit in about 5 years couldn't you?
THANK YOU SO MUCH...

It is complected. Hopefully though, you would not get into this situation again. Credit is the last thing I want or need.

For me, buying a house (and it was a cheap house with a VA loan) was the worst thing possible. Nearly all my charges are House-related things that I could not have afforded without credit.

Check out the personal storys in "introductions," and also read as much as you can from the threads and info here. This site has really helped me to see that it is a "second chance" and that I am "allowed" to do it and that it is my Right to call it quits and get out from under this house, this town, and my present "job."

As someone said here (paraphrased) if it was a business and they found they were not making a profit they would go bankrupt, fire all their employees and move to an area where there was a better "fit." As individuals, we have the right to life, liberty and the pursuit of happiness, not credit-servitude. As I realized, through my interest on house and credit card, by this time, I have paid many times my original charges. Also with the house, 99% of what I paid (in 6 years) was "Interest" (+ a small amount for taxes and insurance) and so I made very little "equity" anyway. They got theirs up front-- bolt and run is my new motto.

Home ownership is about cities having a "captive audience" to pay their taxes, and the bank having a cash cow to milk, and not about people and their property. I'll be getting an apartment and if I ever buy property again, it will be a pretty vacation cabin in the woods.

I'm Jaded. Good luck.