Bankruptcy discharged in Feb 04. After reaffirmation of home loan and second mortgage.. My husband lost and found new job... He does not bring home enough money to make the current payments and once again we are struggling. We pay almost 1023 on a 106000 loan and 500 a month on the 25000 2nd mortgage... Is there anyone out there that could possibly help us get our payments down or is losing our home our only answer... we have five kids to support. My husband is working a second job which helps but we have to get our home loan down or we just won't make it.... What can we do....
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You have a serious problem going on here.....
I take it your BK was a Chapter 7??? Sounds like your BK still left you struggling...........
And probably you have "no equity" in your home to draw on now??
Question - why is your payment on your 2nd mortgage so high??? Compared to your regular mortgage.....
If your in a Chapter 13 repayment plan you need to contract your Trustee as soon as possible (don't make things worse - he might be able to help)
Your might try sitting down and talking with your mortgage company officer and see if they can help your reorganize and do a payroll deduction.
Thats about all the hope I can offer..someone else might have another suggestion...
Sorry about your problem - good luck to ya!!
MinnyLast edited by Minnymouth; 07-07-2005, 09:58 AM.Minny
"It's amazing the paths that our feet sometimes follow in life".
My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different. -
Yeah, sorry to say you are in a real bind. Since you are just out of bankruptcy, refinancing may not help, but you should at least look into it. If your spouses job situation is not short term challenge, you simply need to find a way to cut expenses, or increase income.
With 5 kids, are there any state benefits you can qualify for...Comment
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If there is equity in your home, I'd refinance so both of those loans are paid off and you have one house loan. Your payment would be way lower and you could incorporate your closing costs into the amount financed.Chapter 7 filed: 5/12/13 (over median - no asset) | 341 Hearing: 6/12/13 (Bass & Associates appeared for Best Buy) | Report of No Distribution: 6/12/13 | Discharged 8/18/13 | Case Closed: 8/18/13Comment
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BK wise there's really nothing else you can do. Consider getting a part-time job for extra cash. Or carefully explore options, and crunch the numbers to see if the sale of your home would yield you enough profit to pay off existing debt you have that's severely pinching your household finances. Whatever you do, DON'T borrow anymore monies in attempt to pay off your debts.The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.Comment
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