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what are my options (reality check just bounced)

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    what are my options (reality check just bounced)

    I've posted here recently with a question about my options, but now I have some truer numbers.

    260K - house value (today's convo with real estate agent) . Last sept she was saying 265 to 272K. Been real slow here in Southern NH for 3 to 4 years.

    1st mortgage = 208.3K Sovereign
    HELOC = 62K Sovereign

    = 10.3K upside down.

    No liquid non-retirement assets at all.

    Cars are 10 and 12 years old and are starting to cost maintenance money.
    We have been living on the edge, eeking our way along with no formal budget so these things come as suprises. This week we put $455 in his, and 150 in mine for issues that simply could not wait any more.

    As a result when June 1 gets here, I will be $300 short for paying my mortgage. Mortgage = $1816/mon, HELOC = 155/mo.

    Student loans: my student loan is current, one of his is current and the other is 60 days (it was about to be 90, and I got talked into making a payment and between that and fixing both cars, that's why I can't pay the mortgage payment on June 1 - poor planning sucks!) payments total $379/month

    Credit cards unused since February. 1 on payment plan we are not meeting, the agreement, is now at least 60 days past due. 1 on payment plan is current because they are pulling the payment automatically per the agreement. (I need to turn that off). 1 is still open, and current, but not for long, because I'm not paying it anymore. Total Credit Card debt = 34.5K monthly minimums = 700.


    I was working on budgets to see whether we looked like Chap 7 or 13 and we are so upside down when you plan with allowed budget numbers, IF YOU KEEP THE MORTGAGE in there. I'm not sure what happens when you try to ditch the house and use rent instead of mortgage.

    I'm confused.

    Income during last 6 months was less than it is now. As of now, we are both salaried, with a stable gross monthly of 6350. We are in Hillsborough Cnty NH and that figure is slightly over median.

    Because we had some really low income during the months between Nov and May, our 6 month look back is best if we file in June, and increases a bit each month we go forward. If we file in June, last 6 months would be 33.8K total, if we file in Dec it would be 39.9K. Filing now doesn't give me time to come up with money to pay attorney or move into new digs! What to do?

    I had really hoped to keep the house somehow, my heart is breaking because we did so much to make it good and beautiful and exactly as we wanted it to be. But keeping it apparently can't happen. I needed the reality check of trying, and the cars eating the money perhaps proves that seat of pants approach is a way to get your heinie skinned. We need to save money to pay an attorney, I need to make sure we don't get roped into a chap 13 nightmare simply because they look like they go on forever and are a debtors prison of sorts, and I feel a sense of urgency and lethargy rolled together and I don't quite understand how to get past that dream like state that says don't do anything it might all be better tomorrow!

    Is there any advantage to trying to do a short sale? The financing is all held by one entity, so it might not be too much nightmare to work a deal. If we do a short sale, what about the fact that I can't make the mortgage payments on time? (We already tried to get a modification and failed the IDI test which is based on the property and the region not on the debtor's financials at all.)

    Do I just need to find a way to start hating this house and do a BK and surrender but sit there and save money after we file and make them evict us?

    Would I benefit at all from consumer credit counseling review of the entire situation?
    Last edited by StartinOver; 05-26-2010, 03:54 PM. Reason: posted by accident wasnt' finished writing!
    Figured out we were in trouble: (Wait, we're in trouble? ) Stopped paying creditors: Aug 2010 Filed Chap 7: Apr 29, 2011 341: Jun 1, 2011 Report of no distribution: Jun 1, 2011 Discharged Aug 2, 2011

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