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You can absolutely sell a car on your own that you have a loan on. Use google to research how to do it.
You have to
1) Get rid of this car
2) use the savings from not having the car payment to get your CC debt under control and your credit score up
3) get your own mortgage for the house
#3 is not likely to happen if you let the car get repo'd and default on your credit cards
get a roommate . . . get a second job . . sell everything you can . . . whatever it takes
Something else that might help: on my old car note, I could get an extension once per year and skip a payment for a month without it dinging my credit. You might see if that is available to you to create a little wiggle room while you sort all of this out.
Best of luck to you!
@Anonymous wrote:
I know it’s going to be bad for a while if I do this but is there anything I can do to mitigate the damage? I plan on keeping several of my high cards in good standing but everything else will be defaulted.
Even though you keep the cards in good standing, the creditors will likely close them once they see you defaulting on others.
@Anonymous wrote:
Long story short, my mom passed away unexpectedly in April. No will, no life insurance. I am the sole person capable of taking on the house mortgage. It’s where I live and don’t want to move/lose it.
Before, I had rebuilt my credit to the point everything was grand. Bought a new car in August of 2016. Fast forward to today, I cannot pay a mortgage, car loan and my credit debt. I need a home and that takes priority. In order to do that, I will have to walk away from the car and most of my credit cards. I have tried every avenue available and unfortunately, this is all I have left.
I know it’s going to be bad for a while if I do this but is there anything I can do to mitigate the damage? I plan on keeping several of my high cards in good standing but everything else will be defaulted.
Any suggestions would be appreciated. I can’t sell the car, as it would cost me 6K. Don’t have that.
Thanks
You need to run, not walk, to a good lawyer. The lawyer will know how to get the estate proceeding going and get you appointed as a temporary administrator so you can refinance and keep things together.
@Anonymous wrote:
I am already the administrator. Can’t do anything with the house as it’s in probate. It’s also being split 4 ways. Lol
Your lawyer says you can't do anything with it?