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Should I Walk Away?

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New Contributor

Re: Should I Walk Away?

Problem is the Lein. If I sell it the title is not available to me. It’s all very complex. Lol
Message 11 of 32
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Valued Contributor

Re: Should I Walk Away?

You can absolutely sell a car on your own that you have a loan on. Use google to research how to do it.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU More Rewards Amex/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder Visa/Citi Costco Visa/CapitalOne SavorOne/Apple Card - $132,100 total revolving
5% down Conventional Mortgage @ 3.25%
Message 12 of 32
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New Contributor

Re: Should I Walk Away?

I will look into it further. That may help me on one front.
Message 13 of 32
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Valued Contributor

Re: Should I Walk Away?

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.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU More Rewards Amex/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder Visa/Citi Costco Visa/CapitalOne SavorOne/Apple Card - $132,100 total revolving
5% down Conventional Mortgage @ 3.25%
Message 14 of 32
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New Contributor

Re: Should I Walk Away?

Working on renting out two rooms. No bites yet. Trust me, I’m on that!

Can’t get a mortgage yet. I am selling whatever I have to bring in some cash. I can’t work a second job. My primary job takes up too much time.

I did already get an extension that helped at the time.

Trust me, all avenues have been explored. Smiley Happy
Message 15 of 32
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Valued Contributor

Re: Should I Walk Away?

Best of luck to you!

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU More Rewards Amex/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder Visa/Citi Costco Visa/CapitalOne SavorOne/Apple Card - $132,100 total revolving
5% down Conventional Mortgage @ 3.25%
Message 16 of 32
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Established Contributor

Re: Should I Walk Away?


@MrSteel 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.

Message 17 of 32
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Super Contributor

Re: Should I Walk Away?


@MrSteel 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.

 

 


Total revolving limits 653000 (575000 reporting)

Message 18 of 32
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New Contributor

Re: Should I Walk Away?

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
Message 19 of 32
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Super Contributor

Re: Should I Walk Away?


@MrSteel 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?


Total revolving limits 653000 (575000 reporting)

Message 20 of 32
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