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HELP!! I built my credit bought a HOUSE then put myself in a hole!

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Regular Contributor

Re: HELP!! I built my credit bought a HOUSE then put myself in a hole!

Sorry to say but looks like you need 2 lawyers. One for divorce and the other bankruptcy. Maybe that will scare your husband back to work. Then you wouldn't need either. But something has to give. Either he steps to the plate and helps save everthing or get single and a bk discharge. 



Jan 2020
Currently rebuilding. Cards aren't worth bragging about yet.
Message 11 of 16
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Valued Contributor

Re: HELP!! I built my credit bought a HOUSE then put myself in a hole!

Some states it is possible to do chapter 7 and keep your house.

IF you were to get ch 7 AND your husband found work soon after, you might be able to keep the house and both cars.

Speak with 5 attorneys with free consultations.

 

I would call each card and try to make arrangements,

I would quit paying cc before cars or house.

You will have to pay car regardless, so I would keep it (for now at least).

GL!

 

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $350k+ unsecured credit in 2020.

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Message 12 of 16
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Frequent Contributor

Re: HELP!! I built my credit bought a HOUSE then put myself in a hole!

It's nonsense that your husband doesn't want to get a job.

 

You have a lot on your plate----and he's not helping!

 

Why doesn't he want to get a job?

Message 13 of 16
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Frequent Contributor

Re: HELP!! I built my credit bought a HOUSE then put myself in a hole!


@slowlybutsurely1 wrote:

[...]. I built my credit to be considered good and my husands excellent. We bought our first home this past year and in less then a year I put us in more than 50K in credit card debt. I don't even know how i did that so fast. We are a family of 5 and am the only one working. My husband hasn't worked in almost a year and he doesn't even seem to be caring much about getting a job, but anyways thats for a whole other forum. [...]


@slowlybutsurely1- I am sorry you are going through so much right now. I do not want to be repetitive as you've already received solid personal finance advice: (1) call lenders about hardship program, (2) call mortgage company for hardship support, (3) prioritize debt payments to food, shelter, and transportation, and (4) start FREE consultations with BK attorneys. This will at least give you tools to figure out what is next.

 

Other tips:

  • Pull your credit report and scores and see where you and your husband stand
  • Start looking for more affordable housing NOW. If your scores will not support prequalificiation, understand how significant a deposit will be required. (1-3 months of rent). You'll likely have to stop paying other bills to save up money for a move.
  • Consider maritial and family counseling (churches may be a free or affordable source for maritial counseling).
  • Clip coupons. Question every expense and focus on necessities and pause on the "wants".

During this process, you will need to sharpen your personal finance tools so that when life gets chaotic you can still be reasonable in the financial decision you make. All of us at some point have made emotional or irrational PF decisions. It's recoverable but it is also repeatable if they are not addressed. There are online resources and support forums. On the weekend or a day off, go to Barnes and Noble for the day and read personal finance books; my recommendation--Your Money or Your Life.

MMXX intentions: Listen, forgive, and move forward
My Garden Goal: Mortgage ready and below 5/24

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Message 14 of 16
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Community Leader
Super Contributor

Re: HELP!! I built my credit bought a HOUSE then put myself in a hole!


@slowlybutsurely1 wrote:

I dont know how i was so stupid but i was. I built my credit to be considered good and my husands execellent. We bought our first home this past year and in less then a year I put us in more than 50K in credit card debt. I don't even know how i did that so fast. We are a family of 5 and am the only one working. My husband hasn't worked in almost a year and he doesn't even seem to be caring much about getting a job, but anyways thats for a whole other forum. I just called capital one today to volunteer surrender my vehicle. I never had a repo on my credit before but now i will. Other than pay them off slowly which of course i have to do. What can i do to not get sued or lose my house or anything? any advice? Do i call each card up and say im gonna pay you just not now? I can't do a payment arrangement with each cause i'll end in no being able to catch up. I only bring home about $2800 net. mY mortgage alone is $1747 plus utilities. I have one other car payment $450 plus $170 insurance and of course life. SOmeone please help. Is this gonna force me to do bankruptcy and if so does that mean I will lose the house? thank you in advance


This is mind boggling. I dont understand how an UW approved the mortgage in the first place because it appears hubby wasnt working when the home was purchased or am I wrong? Did you put a large payment down?

 

You say your take home pay is 2,800 so you need to make sure your exemptions are correct for a family of 5. If you're claiming only 0 or 1, change that.

 

Also, you should be getting a nice tax refund because you'll be able to write off interest and real estate taxes. If you want to list your CCs, CLs, balance owed, and APR, we can give you some pointers. 

 

I agree with those who said to call all your creditors and even mortgage company and ask for info on hardship program. This should be the first step. 

Also, dont feel stupid about getting into debt so quickly. It appears you had to make ends meet since only one meager income is coming into the household.  

Also is hubby getting unemployment. It's hard to imagine a family of 5 living on 2,800 a month. 

Is there extended family who can help you?

 

Are there things you can sell. Think of having a garage sale. 

Have you or hubby thought about driving for Uber or Lyft?


Do you have a 401K plan? You may have to raid it. 

If all else fails, BK just may have to be the answer. 

And of paramount importance, let hubby know that you're about ready to be homeless if he doesnt get a job, like yesterday. 

Hang in there. 



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Message 15 of 16
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Re: HELP!! I built my credit bought a HOUSE then put myself in a hole!

With all due respect, but the solution you're seeking lies with your husband. Either convince him of the dire circumstances your family is in, or seriously start planning for life after divorce. Always remember that "tomorrow" is your friend. You just have to believe in him/her.

Message 16 of 16
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