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

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jetsfan2013
Frequent Contributor

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

I tend to agree. As someone who went through (and survived) a Chapter 7 nearly a decade ago, there is life (and credit) after. Just on the math alone, unless the income can drastically increase, 60% of your take home pay going to a house payment is a recipe for disaster. 2020 should be a year of transition. Take a deep breath, meet with a few BK lawyers, and ask honest questions. Get proper guidance from professionals.

Road to rebuilding starts soon
Message 21 of 23
Save-n-Invest
Established Contributor

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


@Anonymous 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


OP, I don't have the financial advice you asked for. Apologies for that. You have received a lot of sound personal finance info higher on this thread. I hope things work out for you. 

 

You have been on my mind since I first read your post. You are not stupid. You are doing all you can for your family. A roof over your heads and food on the table is not frivilous. The mortgage is pricy on one income. I hope your husband finds suitable employment quickly. A second income would be invaluable. 

 

As to the credit card debt it can happen when you are taking care of a family of five on a limited income considering the obligations. Please don't beat yourself up for that. You are a wife and a mom doing for her family. 50k is easy to do in a year when it is supplementing income for your household.

 

I hope you return to let us know how you are doing. I admire your efforts. Sometimes things go badly. We try our best to deal with a difficult situation. 

 

I wish you well. 

 

Message 22 of 23
donkort
Valued Contributor

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

I concur with the above.....

FICO 8: EQ 810; TU 816; EX 822 as of 7/5/2022
Message 23 of 23
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