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Credit cards debts+heloc after Foreclosure, which route is best? CA atty, help!
Sunnyvale, CA
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Posted 27 days ago in Debt Settlement
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Hi,
I was a victim of this housing crisis. I own 2 house before, was able to short sale 1 and now stuck in foreclosure of my owner occupied. Refied loans of $640k(1st) and $120k(heloc). Purchase price of $700k in CA. Now, due to paycuts/ housing issues, I was force to borrow from Peter and Pay Paul and have been using credit cards to make ends meet for almost 2 yrs now. My monthly minimum payments on 5 credit cards is almost $1k. Car pay of $800/mth. Do you think it still makes sense to keep paying credit cards since 4 of them are closed and interest is as high as 16%? Note that my fico is shot due to pre-foreclosure. My spouse if not part of my house loans but is part of 3 of my credit cards(total min is $600). What are the advantages of having my spouse retained good credit? Answers (1)
Mark L Rosenberg
This attorney is licensed in Dist. of Columbia and 1 other state.
Posted 24 days ago.
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You need an analysis of your entire financial situation to decide what is best. An obvious strategy is to get out of the car payment and buy a much cheaper car. You may be able to negotiate lower interest rates on the credit cards. I would suggest selling the house in a short sale and perhaps renting for a while until you get on your feet financially. It would be best to keep your spouse's better credit rating for the future.
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