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rosesolis6 · Joined: 26 Jan 2009 Posts: 5 2.40 Dollars($)

I'm upside down on my home, I am filing BK on my credit cards only, been late first time, requesting to do a loan modification not sure if lender will accept offer, is it better to include my home in BK proceeding or wait,

smithsussane · Posted: Mon Jan 26, 2009 7:36 pm Post subject:

Hi rosesolis!

Welcome to forums!

As you are late on your mortgage payments, you should immediately speak to the lender. You will have to write a hardship letter to the lender requesting him for a loan modification. There are chances that the lender will accept your request for a loan modification.

As far as your credit cards are concerned, I don't think you need to file a bankruptcy for that. You may check out the options of debt consolidation or debt settlement. In case of debt settlement, your debts will be reduced by 40%-60% depending upon your situation and in case of debt consolidation, the interest rates for paying the debts will be reduced.

I know of a debt consolidation community called - "debtconsolidationcare.com". You can visit their website and check out the programs they offer. You may also speak to their financial coach and he may help you in resolving your issue.

Feel free to ask if you have further queries.

Sussane

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