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My husband recently lost his job of 32 years. If he's even able to find another job, in all likelyhood, he will have to
take at least $20,000/year
pay cut. We have never been late on a single house payment, but in this terrible housing market, we currently owe more than our home is worth. We owe another $25,000 in credit card debt, which again, we easily paid each month with our previous income. My question is, should we let our house go or should we file Chapter 13 and try to keep it?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

If you are lcose to finishing off yoff yoru payment you can do bankruptcy and exclude the house from the bankruptcy

or if you just want to levae the house you can go with foreclosure

But if your husbdnad is able to get another job, then see if the bank can help you with loan modification

leeelliot61 · Joined: 13 Sep 2009 Posts: 188 0.01 Dollars($)

I will recommend you to wait for sone more time. cut your unnecessay expenses

Your husband needs to get his new job asap.

what is the -ve Equity in house?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

lee that is lookign difficul for our poster with her husbands loosing the job

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Is foreclosure or Chapter 13 a better option for us?