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My husband was the primary bill payer for our family. I only worked part time, less than 9000 a yr. He was deported in 2008. I tried to make the payments and eventually had to move out and rent the house for a fraction of what the mortgage payment is. I now live with him in another country.... and my savings are all but shot. He barely makes enough to survive here, and i can't work yet because I'm a foreigner. All payments are current, but now it's between paying off my cc debt, or my mortgage. Which should come first? What are my options? do i even qualify for anything since I show no income and hubby was deported and shows no income... or not because the house in now a rental? please help. I'm losing my mind. Thank you.

jameshogg · Posted: Mon Feb 02, 2009 1:19 am Post subject:

Hi Timesup,

I can understand your problem. I'd like to know how much of credit card debts you have? and what's the loan balance on your mortgage now? Is there any way you can rent a part of your property and use the rental income to pay off the mortgage?

As for credit cards, I personally feel you shouldn't neglect cc debt. It's terrible I should say because my cousin once went through such a situation. And he had to settle the debt with his creditors. I would suggest that you try to settle the debt for less than what you owe and get out of it asap.

Thanks

Guest

cc balance is about 8000. I owe 192.000 on my mortgage. my payment is 1450, and my renter pays 1100. I know it doesn't seem like much. My after everything wth my hubby and the move and kids, I don't have much left. I either can pay off my cc's or focus on my mortgage for another year. I don't know what relief I could possibly qualify for, being that i can't re-fi without hubby and hubby can't go back to the states to sign anything. Im stuck on what to do. Thanks for any advice!

Caron · Posted: Sun Feb 08, 2009 5:15 am Post subject:

Well what I think is, you should negotiate with the lender for a deed in lieu foreclosure so that you can hand over the property to the lender and walk away without having to pay any deficiency. Then you can work with your creditors and settle the credit cards. A deed in lieu foreclosure will hurt your credit no doubt but that's what I think is a good option for you right at the moment.

Good luck

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Short sale, or Deed in lieu. what r my options. HELP!!!