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No income varification loan coming due

No income varification loan coming due

Good evening to everyone on here and happy holidays,
I certainly hope there is a way out of this mess that was started many years ago. I purchased a home 10 years ago, now I have 3 mortgages against the current home I live in. The original one for 50k with the bank who holds the deed to my home. The second and third one are held with a completely different bank. The second and third ones are the ones that are coming due this coming year and the following.
I've only been paying the interest on the second two loans for the past 10 years, I have no idea how I'm going to pay the monthly payments, which will be in excess of $1500/month. I do have excellent credit but the reason I took advantage of the “ No income verification loan” , in the first place is that my income is exactly that , mostly a cash business. I do own another rental property which is completely paid off but isn't worth much. My live-in boyfriend is a Veteran but has a bad credit score and doesn't make much money. I'm just trying to see what my options are here and if I should consider bankruptcy ? Thank you so much , in advance for all of your suggestions and advise.


Anonymous's picture
Anonymous (not verified)

1 Answers

Hey Charlie, You could use HARP or HAMP to pay off your mortgages before thinking of bankruptcy. Hope it helps.

Caron | Asked on 2016-03-08 03:18:43

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