Posted on: 20th Aug, 2012 09:53 am
It’s been a six month process but nearing the end (should close in 2 weeks). I have intentions of buying the home we are now renting with the understanding that it may take 2-5 years from closing in order to fix my credit and buy a home again.
My question is that I have a number of bills (medical and cc) that I can’t really afford. I am not sure if I should stop paying and work something out or just continue to live paycheck to paycheck. I don’t want to hurt my credit anymore but if it’s already this damaged now, am I in a better situation to stop paying some of them, take the credit hit, and aim for excellent credit in 3-5 years??
•I still have bills and paying on the water, gas, electric, on our old home until the short sale is complete? Should I be paying these. I really don’t want to run anything off and been cutting the grass so it don’t look bad there?
•What about the taxes and insurance? I have not seen anything or received anything. Been 10 months since I paid the mortgage. Is this my responsibility and can they come after me for it?
My question is that I have a number of bills (medical and cc) that I can’t really afford. I am not sure if I should stop paying and work something out or just continue to live paycheck to paycheck. I don’t want to hurt my credit anymore but if it’s already this damaged now, am I in a better situation to stop paying some of them, take the credit hit, and aim for excellent credit in 3-5 years??
•I still have bills and paying on the water, gas, electric, on our old home until the short sale is complete? Should I be paying these. I really don’t want to run anything off and been cutting the grass so it don’t look bad there?
•What about the taxes and insurance? I have not seen anything or received anything. Been 10 months since I paid the mortgage. Is this my responsibility and can they come after me for it?
Hi Raymond!
Welcome to forums!
In order to get rid of your medical and credit card debts, you should contact your concerned creditors and set a repayment plan. If you can get an affordable payment plan, it will be easier for you to pay off the debts and improve your credit.
Unless the short sale is complete, you will be considered as the owner of the property. So, you will be liable for paying all the bills related to the maintenance of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In order to get rid of your medical and credit card debts, you should contact your concerned creditors and set a repayment plan. If you can get an affordable payment plan, it will be easier for you to pay off the debts and improve your credit.
Unless the short sale is complete, you will be considered as the owner of the property. So, you will be liable for paying all the bills related to the maintenance of the property.
Feel free to ask if you've further queries.
Sussane