Posted on: 30th Jul, 2009 07:35 pm
I am a single mother of a 15 month old girl and am currently working part-time. After going to school to learn a new profession, I have been unable to find a full-time position in my new field. I make a whopping $144 a week. I have had my townhouse for sale for 3 years now and nothing. I can no longer make payments on the house. I first was thinking foreclosure, but now after learning about Deed in Lieu, that is probably what I should do. I also have just over $20,000 in credit card debt with AmEx and this is the first month I was unable to make this payment. I also have about $43,000 in student loans, which I understand nothing will make this go away. Can anyone tell me what I should do?? Deed in Lieu on the townhouse and negoitate with AmEx after 6 months of no payments??? Thanks for the help.
I would suggest you to file for Bankruptcy
Hi mpr!
Welcome to forums!
If you are delinquent on your mortgage payments, then you can apply for a deed in lieu foreclosure. This will help you in selling off the property and you won't be liable for the deficient amount resulting from the sale of the property. As far as credit card debts are concerned, you can contact your credit card company and negotiate with them. There's a chance that they may give you a repayment plan to pay off the debts.
Sussane
Welcome to forums!
If you are delinquent on your mortgage payments, then you can apply for a deed in lieu foreclosure. This will help you in selling off the property and you won't be liable for the deficient amount resulting from the sale of the property. As far as credit card debts are concerned, you can contact your credit card company and negotiate with them. There's a chance that they may give you a repayment plan to pay off the debts.
Sussane
Sorry for my earlier post
Susaane your suggestion is really good.
Susaane your suggestion is really good.
mpr, you can certainly discuss your student loans with yoru servicer also, and they'll willingly, i hope, grant a hardship deferment, or forbearance on that debt. negotiating with amex also makes sense. i don't know that doing so will bring you any speedy results, but whatever assistance it gives will be worthwhile.
as for the deed in lieu, it might well be a good idea, particularly since those payments are unpayable at this time. check this out with your lender and see what their requirements are. go get some free legal advice, if there is a legal aid society in your area (might go by another name). obviously, you'll continue to seek reasonable employment, and you'll land a decent job before long. don't be discouraged - it may not be fun, it may be rocky, but you can make it through this hardship. take encouragement from the fact that others have done this before and made it also.
do what you have to do to maintain a roof over your heads and to try to maintain a sense of stability for yourself and your daughter.
as for the deed in lieu, it might well be a good idea, particularly since those payments are unpayable at this time. check this out with your lender and see what their requirements are. go get some free legal advice, if there is a legal aid society in your area (might go by another name). obviously, you'll continue to seek reasonable employment, and you'll land a decent job before long. don't be discouraged - it may not be fun, it may be rocky, but you can make it through this hardship. take encouragement from the fact that others have done this before and made it also.
do what you have to do to maintain a roof over your heads and to try to maintain a sense of stability for yourself and your daughter.
thanks for all your help!