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Getting Personal
Getting Personal
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I have a credit card debit of $6652.95. I went through a rough time over a year ago and was unable to make payment which resulted in the debit being turned over to collections and eventually a law firm.
I was offered a 12 month 50% settlement plan last october, which at the time I was unable to manage. Now I am in a bit better financial situation and could just barley afford this. I called to discuss settlement and was told that this was no longer available. I had 2 options, either a 2 payments totaling 50%, or a 2 year mthly pmts totaling full debit. Also, I was charged a court fee and was told that I would soon be served with court papers if I do not take one of these options. I am desperate to get this under control, however I due to default on two other credit cards at the same time, one of which was settled and the other is current I now have a credit rating in the 560's and am pretty sure I wont qualify for any type of loan to pay this off. I cannot afford these large payments and I don't have family that can afford this either. I am 26 yrs old and I have 40k in student debit and a credit card in collections. My monthly income is 1350.00 after taxes and health care. Help! What are my options at this point?
Thank You!
Family members of ours are currently 'walking away' from their mortgage in a beleagured suburb of Phoenix, New River AZ. Our brother-in-law still has a good job, but has suffered two rounds of pay cuts.
They have wanted to move from this house for quite a while now, but have obviously not been able to recoup their investment.
They will now rent a home from a friend in a more desirable location.
I can't stop thinking that they are in effect BENEFITING themselves by walking away from the house, rather than toughing it out and making the mortgage payments on a house they don't want.
What are the real financial implications on 'walking away' from a mortgage?
Thank you.
