Tips for homeowners in trouble with their mortgage
Related: U.S. House candidate David Trott made millions in mortgage crisis If you're struggling to make your house payments, you can't waste time! Start working out an emergency budget.
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#1 May 18, 2014
Before all you morality police jump my back, consider how different this is from what Wall Street does every day, especially with Chapter 11 pension stripping. Capice?
If you are underwater and are willing to be your house will never get back to value, or that it will take too long getting there, do this:
(1) Make minimum payments on credit cards, they are dischargeable debt; do not transfer any balances or get any new cards;
(2) Stop making house payments, unless you really-really have to have this house you are dumping money down a hole,
(3) Keep making any other payments to organizations that have a short fuse on suing you (like your homeowners' association),
(4) Stay current on child support or do a motion to modify the amount you pay,
(5) USE THE SAVINGS TO PAY OFF YOUR STUDENT LOANS they are not dischargeable and are simply indentured servitude.
When the house forecloses, demand cash for keys from the new owners (you'll likely get a decent amount). Use the money to move to new digs.
When you are ready (and qualify) go chapter 7 and dump all dischargeable debts and creditors.
Breathe free. You are now free of most debts and are living in a fear free environment in which you actually can start to save for retirement. You have exchanged a toxic asset and massive debt for paid off student loans. This is nothing the big banks have not already done to all of us. Play by their rules.
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