AboutDavid Expertise I can help answer questions on how to raise credit scores. I can educate you on all areas of credit scoring. My specialty is helping people recover from Bankruptcy and low credit scores quickly.
Experience I own a credit repair company and have helped hundreds of my clients raise their scores to purchase homes, cars and qualify for other loans.
Education/Credentials My background is in Financial planning.
Question Like many in this economy my wife lost her job and since then a spiraling set of events starting with assuming a second mortgage,credit card debt leading to Chapter 13 bankruptcy. I have a relatively good paying recession resistant career (nursing) but we have to pay $450/month to the bankruptcy trustee for at least 2 more years on top of a $1700/mo mortgage payment that we can ill afford and I have three underage children to boot.The mortgage payments are killing us,we have trimmed our budget to the max and are barely making it.Unfortunantely our bankruptcy attorney was worthless if not incompetent and our Mortgage company refuses to listen to us let alone help us.Like many we owe more than what our house is worth.How do we get out of these sifling house/mortgage payments? Are we elgible for federal stimulus money ie government refinance programs?If so how do you find them? Is foreclosure a bad idea? (really don't want to lose our home)My deseperate thinking has been to maybe keep struggling and somehow making the house payments until maybe at some point the housing market picks up and we can sell our house but for how long we can keep that up I don't know.How does our Chapter 13 affect any kind of planning for us? We just desperatly need direction and sound financial planning.Thank you
Answer Orv,
I wish I could give you some profound advice but when you find yourself in a cash flow problem, the only 2 ways to fix it are reduce outgoing and/or increase incoming.
Most chapter 13 bankruptcies end up becoming chapter 7 within the first year. You may want to talk to your attorney about that.
Many of my clients have had their mortgage loans go through a modification. Your lender should be able to talk you through that if it is an option.
Keep in mind that as my profile reads I am an expert in credit repair and not a bankruptcy attorney.
