My husband makes about $57k per year and we earn $1,375 from our Guest House in the back. We are underwater on the house by $170,000 and plan on having our $77,000 2nd mortgage lien stripped.
Are we risking too much if we stop making mortgage payments and credit card payments before filing BK? We owe about $5k in property taxes which I am told need to be paid current, and our home is in need of repairs. We don't see how we can budget in repairs in the re-payment plan.
Also our mortgage is an ARM set to adjust in 6/11. Does the Bankruptcy Judge Modify or fix our interest rate?
After the BK depending on our disposal income we will have reduced our monthly debt by $1,000+ per month which makes me think that this home with a $400,000 mortgage and rental income is affordable.
Am I deluding myself?
Are we risking too much if we stop making mortgage payments and credit card payments before filing BK? We owe about $5k in property taxes which I am told need to be paid current, and our home is in need of repairs. We don't see how we can budget in repairs in the re-payment plan.
Also our mortgage is an ARM set to adjust in 6/11. Does the Bankruptcy Judge Modify or fix our interest rate?
After the BK depending on our disposal income we will have reduced our monthly debt by $1,000+ per month which makes me think that this home with a $400,000 mortgage and rental income is affordable.
Am I deluding myself?
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