Well, we finally went to see alwyer last week and discussed our options. Signed the agreement this morning to send back to the lawyer.
We are filing ch7 and giving up the house. We are pretty much looking at a "fresh start", about 50k in cc debt, and the house is worth about 170k less than we owe between primary and second mortgage.
The only debt we are keeping is my wife's car which is the only thing we've managed to stay current on and book value is close to what we owe, (less than 2k negative).
The lawyer advised us against a ch13 because the house is so up-side down.
I have been trying to sell my boat but no luck, our area has been so hard hit in this economy that nobody is buying anything. He said that in giving up the house, we can keep the boat, my truck,all of our stuff, and a 1/2 acre lot adjacent to our home, (we end up about 6-8k over our exemptions and can arrange to pay that back over either a 3 or 5 year period).
Well, like I said, the lawyer's agreement/contract is going out in the mail today with a "deposit" and as soon as we can come up with the rest, we'll be filing.
This has been a long hard road and we've pretty much just given up. We haven't even been able to tell the kids, (figure we'll wait till after the holidays to tell them). We've been total train wrecks trying to figure something out and we come up empty. After meeting with the lawyer, I've been pretty much out in left field...spent the weekend in a state of depression trying to figure what to do. Finally concluded that this is our only option at this point. I hate to lose our home, but we can't survive like this.
We're thinking that once we're out of the house, we will rent a house for a couple of years to get back on our feet and rebuild our credit then either buy a house or build on our lot, (that would be weird...living next door to what used to be our home...it's just that we really do love where we live).
Sorry for the long winded post. I just needed to get this out and other than my wife, I'm not ready to talk about this with friends and family...just not ready to face them...damn pride is all I have left and I know I've got to lose that for a while too.
Anyway, thanx for "listening".
After reading these forums for days now, I know that we're not in this alone.
We are filing ch7 and giving up the house. We are pretty much looking at a "fresh start", about 50k in cc debt, and the house is worth about 170k less than we owe between primary and second mortgage.
The only debt we are keeping is my wife's car which is the only thing we've managed to stay current on and book value is close to what we owe, (less than 2k negative).
The lawyer advised us against a ch13 because the house is so up-side down.
I have been trying to sell my boat but no luck, our area has been so hard hit in this economy that nobody is buying anything. He said that in giving up the house, we can keep the boat, my truck,all of our stuff, and a 1/2 acre lot adjacent to our home, (we end up about 6-8k over our exemptions and can arrange to pay that back over either a 3 or 5 year period).
Well, like I said, the lawyer's agreement/contract is going out in the mail today with a "deposit" and as soon as we can come up with the rest, we'll be filing.
This has been a long hard road and we've pretty much just given up. We haven't even been able to tell the kids, (figure we'll wait till after the holidays to tell them). We've been total train wrecks trying to figure something out and we come up empty. After meeting with the lawyer, I've been pretty much out in left field...spent the weekend in a state of depression trying to figure what to do. Finally concluded that this is our only option at this point. I hate to lose our home, but we can't survive like this.
We're thinking that once we're out of the house, we will rent a house for a couple of years to get back on our feet and rebuild our credit then either buy a house or build on our lot, (that would be weird...living next door to what used to be our home...it's just that we really do love where we live).
Sorry for the long winded post. I just needed to get this out and other than my wife, I'm not ready to talk about this with friends and family...just not ready to face them...damn pride is all I have left and I know I've got to lose that for a while too.
Anyway, thanx for "listening".
After reading these forums for days now, I know that we're not in this alone.
Comment