Hi everyone,
for 2 days I've been reading, but I'm not sure that it is clear for me - hence the question: What is my best option?
Here is my case:
I have been without work since December 2008. After exhausting my savings, in March 2009 I took the offer of a credit card company and in 2 transactions (those 0% interest check for a short period) I took 20K. This was in order to keep up with my mortgage payments, utilities and everyday need. I was hoping that I will get hired any day now, and will be able to:
a) gradually pay back (I am computer programmer and when employed I make decent wages)
b) refinance my condo, get 20K cash-out and pay everything.
The only catch is that I have to be employed to do this. And I'm not.
Here is my credit/property/finances situation:
Up to this moment I have always paid my credits with no late fees. Very good credit rating.
Of the 20K mentioned above I have 1200 left. Nothing else.
I own a condo bought 3 years ago for 342K, and currently worth 185K (approximately). I have equity of 150K and owe a mortgage of 187K to the bank.
As of 2 days ago, I stopped paying the mortgage payments and am considering to halt my credit card payments also.
I have a Honda Civic on lease ($207 monthly) which I can return explaining them that I have no money to pay anymore.
I own nothing else of substance that may be a collateral.
I am considering the following options (please give advice):
Option 1. Quit paying everything with the exception of the association fees ($319/mo.) and hang out keeping looking for a job.
Option 2. Rent out the condo, to keep with the mortgage payments until market improves and I can sell it without loosing the 150K that I used as down-payment. Meanwhile, rake another 10K, while I still can, relocate to Europe (where I am originally from) and wait the storm out. No BK, just leave the credit card company to take it as a man.
Option 3. Take out another 10K from the same company (I think, I still can - my good credit, you know), for living expenses, stop paying both, the mortgage and the credit card debt, consult with an attorney and eventually proceed with BK (while looking for a job, and hoping for the best).
Well this is it. If I missed something, I'll find out from your answers and will clarify it.
Please, any good ideas are greatly appreciated.
P.S. BTW, I am 57 years old male, single (divorced) with no dependents.
for 2 days I've been reading, but I'm not sure that it is clear for me - hence the question: What is my best option?
Here is my case:
I have been without work since December 2008. After exhausting my savings, in March 2009 I took the offer of a credit card company and in 2 transactions (those 0% interest check for a short period) I took 20K. This was in order to keep up with my mortgage payments, utilities and everyday need. I was hoping that I will get hired any day now, and will be able to:
a) gradually pay back (I am computer programmer and when employed I make decent wages)
b) refinance my condo, get 20K cash-out and pay everything.
The only catch is that I have to be employed to do this. And I'm not.
Here is my credit/property/finances situation:
Up to this moment I have always paid my credits with no late fees. Very good credit rating.
Of the 20K mentioned above I have 1200 left. Nothing else.
I own a condo bought 3 years ago for 342K, and currently worth 185K (approximately). I have equity of 150K and owe a mortgage of 187K to the bank.
As of 2 days ago, I stopped paying the mortgage payments and am considering to halt my credit card payments also.
I have a Honda Civic on lease ($207 monthly) which I can return explaining them that I have no money to pay anymore.
I own nothing else of substance that may be a collateral.
I am considering the following options (please give advice):
Option 1. Quit paying everything with the exception of the association fees ($319/mo.) and hang out keeping looking for a job.
Option 2. Rent out the condo, to keep with the mortgage payments until market improves and I can sell it without loosing the 150K that I used as down-payment. Meanwhile, rake another 10K, while I still can, relocate to Europe (where I am originally from) and wait the storm out. No BK, just leave the credit card company to take it as a man.
Option 3. Take out another 10K from the same company (I think, I still can - my good credit, you know), for living expenses, stop paying both, the mortgage and the credit card debt, consult with an attorney and eventually proceed with BK (while looking for a job, and hoping for the best).
Well this is it. If I missed something, I'll find out from your answers and will clarify it.
Please, any good ideas are greatly appreciated.
P.S. BTW, I am 57 years old male, single (divorced) with no dependents.
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