We have our investment property for sale because we cannot make the payments anymore. The renters are 5 months behind with rent & are now squatters. We are trying to evict them but it’s costing even more money. We’ve had an offer which was submitted in December. The lender has replied this week stating they will consider the offer but we may have to give them the difference in what is paid to what is owed. Can they do that? We’ll be bankrupt.
Posts Tagged ‘5 months’
What’s the best method to consolidate school loans from different lenders?
Tuesday, June 2nd, 2009I have multiple school loans from multiple 3rd party lenders which I received at the multiple schools I went to. How do I get them all on one bill in less than 5 months when I have to start paying them off?
Should I let my 2nd Mortgage Charge off?
Monday, May 18th, 2009I obtained 2 mortgages with Chase when I bought my home. For reasons beyond my control, we've been behind on payments. I am working out the Making Home Affordable Obama plan on my first mortgage which will allow us to make payments that are affordable, however my second mortgage is not eligible for the plan. I have tried on 6 separate occasions to modify both of my loans through Chase, but each time they "lose" my paperwork or they never receive my faxes, or its been referred to a new department and they don't transfer documents between departments. Today I called to follow up on the modification of my 2nd (just last week I verified that it was being reviewed) and now they say I have to resubmit again. If I don't it will be charged off because I am 5 months behind, but I can make payments to keep it from charging off, but it will take 3-5 months to modify (which I don't trust that it will ever really go through because of the crap that they've put me through in the past). It will put me further behind if I try to make payments during the modification. Should I just let it charge off? I'm not interested in sparing my credit as its already in the 400's and we plan to stay in this house for many years. I'm thinking I can either settle with the collection agency or work out a payment plan (or I can wait and settle once we decide to sell the house). Right now I've put myself on a budget so that any extra money will go in a savings to settle my credit card debt (I have stopped making payments to them) and I can just continue saving for a settlement for this as well. I'd rather not claim bankruptcy. I am current on my car payment and 1st mortgage. Once I settle my credit card debt, I plan to put all extra money toward paying off my car, then I will be free from debt and able to rebuild credit.
Should I pay off student loans or start a retirement account?
Friday, May 8th, 2009I just graduated from college and will start to have to pay student loans within the next 5 months (about k) . I am also very interested in starting out a retirement account soon. I have been told that I can open an IRA for as little as a month. Should I start to pay off the debt or start a retirement account? What is the best place to invest? I am 23 years old.