Also in this playlist...
This transcript is automatically generated
We're going to start off with -- ride Alina.
Carolina is in Kansas City how are you.
I'm good thank you for taking my.
-- Canada what happened to me -- -- before I got married we refinanced my house and get my name and bulk either and they are.
And then -- a few months later -- I have been let me I have this huge health payment that I couldn't afford a pilot that he over fighting -- stay.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- But here yet been renting it out and -- in the thank Gary been paying the different.
And I get her and not at all.
I felt like that was the right thing to -- I didn't walk they're big at feet.
But now I'm to the point where I'm living off credit card and pay my credit -- everything's on time but -- -- -- -- -- that occurred because split.
-- any credit cards that charge everything hello I -- feel -- -- a lot I don't know what it is.
-- he -- six years.
In whom he.
Can kind of how much -- credit card that he built up.
When he and what do you make here.
And how much do you own your car now.
It's paid for.
And what's it -- Today.
I am alienating.
I think kind of what else do you -- Yes I think one of the -- -- Credit card -- student loans.
Well so if you could sell the house.
If you didn't have a house -- -- the house was you put it just gonna race or race the house.
Campaign then you could probably work your way through the credit card debt does that sound fair.
Yeah well kind of so stop paying the halftime.
That's first step.
Are you bankrupt the question is -- the answer is maybe I don't know depends on where this takes us you could get forced into it which -- not forced into -- yet.
Put the house up for sale.
Call the mortgage company tell them you're not paying any more payments -- you don't have anymore money.
-- And we're going to sell the house for whatever it will bring which is not enough to pay it off correct.
So we're going to get a good offer from a good realtor solid -- -- not somebody that's completely bottom fishing but a solid offer.
-- take that offer to the mortgage company and asked them to accept that.
Of your mortgage debt that's called a short sale of you ever heard of that.
Yes and kind and you start working on that today.
If you cannot get an offer.
That the mortgage company will accept or you can't get an offer period.
Before they foreclose on it let him for -- Because that's what's gonna happen in the bankruptcy anyway right.
That a bankruptcy you're gonna -- from the keys and then they're gonna foreclosed.
So let's let him for -- now.
If they foreclose.
They my eight.
Maybe maybe not.
Come back after you for a difference later.
If they come and -- you for a 100000 dollars later.
You might be bankrupt because I don't know how you're gonna pay a 100000 dollar lawsuit.
But if nothing happens.
And the only thing you have on your record is a foreclosure.
Meantime you worked your way out of -- credit card debt.
Because you quit paying this stupid house payment.
Then you all you got to foreclosure right.
So I think if I have to choose between -- foreclosure -- bankruptcy I'll choose foreclosure.
Okay and do you think that realistically I can pay -- 20000 dollars in credit -- -- Absolutely.
Okay -- only can working forty grand I can show you how to do that.
I mean look lets -- pretend they just took an extra job that -- 101000 dollars a year and into -- should be debt free and you lived on forty.
And you know you can live on less than forty.
Well I can't take another job at -- -- -- cut and you live when your parents don't.
-- -- and I don't have much.
So you don't have any -- had much.
So we can just by instead maybe your true job becomes living on beans and -- It is -- look at how we got 40000 bucks -- got no car payment -- -- -- thousand bucks so we get to discuss take almost all of our income.
And pay -- torch credit cards and it may take you a year may take -- two years to clear -- but somewhere in there you're gonna be debt free.
Okay because -- -- that's not been your problem.
-- -- problem.
And we just erased the house.
It's going to be a process.
Best case scenarios -- short sale where they accept that and you don't have a foreclosure and they don't come after you for any difference at your best case scenario.
Best next best case -- foreclosure and they don't come after you worst case is foreclosure and they come after you.
For a difference a deficit balance and they fortunate bankrupt.
But that's probably two years from now.
If you quit paying the payments today -- -- -- calling that real for that I.
And aren't you can do -- -- more help you call me back I think I can walk with you through.
Filter by section