We (me, my husband and 2 children) moved in with my father-in-law after his wife passed Christmas of 2010. We moved in to help with the house and bills and manage his money (he had to file bankruptcy 9/2010). He’s horrible with money, if it’s in the bank he spends it. Him and his wife had incurred 10’s of thousands of dollars worth of debt. We were not able to strip off a 30K home equity loan attached to the house. We are currently paying more than a double payment toward the loan so it’s approximate payoff is 6 years or less. (This will NOT change). He’s 72 and in good health. The value on the home is about 120,000. The home equity loan is for just under 29K. And he owes about 92K on the home. We are to inherit the house someday. My question is this, should we put my husbands name on the home. If so, when? Should we "buy" it from him or should we leave him on it. PLEASE NOTE I WANT TO BE FAIR TO HIM AS WELL. Should we wait till we’ve paid the home equity loan down substantially or should we do it soon? I’m wondering because of the inheritance tax. He does have life insurance. Term life, we are to get 15K. I hope that’s enough info…Let me know if I’ve left something out.

Technorati Tags: 6 years, approximate payoff, bankruptcy, christmas, good health, home equity loan, husbands name, inheritance tax, insurance, insurance term life, life insurance, money, thousands of dollars

We got a home equity loan in June to consolidate credit card bills, another home equity line, and small construction loan. Things were fine until I was recently diagnosed with multiple sclerosis and declared disabled. I receive social security, which is currently one-half of my former salary, but only until my children graduate when it will drop to one-third. We now realize that we cannot pay for my graduate school loan (simple bank loan-not federal), the car loan, the equity loan, AND the home first mortgage. We can pay for a cheaper car and the first mortgage for the home, but not the equity loan too. Can I put SOME not all of the equity loan onto my unsecured loan to "pay it down" so that when we file bankruptcy we can afford to keep our home?

Technorati Tags: bank loan, bankruptcy, car loan, construction loan, credit card bills, graduate school, home equity line, home equity loan, home first mortgage, multiple sclerosis, salary, school loan, small construction, social security, unsecured loan

Well, me and my fiance have been living in our first home (a double wide trailer) for 3 years. We have kept up with the payments just fine until we had to get this last loan out to cover the air conditioning (last summer). My fiance brings home about 5-7 hundred dollars a week depending on the hours he gets in. We even worked a paper route for about 6 months to get caught up with everything and it seems impossible. We dug ourselves into a deeper hole than we were in before and now it is reallly impossible to get out of. We have tried EVERYTHING to get back on track. My fiance just heard this morning after having a friend cosign for a personal loan, that we were denied and the cosigner had PERFECT credit. My fiances credit has gotten terrible since we bought this house and he is so overwhelmed with bills and working 12 hours 5 days a week that it is driving him crazy. He tried many times to get a personal loan/home equity loan and everything before he had tried to get the cosigner and those times obviously he was turned down as well because of bad credit. I don’t like hearing DENIED once or twice a week and seeing my fiance get disappointed. The loan he is applying for would be used to pay off all of the bills we are currently making monthly payments on and knocking the monthly bills from almost 500$ to just over 150$. Paying that one loan payment will make things easier for now and he can pay that off as much as he can, but the minimum would be a lot easier to keep up with. He is saying that if he can not find a way to keep up with things better, we are going to lose the house. I am unsure of what we could do and i wanted to ask all of you if you have ever been in a similar situation and if so, what did you do to get out of it when everything seemed impossible. We were thinking bankruptcy, but we don’t know how it works. I am hearing that you still have to make payments on your bills unless it adds up to a certain amount. If the current credit accounts do not add up to be enough, would foreclosing our house and filing that on our bankruptcy help since it would be a higher total of debt? I don’t know how this works and he can’t just STOP paying people because i know they will all take him to court and garnish his paycheck. Please give me some advice. Thanks

Technorati Tags: 3 years, air conditioning, bad credit, bankruptcy, cosign, cosigner, credit accounts, double wide trailer, fiance, home equity loan, loan payment, paper route, personal loan

Over the last few years, my husband has been laid off numerous times. Each time, I had to take out credit card cash advances to keep us afloat. In addition, we had refinanced several times and took out a home equity loan so we now owe more than our home is worth. When we are both working, we can pay our bills but with him laid off again, we are drowning. I can no longer take out any more cash advances. I have been paying my credit cards on time because I don’t want the interest rates to jump up but then I can’t pay my mortgage on time. I’ve been paying it right before the 30 day mark so it won’t show up on our credit reports as a late payment. I don’t think I’ll be able to do that this month. What should I do? My mom thinks we should file bankruptcy but I really don’t want to do that.

Should I continue to pay my credit cards on time and pay the mortgage late? Possibly let the house go and rent something cheaper?

Should I pay my mortgage on time and pay the credit cards late? Possibly file for bankruptcy? We have about ,000 in credit card debt.

I am so stressed out by the mess that we’re in. We have 2 children in college that will be depending on us at least for the next year. I am mentally, physically and emotionally exhausted.

Technorati Tags: bankruptcy, credit card cash, credit card cash advances, credit card debt, credit cards, credit reports, home equity loan, interest rates, mom, mortgage, several times