Going Bill Crazy Update
The summons is for 500.00. I want to respond to the court so I don't get a judgement against me. I intend to pay the 500.00. However I am right in the middle of trying to get a consolidation loan. I have two good faith estimates, one turned me down, I was too late on too many accounts. The other seems as though they have figured out a way to make the loan happen. The company is Seabreeze Financial. Well I have a 172k 1st and a 49k 2nd (from the evil Household, I got this loan in 2000 for 50k and it is still 49k, talk about predatory). I will do just about anything to get out of the HMS (14.5%) loan. My first is 7.35% with Citigroup. I also have a car loan for 21k payoff. Seabreeze says they can give me a "back on track" loan. The loan is described as a 2/28- Full. I think fixed for 2 years and then adjustable for 28 years. I have been in my house for 6 years. The good faith estimate was at 8% and 2054.00 monthly payments. I currently pay about 3000.00 month for the above items now. 1. Has anyone had any experience with these types of "back on track" loans. 2. It is a good idea to stave off BK and do this debt consol loan? My house is work aboiut 380k - 400k. I make about 72k year. I really want to keep my house because I hope to get married next year but only if I get rid of some debt. I know if I can make if I just get a start. 3. Some say not to roll the car into the loan. The car is way upside down and is only worth 6200.00 but the loan is still 21k! I plan on selling it and never buying another car again, just leasing some cheapy car. Any thoughts on this? 4. I am asking for only 250k loan. That should take care of everything. If the loan doesn't go through I am screwed and will be looking for a BK attorney in Socal.
I saw your prior post and posted a response. You are making a BIG mistake if you don't talk with a bankruptcy attorney BEFORE you refinance or do anything else. By not taking that step first, you are making things worse for yourself. I think I might not have read your posts carefully enough, or maybe I am just a little confused. In an earlier post, you wrote, "I want to save my house, I want to get rid of my car but I called the other day and the BMW dealer said my car was worth 6200.00, the loan still out on it is over 20k! I'll never buy a car again. 1. Will bankruptcy help me?" So, I assumed that you were still thinking about bankruptcy. I didn't realize that you had already talked with 2 bankruptcy attorneys and they said they couldn't help you while you are in default. You said that the reason they gave was that you don't make enough money to do a Chapter 13, but you said you make $72,000 per year. You also said your house is worth $380,000 - $400,000 and that you just need to borrow $250,000 against the house to get caught up. I have a hunch that the problem is that you have too much equity in your house to be able to do a Chapter 7 bankruptcy and still keep the house. I you filed, the bankruptcy trustee would say you have to sell the house and use the proceeds to pay off your debts. Given all of the above, it might be that trying to do the refinancing routine is the right way to go. Ordinarily, I think it's a bad idea to borrow against a home to pay for a car or to pay off unsecured debts. But, in your case, it might make sense. You still might want to run this all by one more bankruptcy attorney and go over your present situation one more time before deciding on a final plan. I think there are some Southern California bankruptcy attorneys who read and post here, so maybe they can help you. But, assuming that what you really need is a way to get a $250,000 loan on a $380,000 home in California, you might want to try posting some of this at: alt.org.natl-assn-mortgage-brokers for some ideas and assistance. I know that some California mortgage brokers read and post messages there and can probably offer you some specific mortgage assistance and suggestions.
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