Who can help?
I have a good credit, was never late for any payment and I did purchase a home in November of 2005. With the hope that I was going to get home equity, refinance and get money to pay my debits, I realized later that it wasn’t going happen because of the bad property value market for sellers in Massachusetts today. The house was purchased for 420K and the current appraisal is about 390K. Well, that said, I need to act soon. Since things didn’t work the way I planned, today I owe 24K in credit cards, 7K in school loan, 9K in auto loan, and 5K in other loans (total about 45K) an average of 1K of minimum payment per month and my mortgage payment is 3,200 per month. The other services bills such as oil heat, water, sewer, electricity, phone etc. sums up to 1K per month. I feel that everything is out of control. Also, I have a family member that’s really ill right now and he’s living with me. My job is not profiting as it should and my salary has been cut down a bit. I make now 1K per week after taxes which hasn’t been enough to live normally anymore, and I haven’t mentioned food and other normal life expense such transportation. I had some cash reserve that I was able to keep payments up to date. Now I have an average of 6.2K of bills per month and I earn 4K per month (2.2K per every month behind). Since 2000 I have never delayed one single bill payment, but now that the cash reserve is gone I’m really afraid what’s going to happen from here on. What can I do in this situation: Short Sale, Foreclosure, Debit Consolidation, bankruptcy? Please help!