is there anyone who has experience to settle his or her debts from credit card and mortgage?
I have financial problems. I have two mortgages about 1million and credit card debt about $300K. I tried to sell my house to pay my debts. However, it’s on market about 6 months, no any offer. I don’t how to do-file bankrupcy or find credt settlement company to settle my debts. My friends told they are not useful to have settlement company deal with all creditors. Can someone can give me advise how to survive?
I didn’t have as much debt as you do, but I was in the hole pretty bad myself. I used Dave Ramsey’s plan and I am almost completely out after less than a year. He’s straight forward and you may have to get rid of some things to get where you want to be. Get rid of those credit cards now. That sounds like a big part of your problem. Do you just have one mortgage or are there multiple ones on your property? How much is your house worth?
There are lots of things you can do besides selling the house. Your friends are wrong regarding debt settlement; it is a good way to get out of debt in 36 months while paying less than your current minimum payments. More importantly though, a loan modification company could likely lower both mortgage payments by getting the loan servicer to lower the interest rate, extend the term, and possibly lower the principle amount owed. I have had relatives achieve success with both programs within the last year. They went to http://www.totaldebtsolutionsllc.com and called the toll free number or filled out the free online evaluation form. They can help you avoid bankruptcy which you absolutely do not want. Good luck!
I have met this sort of situation before,here http://www.DebtFreetips.info/debt-free.htm is the resource I found helpful.
I don’t know your whole situation, but I might recommend that you try to lower the selling price of your homes (plural). That should free up some cash.