Income: $116K + most years a 15% bonus
Home: Owe $300K and probably worth $280K, bought in 2009 for $315K with FHA 5% mortgage, $2750/month
Debt: $90K + $23K aginst my 401K
No savings except for $54K in my 401K
Total payments every month are greater than my take home pay and I have run out of savings. Trying to not go 30 days overdue on anything I started getting payday loans about a year ago. I now am 2 months late on the mortgage, 60 days late on many other payments, and have a couple of collection agencies after me.
My fiance could not find a job when we relocated 3 years ago but has gone back to school and will graduate next month. I do not have high hopes that she will find a job and be able to help any time soon. Mom has her house on the market and plans to move in when that happens.
She expects to give each of the kids $20K from the sale and plans to give $500/month to the house expenses. Bonus in December is not a sure thing but there is a good chance I will end up getting $10K after taxes. There is a good chance that I will also receive $25K in the next year from inheritance. I have a $5000 payday loan and need to make a payment of $950 today. I know it is totally crazy that I have gotten to this point.
We pawned some jewelry yesterday so I do have $1000 in cash but there are many other bils that have to be paid. I get paid next Friday and it will take my entire take home pay to pay the mortgage so that I do not go 3 months behind. I beleive that if I can get through the six months to a year that I can dig my way out of this situation but at the moment seem to have run out of options.
I need to do something drastic this week. I am considering doing a hardship withdrawl from my 401K for the 2 months of mortgage I am behind. Until I saw your site I was planning to go see a CCCS. I’m also thinking about just telling the payday loan people that I can’t continue making payments and hope there is some other options that can be worked out. Is there something that I have not considered that would be a better option to get me through the next 6 months.
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