Get Out of Debt Podcast – Answers for James, Charlene, and Duff

Here is the latest Get Out of Debt show podcast.

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Questions Included in This Show:

  • Question From James
    My wife and i live in las vegas where property values have drastically decreased. We both have had financial hardship but are fortunate to keep our jobs. We currently have a mortgage of approx 2000 a month on a intrest only loan. We also have 900 monthly payment in misc debt (credit cards, student loans) a 520 car note as well. My wife nets approx 1000 every 2 weeks to where i net approx. 2000 every 2 weeks. We net approx 6000 for the month. We do not qualify for a remodification program thru our lender BOA. (Per our lender) We were under the assumption that we needed to miss or be late on our mortgage payments. We are now 2 payments behind and our lender still will not work with us for a remodification. Refinancing our load is null and voided because we are 90,000 upside down in our loan. What is the best way to get out of the situation we are in without sending us to the poor house? Bankruptcy? buy another home let our current one foreclose? Financially can we pay our mortgage and reduce our credit card debt? how can we get off the intrest only loan into a 30 year fix?

  • Question From Charlene
    I first came to the US as an international student. Because i was not eligible for federal aid, with the aid of a co-borrower, i used all private student loan lenders to finance my undergraduate education. I now have over $60K in private unsubsidized loans. i’ve been working for 3 years to try to pay these loans down so that i can return to grad school. i havent made a dent in them, and i’ve had to keep postponing grad school. I’ve exhausted all deferrment and forebearance options, and even though the loans are not in default, my credit rating is ridiculously low. I am now married and elegible for federal loans for grad school, but i can’t get the payments on my existing loans to stop while i attend grad school.(The graduate program is full-time for 3 years) Is it possible to negotiate with private education loan lenders? I just need a break while i attend grad school. I’ve literally cried to them over the phone and no one is willing or able to assist, especially since my credit is so bad. My husband’s credit isn’t much better. $600 monthly payments will be impossible to make while i’m in school.

  • Question From Duff
    I am currently in a BK 13 and unemployed in my field (construction). I have been in my 13 for 37 months of a 54 month plan and due to my situation thinking about converting to a 7. I do not have my attorney anymore. Went our seperate ways and I think out of that the job was not completed. I went through my plan over the weekend and see that I have a majority of my back taxes in Unsecured Non Priority claims. I was told by my att. that they were Secured Priorties. If I follow through with the conversion what are the risks and chances that the IRS is going to stake a claim when I send out the Motion to all of the creditors on the claim list? I have already filed a Motion to amend my plan for 4 months to back load those payments thinking I would have landed a job by now. I am thinking of doing another Motion for an additional two months but afraid that the unhelpful Trustee will file a Motion to Dismiss or Discharge. What about a Hardship dismissal? Does being unemployed for 6 months override the “temporary loss of job” qualify? Please email an answer to my email address above.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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