Quote:
Originally Posted by Saul Good
A little advice for Dayze if I may. It's free, and it's worth what you paid for it.
Dump the house. It's an anchor. You need a fresh start. Try a short sale, but don't fool yourself into thinking that a deed in lieu is any better than a foreclosure. It's the same thing.
VA loans suck. They were developed as a benefit, but they are now much more expensive than conventional loans.
If you don't have much income, there's really no point in filing for bankruptcy. It'll cost you a couple thousand dollars and wreck your credit. If you just don't pay your bills, your credit will still be wrecked, but you won't have spent the money on the BK.
Don't ever take out another credit card again. Rebuild with cash and never look back. Everything you own will be crap for a few years. That's okay. It may be embarrassing to have your neighbors see you driving a POS, but that's nothing compared to having them watch your BMW get towed away by the repo man. Buy a $2,000 car for cash and put $300 a month into a car fund. After a year, you can sell that same car for $1,500 and buy a $5,000 car for cash that will last you 3 years. By that time, you'll have enough money saved up to buy a nice car for cash. That's about the same time that you will be completely rebuilt financially.
R8ers is right. Mortgage debt is the only debt worth having, and even that is a necessary evil at best. I don't know what it feels like to pay cash for a house yet, but I'll tell you when I do. Take R8ers's advice. He's got a paid for house. The guy can pretty much tell anybody to f*** off, including his boss, without worrying about how he's going to support himself. Not bad at all.
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The only problem with not paying the bills is the creditors placing judgments on you, and if that happens, you will never be able to get another house until they either give up or you file BK .
I hope you get yours paid off soon to Saul but having only the mortgage is a big accomplishment in itself and you are probably living in a 4 percentile group of Americans that can say that