Archive for February, 2009

We did a short sell 3 years ago and then mortgage co. financed the remainder. We paid on for 3 years at $210/mo and paid on time. Rec’d letter last August from mort. co. stating “exciting opportunity”, send us a money order or wire within 14 days and we’ll waive 90% (cont…)

Question continued…: of your balance

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My husband is self-employed and I’m not working. So far we’ve been able to pay our bills, but he only has a week left with the company he has been sub-contracting for. I have $40,000 in a 401k which is our only savings left. We have $55,000 in combined credit card debt. My mortgage is a neg am fixed at 6.50 with 2 years left, but I can only afford to make min payment, so $20,000 has been added to the original principal balance of $500,000. We won’t qualify on a full doc loan to refinance. I have a free and clear rental in Nevada, but would take too much money to fix up and sell and would rather wait until market is better. How do I reduce credit card debt and modify my mtg if we aren’t late and can’t qualify?

I am not sure why you do not think you can qualify for

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I have 18k in debt…

(a total of 3 credit cards, one a business credit card and the other 2 personal credit cards). I’m self-employed. I live in Texas and was hit hard by Hurricane Ike. As a result (cont…)

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Please explain how the $$$ saved can be taxable when it is not income? If I owe $50,000 and settle for $25,000, how can they tax the 25,000 saved when I have not claimed the 50,000 as an expense? What am I missing?

This is a great question and yes your logic is 100% correct however, the

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