Okay we are desperate! We have so many financial issues going on it just isn't funny. The bank says no bankruptcy is a bad plan, the bankruptcy place says it's the best plan possible.
We have a mobile home that we have owned (bought new) for ten years. We still owe $28,000 on it. We have only paid about $3,000 towards the principle of the loan as of now. We MUST move it. Our neighborhood has turned to simple trash. I can't take it anymore and MUST move. So either we move the house to land (we have an approval for a loan to do that), we sell, or we file bankruptcy on the lot of it.
We have a car with payment of $400 a month and a truck with payment of $350 a month.
We are making all our payments on time. But we feel like we are barely treading water. If we roll over the car onto a new loan (to get a lower payment) we are still in the same boat as we are now with a high payment, because we owe more than it is worth. Same with the truck.
As for the house, we aren't sure if we should move it to land, in the hopes that when the economy picks up that we can sell for more than we owe. Sell it to someone (which there is no bank going to give a loan for a house loan that is more than the house is worth). Or ?
We called our bank and of course they don't want us to file and get a fresh start. We talked to bankruptcy places, they say FILE!!! And we simply have no one to talk to. We are in our early 30's and this is a huge step that can take us either in a good or a terribly bad direction.
Please only real answers. Please no trash. I have enough stress without dealing with someone being senseless.
Any other questions please ask...