Question
Never Been Here Before: "Credit Card Debit" can I pay Just?
I have always had near perfect credit scores all my life. Now with the economy taking a nose dive I can't rent out my vacation rental home any more. It was renting for $750. a week which was my main income. The rental is on my farm property so I can not sell it. It is rented for a very meager amount. I can't fill bankruptcy in the state of NC.because your home can't be worth more than $18K. My home is worth $500.K and I can't sell it now because I will lose out big time. This property is paid for and this is all I have to my name. I have an attorney working on my disability case that will take months for me to receive a little monthly income. If I pay the credit card companies $25, a month will this keep them from taking a lean out on my house? Can they make me sell my house? How long does it take for them to take action??? The interests rates now have these 3 cards up to 35K What can I do? I worked all my life for this log home and farm. I'm an international known artist that has worked hard to get where I am. I'm 62 female and single if that helps any and can't work any more due to an illness. Help! Any answers would be so much appreciated. I'm scare! What can I do? Thank-you for any help! Please no credit card consolidation companies Please Judy, Thank-you my credit card accounts were close about a year ago. I have been paying some "Thinking" if I pay them just something you won't go after me until the economy go up and I can sell this awesome farm in the mountains. Don't want to :) Thank-you Reena, I checked out a reverse mortgage and they will only give me 1/2 of what this place is worht then they take about 1/3 in fees out. :(
1 month ago - 3 answers
Best Answer
Chosen by Asker
You are 62 and your total unsecured credit card debt is 35K. Your house is bought and paid for.... but your main income has shriveled to nothing because you can't find tourists that want to rent it for $750 a week. Here are your obtions: Talk to the bank and ask about a reversed mortgage. You should be eligible to do that. Basically the bank gives you a line of credit and your house is the collateral. The loan is due when you die and the bank gets to sell off the house to pay off what you owe to them. The rest goes to your heirs... if you don't have any... then turn the house equity into a source of income that pays you monthly and the property goes completely to the bank when you are gone. If you don't like that idea then take out a second mortgage, pay off your credit card debt and pay back the 2nd mortgage at a way better interest rate to the bank. And... if need be... start thinking about getting a permanent renter in for the rental.. You may only get $750 a month... but that can be used to pay off the 2nd mortgage you took out to pay the credit card debt off.
by Reena
1 month ago
Asker's Rating: 
Other Answers
I think that when a credit card company raises your rates you can call them up and tell them you disagree with the new terms and wish to close the account. This will lock in your old interest rate. I believe you have 30 days to comply. There are many good books at the library and bookstores on how to deal with creditors and how to get them to negotiate. /
by Judy- 1 month ago
Have you considered promoting your material before? Perhaps a "greatest hits" CD and some small tours (if that's possible). Are you able to refinance your home? How about if you can find someone to rent it out for $750--$1000 per month? Have you tried to get anyone to rent it (maybe place an ad in the paper or craigslist)? Well you are right you can try to pay what you can on the credit cards. With that much owed they will likely contact you to pay it. No, they cannot force you to sell your house. Yes, they could try to put a lien on your house or sue you in court if the money isn't paid.
by Pablo- 1 month ago