Ok it’s been 3 months since I was laid off. It was a forced lay off and I didn’t have enough time in to stay due to my seniority. I’ve been avidly looking for a job so everyone who says to get a job- I’m tryin.
My question is- I’m 21 years old, bought a house a little over a year a go- and 9 months ago I bought a brand new car. I don’t want to ruin my credit score, but I can’t afford my car, and can barely make by with my house. If I sell the car- I won’t get what I owe on it. But I do have about $25,000 in equity in my house. How can I save myself from a repossession/ foreclosure.
2 Responses to “Credit Advice Needed! Repossession/Foreclosure!?”
first of all keep in touch with your creditors! second if it comes down to it then you need to lose the auto first but discuss this with your bank before they want it back and ask them if you can voluntarily give the car back but have a better pay back amount to pay. if they repo it then they will take it to the auction and resell it getting much less than what you want. you also could sell it out right for the amount owed on it hopefully you can get outta this
Talk to your lender about your home mortgage, if you are current with your mortgage and have lost your job you might be able to qualify for the “Making Home Affordable” Plan.
http://makinghomeaffordable.gov/
If you do not, then sell the car, take out the equity line of credit and pay the balance due off on it. Use the balance to go out and buy you a good used car to last 2-3 years until you can get back on your feet.
You must be logged in to post a comment.