No. of Recommendations: 0
While visiting my sis over Christmas...learned they are in an upside-down home loan + have $30,000 credit card debt.

They have apparently refinanced home several times during past decade & included in the 'refinance pkgs' their credit card debt, car loans, remodeling & new furniture expenses, etc. Now, their home appraisal value < mortgage balance. B-I-L lost job during 2008...resulting apparently in 'taking cash advances' for monthly living expenses & poor-judgement spending binges. They are behind 2 months in $1500 monthly mortgage payments(& now accumulating late $350 charges) PLUS credit card $600 finance charges exceed the $500 minimum required payment...a no-win situation.

A co-worker just successfully completed a modified mortgage, supposedly based upon earlier legislation passed by Pres.Bush. I am not familiar with this 'modified mortgage program' not sure if this would be of help to sis' plight or what other options are available to them.

All helpful suggestions are welcome...Apache
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.