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'...so 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
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