Perplexed on what to do next!!!!!

[overthere1]

Hi all-

Here is my story. I am not sure what to do with my credit cards and
auto loan while I am also waiting on a home loan modification with First Franklin.
I have now seen my major credit cards "revoked, closed,etc" not all but
most of them Chase and my Visa from my credit union. Apparently my auto loan with my credit union is somehow collateralized with my visa credit card from my crdit union, so I have to stay current on that, but I can't pay all my minimums on all my cc's and loans which total about $1300 a month or more.
I basically owe $40,000 in debt including my auto loan.
I am waiting for yet another loan modification request from First Franklin since they initially denied me for HAMP and it was due to lost paperwork on their end. This was after I made four trial payments to FF.
WHAT should I do with my loans, cc's? They are all running into 90 days past due and closing. My FICO is low low low. I have steady income now after
about 6 months of reduced income.
I want to do the right thing, need to keep my home and car, but the cc's are
just too high.
PLEASE ASSIST!!!

[Evan Bedard]

Hi all-

Here is my story. I am not sure what to do with my credit cards and
auto loan while I am also waiting on a home loan modification with First Franklin.
I have now seen my major credit cards "revoked, closed,etc" not all but
most of them Chase and my Visa from my credit union. Apparently my auto loan with my credit union is somehow collateralized with my visa credit card from my crdit union, so I have to stay current on that, but I can't pay all my minimums on all my cc's and loans which total about $1300 a month or more.
I basically owe $40,000 in debt including my auto loan.
I am waiting for yet another loan modification request from First Franklin since they initially denied me for HAMP and it was due to lost paperwork on their end. This was after I made four trial payments to FF.
WHAT should I do with my loans, cc's? They are all running into 90 days past due and closing. My FICO is low low low. I have steady income now after
about 6 months of reduced income.
I want to do the right thing, need to keep my home and car, but the cc's are
just too high.
PLEASE ASSIST!!!

How much do you owe on each of your credit cards?

[mojojojo_1]

see what they will settle for after being 6 months late (they may proactively settle before then) and talk to an attorney about bk.

compare the two. 1300 a month on debt could be more then enough per month for you retirement.

[davephx]

IF you are denied HAMP or inhouse you need to have enough to make up late payments or if foreclosed add thousands of fees if you want to save your house.

Issue is what is more important your credit cards, car or house. Tough decision with only about 10% of folks getting approved for HAMP.

[overthere1]

Hi Evan-
Thanks for all who responded. The closed cards onr with my credit union
that is somehow collateralized with my car loan with the credit union. Not sure how that was done. That card is $10000 due and car loan is about $16000. Then a closed cc
card for $5900, a personal loan with a finance company for about $2500. 3 other small cards for travel total about $2000. Finally doctor bills for about $2000.
I am still waiting to heaR bout my loan modification from FF with $400k owed for balance plus back payments. Originally had trials for four months that then they denied but due to paperwork issues, agreed to reopen for hamp and inhouse. Initial trial payments were
$2200 a month. Original predatory loan was 9.99% at 50 years on $400k.