Lost Job Can't make Payments

[gmccabejr]

I am 56 years old and live in Michigan. I lost my job October 29, 2008. I was making $82K a year and did not see it coming. I have always had an excellent credit score. I received a 6 mo. severance package, but I am running out of funds (about $6,500 left in bank). I know that I probably have more money in the bank, but I raised 4 children and have helped them all out financially through their adult years. My wife and I can’t find jobs and I won’t be able to collect unemployment until May 4th (approx $1500 per month).

I have a house that was paid off and I refinanced it (balance $156,000) to buy and pay cash for a new manufactured home that is in a community with lot rent ($0 balance with $304.00 monthly lot rent and $300/ yr. in taxes). We entered into a Rent-To-Own agreement with a couple who moved out 1 year later (1 month after I lost my job.) Two months prior to losing my job we purchased a new 2008 Chrysler Town & Country (balance $21,500). I also have a 2004 Everest 5th Wheel (balance $45,000) and a 2003 Dodge Ram (balance $13,500.00). I also owe $22,000 on a credit card.

We have been keeping up on all payments and hoping for jobs, but now it doesn’t look good. I have been in a short sale agreement with Countrywide on my house for 3-1/2 months and I’m told they might consider a deed-in-lieu of foreclosure with them. It looks like my credit is going to be shot. What should I do? Should I voluntarily turn in the vehicles? If countrywide accepts the deed in lieu can I turn in my vehicles and the 5th Wheel? Can How can I protect myself and keep our house for a place to live? Is Bankruptcy the answer?What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?

[debtcollector`]

You need to sit down with a certified financial planner. The complexities of your financial situation would require disclosures that I don't recommend you make to anyone you meet on the internet.

DC