Florida Mess

[inozip]

What is the name of your state? Florida

Here's the situation: Credit Excellent - Owe $343K on Home - Interest only -1st/2nd mortgage. Payment $3K a month. Spouse makes $3K a month. (Sales job-commission)
Monthly expenses run over 6K a month. (Credit Card Debt $24K- Business (vending
machines, most not working- $40K debt). Long story short - I had to take a job out
of state to pay all these bills and try to pay off short term debt. We have no savings.
We might end up in divorce over this mess!

We do have a Mobile Home (we owe $90K on).. that we can move to. I am tired
of working to just pay bills and not living in my house. House is for sale, no lookers.
Mobile Home is also for sale - no interest in Hurricane Zone.

Currently, my salary is paying most of these bills by taking a high paying contract and
working over 48 hrs a week. Short term solution for what I see is a problem that
is not going to improve for years. I can't last much longer at this pace. I want
to quit, come home, move to the trailer, and quit making payments on the house.

Can the bank come after my Mobile Home? Should I just let it be foreclosed on?
Chase Mortgage has the first and refuses a short sale. House is worth about $295K.
(1st mortg is $285K, 2nd Mortgage is $65K)... With taxes and insurance climbing
yearly, I'm done!! I want out....

[inozip]

We lowered price to $320K.... will look at all offers!!

[panzertanker]

Originally Posted by inozip

We lowered price to $320K.... will look at all offers!!

I would highly suggest you get with a reputable credit counselor, immediately.

Also:

Originally Posted by inozip

House is worth about $295K.

So why would anyone pay 320K for it???

[moburkes]

No, they don't need to "come after" your mobile home. They will simply get a judgment against you for the deficiency of what the house sells for and what you owe, and begin to garnish your checks and bank account.