What to Pay

[tfh0978]

What is the name of your state (only U.S. law)? Fl

Here is my situation. Have a house in Tallahassee that i am trying to short sell. I moved from Tallahassee to Tampa for my job with a bank. My 2nd mortgages on both homes are though my work. I have a wife that was laid off as well as an 8 month old.

With credit card debt, student loans, car loans, and both properties , etc...our bills are $11,000 per month. I can't swing that kind of income.

Would it be better to pay $40,000/yr on my home in tallahassee that is now worth $100k less then i owe, or would it be better to pay on 8 credit cards with approx $105,000 in balances on them and foreclose on the tallahassee house? All credit cards, and primary house are current, but we stopped paying on the Tallahassee home 2 months ago (been listed for sale for 16 months and have had 2 short sellers back out before getting an answer from the bank.) The Tallahassee house costs us about $2000/mo (without prop taxes, insurance, HOA of an addt'l $5k/yr), credit cards are around $2k/mo minimum as well. We had used the credit cards to float both houses while i was trying to get started at work in my commission only job.

Thank you for your advice.
Tom

[LindaP777]

Time to seek the advice of a good bankruptcy attorney.

[tfh0978]

i would lose my job if i did bankruptcy.

[Indiana Filer]

Originally Posted by tfh0978

i would lose my job if i did bankruptcy.

What would be the effect on your job if you have numerous collections and judgments on your credit report?

You need to decide which will be better for you in the long run.

[tfh0978]

Originally Posted by Indiana Filer

What would be the effect on your job if you have numerous collections and judgments on your credit report?

You need to decide which will be better for you in the long run.

I have a six figure a year job right now, and if there was collections and judgements on my credit it would be hard to work in the financial industry and have someone else hire me. better in the long run would normally be bankruptcy if i was able to keep my job, as i could pay for eveything with cash when i needed to if the debts were gone. You can't be a registered financial advisor with a bankruptcy though on your credit. Its a great job and its unfortunate i am in this position which was caused by having to relocate for the job within the same company, while hoping to be able to sell my house at the old location. 16 months and counting its been for sale, and we refuse to keep racking up credit cards trying to float 2 houses.

[TheGeekess]

If you don't want to do a BK, you might want to read The Total Money Makeover by Dave Ramsey. There might be some answers for you there....