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Why not consolidate your debt into one easy monthly repayment?

Why not consolidate your debt into one easy monthly repayment?

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How do we get rid of our house/debt vs foreclosure?

How do we get rid of our house/debt vs foreclosure?

My husband & I are homeowners in NJ; Our house is now worth approx $260,000. but was up to about $420,000 when we refinanced (& consolidated debt) .. we currently owe $370,000 (big difference!).
Due to circumstances somewhat beyond our control, we filed a Ch 7 bankruptcy this past spring. Although its very difficult, we pay the $3,400.00 monthly mortgage pymnt each month - but must make it via telephone (and incur an additional charge). Option One Mortgage told us we have to sign a reaffirmation, but our attorney told me there is no such thing...
We are having a very hard time making these mortgage payments each month and are terrified of the thought of foreclosure. This has seriously affected my husbands health (we are in our 50's). My idea is to sell the house for the most we can get and move on.
Do you know how this works as far as the remaining $$ that will be due on the mortgage? (which we will NOT be able to afford before a closing). My husband thinks we should "not pay and walk away" (so to speak); He said our credit is already bad due to the bankruptcy, so we have not much more to lose. We both work full time and our health issues keep us from working any part time jobs to supplement our income. We are financially drowning here and cant keep "swimming" at this pace .... does anyone have any serious suggestions that might help us? (please - this is serious to us - do not post any "Just pay your mortgage and stop whining" ... or "you should have thought about this before you refinanced").
Thank you
(ps - Using a friends computer & screen name - I am not CMRN; We dont have a computer, so I will check for answers every few days). Thank you

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Is refinancing your home possible with bad credit?

Is refinancing your home possible with bad credit?

I entered into a Debt management plan a couple of months ago to consolidate my bills, my credit was over exstended and to keep from getting behind we entered this program. I now realize that I could probally refinance my home and borrow on the equity to pay off debt. My home is owner finance, it was just appraised for $111,000 and we only owe $39,000 on it. What I am wondering is if it is possible to get a refinance or home equity loan with no or bad credit? If so where?

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