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dpenuts04 Asked About 'Ask the Dolans: Dolans.com'

Dpenuts2004@yahoo.com I recently had to file ...

dpenuts2004@yahoo.com I recently had to file bankruptcy due to the helpful mother that I am. My son became unable to make his monthly payments and I'm retired and couldn't pay his debts and mine. It was devasting to me to lose my excellent credit rating. Even several of my credit cards were cancelled that had no balances due, to shorten my question, I now have no credit cards and want to know how I go about starting over getting a good credit score. I've been retired for 10 years and have been fine financially and haven't been this worried about living expenses for close to 30 years. Is there any light at the end of the tunnel for me?? My son has still been unable to pay me anything in over a year (which was $1000 a mo.) and at the same time the money I was receiving from Deferred Compensation from my job ran out (that was $960 a mo), needless to say losing a monthy amount of $1960 was a blow to my budget. I'm sorry for being so long winded. I'm 66 years old and back to struggling like I was when I was 25. dpenuts04

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noticeablejewels Answered:

There are solutions for you but the first thing you must do is gather all of your monthly bills and jot them all down, including your water, elec, internet, cell phone, and so on. You probably qualify for a loan modification and/or bankruptcy. If you do the bankruptcy first, you will not be able to modify your mortgage as it will have to be reaffirmed. If you modify your mortgage first, this may be just the break you need to pay off your bills and if not, at least the mortgage payment has already been lowered before the reaffirmation must take place during the bankruptcy process.

If you decide to try and modify your mortgage yourself, chances are that your lender will not give you the best payment arrangement because they do not have to do this and you do not know what they want to hear. My advise is to get an experience professional that checks out with the BBB to police your lender into giving you the bailout money that was given to them to help people like you. If you have more questions about how this process works, let me know. 1-800-557-1467 Ext 4 Good luck and may the force be with you!