HEADACHE....HEADACHE...HEADACHE... 
Worried and confused, asking for any info and help, which is much appreciated.
I am disabled and on social security. My husband works and makes approx. 28k/year. We tried to open up a small business which didn't work out and took out 2 home equity loans (at separate times) against our home.
The first one should have been closed when the second bank paid them off, but I found out that it wasn't. So, we used both loans eventually (300K total). Our house is only worth only 125k, if that as it is in much disrepair. And, we now have and additional 200k in credit card debt! So, 500K total (banks and credit cards). No new furniture here, old windows, old cars, no vacations, etc. Just tried to open a business to help pay down the fast arising debt from high credit card interest, bank interest, and many many paid vet bills.
K, does anyone have any idea on what's going to happen if we don't file for bankruptcy for awhile and just stop paying the credit card payments but continue to pay the banks interest on the equity loans.
Can more than one credit card company come forward to garnish 15% from my husband's paycheck? Or is it 15% max.?
We would like to not go into foreclosure for as long as possible to keep a roof over our head until we find another place for us and our animals to live. Some are non adoptable, which we have acquired thru the years while volunteering at a local animal shelter. So sad....
Also, can I still use the couple thousand $ left on the equity loans to pay each other the required monthly interest payment (or is that fraud?).
Thanx...
Worried and confused, asking for any info and help, which is much appreciated.
I am disabled and on social security. My husband works and makes approx. 28k/year. We tried to open up a small business which didn't work out and took out 2 home equity loans (at separate times) against our home.
The first one should have been closed when the second bank paid them off, but I found out that it wasn't. So, we used both loans eventually (300K total).
Our house is only worth only 125k, if that as it is in much disrepair. And, we now have and additional 200k in credit card debt! So, 500K total (banks and credit cards). No new furniture here, old windows, old cars, no vacations, etc. Just tried to open a business to help pay down the fast arising debt from high credit card interest, bank interest, and many many paid vet bills. K, does anyone have any idea on what's going to happen if we don't file for bankruptcy for awhile and just stop paying the credit card payments but continue to pay the banks interest on the equity loans.
Can more than one credit card company come forward to garnish 15% from my husband's paycheck? Or is it 15% max.?
We would like to not go into foreclosure for as long as possible to keep a roof over our head until we find another place for us and our animals to live. Some are non adoptable, which we have acquired thru the years while volunteering at a local animal shelter. So sad....
Also, can I still use the couple thousand $ left on the equity loans to pay each other the required monthly interest payment (or is that fraud?).
Thanx...
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