I have managed to rack up debt in the amount of ab

I have managed to rack up debt in the amount of about 15,000. My wife lost her job and everything fell behind including the mortgage. I was able to get a mod on the mortgage wherein the interest rate was lowered. However, the principle went up due to the back due balance and now the monthly payment went up.
I called credit counseling and they told me to file bankruptcy. However, I hate to admit it but it would be our 3rd time filing bankruptcy in 20 years. I guess we do not learn.
Anyway, I signed up for debt management. But, now I am hearing horror stories about these companies. So where do I turn.
I am negative on my house. I have 2 car payments which I would love to get out from under but as is with the house I am probably negative on them too.
Any ideas would be much appreciated.
I forgot to add my wife is a Hairstylist. She did get a new job but is starting all over again. She lost all her clientelle and is making a lot less than she was.

1 Answers

You're facing a tough time!! As far as your mortgage is concerned, I will suggest you to contact your lender once again and discuss your financial hardship with him. Request him to consider your situation and negotiate with him so that he reduces a part of your principal amount. As far as you car loans are considered, contact your auto lender and negotiate for a re-payment plan with him as well. If you get a re-payment plan, it will help you in saving your cars.

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