All Forum Posts by: Dave Mustaine

this was the best deal I ever got recently on a ccard.   40k free for 15 months with no fees or interest on balance transfers. 

https://creditcards.chase.com/credit-cards/slate.aspx

I guess you missed the part where I said I have the 100k to cover the credit card debt.   If I paid the credit cards off tomorrow I would be 100% broke with not enough money to pay my monthly expenses.    And 30k underwater on the house.   I'm paying zero percent on the credit cards.  Had to pay. 3% fee on each deal for 12 or 15 months.   I've been doing balance transfers and convenience checks for 7 years.  The banks love me.   

in 2007, I had made a lot of money on stocks and faxed my brokerage statements to all my banks.  I called and asked for credit line increases.  I was making 65k per year.    I now have 130k in credit lines on credit cards.   However, I lost all the money I made on the stocks and then some.  

It seems most people here think it's better to pay the credit cards.   I agree since I am underwater on the house and many people get foreclosed on after losing income like me.  My monthly housing payment is $2200 not including utilities.    I make 22k a year.   I would think many apartment landlords would understand  defaulting on a mortgage in my situation.   Defaulting on credit cards is probably perceived as more careless.  

Oops

I only make 22k and this is a 170k house with $700 per month just in property taxes and home owners dues.  Plus the mortgage.   I won't be able to stay.    I have never paid anything late in my life and I have a 780 credit score.    I have all the money to pay the credit cards, but I have nothing else.   I know I would have to destroy my credit to get out of then house.  After all the great advice here , I'll stay current on ccards and stop payng mortgage if needed

when you say you will let a short sale go , does that mean you would do the short sale and pay the credit cards, or visa versa 

I went from a 65k job to 22k of social security disability, which is my only income now.   I also had disability from The company for a few years but that recently ended.  

thx guys.  sounds like defaulting on the mortgage is the better option since so many people who are underwater get foreclosed on.   I'll stop paying the mortgage when the time comes and keep current on ccards.   

The last question is if I should stop paying the $200 per month home owners association dues when I stop paying the mortgage.    I Read somewhere that you can be sued for those later but not sure.  and the  Heloc.   I assume those would be separate lines on the credit report since they are 3 separate companies.  Main loan, hoa, heloc.  

I'm underwater about 30k.   I've been doing some research on short sale versus forclosure.     They both hurt your credit score the same.    You save more money in forclosure because your in the house longer for free.  And you don't have to deal with selling it.  However,  I think the perception is that a foreclosure on the credit report looks worse than a short sale.   Would you agree that a forclosure looks worse than a short sale from a landlord perspective ?  

thx for the reply.   I'm underwater on the house and hoping the value will rise so I can get out.   I guess I'll start paying my mortgage on my credit cards through charge smart.  The clock will stop when my credit cards are maxed.    My goal with this post was to find out if a landlord at an apartment complex would rather take someone who defaulted on credit cards or a mortgage.   Income is protected from garnishment. 

I wonder if I told an apartment landlord that my lawyer advised me to stop paying the mortgage because I was underwear.   Would that be a good excuse to make it sound better than defaulting on credit cards   

I did not disclose the income or house value    Please pick one.    I may soon have to decide weather I pay my  mortgage or credit cards.