The bank is taking my entire paycheck...

placidgull21 said:Look, you signed the papers, so that’s just how it is now. If you can't cover the monthly payments, they’re going to come after the collateral, or they'll just go straight to the guarantor. I honestly don't think an attorney is going to be able to work much magic for you here... maybe try heading down to the bank in person? It might be worth seeing if you can negotiate a deal where you extend the loan term by another year or so in exchange for lower monthly payments. Banks usually seem pretty happy whenever they can squeeze a little more interest out of someone...

Heheh...
I don't even have a co-signer. When I was getting this loan approved, a mortgage on my condo was enough security. They appraised the place at $90,000 and "lent" me $75,000.
If I stop paying, they've got nobody else to squeeze. There's no secondary target.
And let's be real—they want the cash way more than some property they'll struggle to flip anyway.

Have you even considered just selling the place yourself and paying off the mortgage ahead of time? Honestly, wouldn't it be better if you were the one calling the shots instead of letting some massive bank like Chase dictate your life? Besides, if the bank ends up seizing the property and puts it on the market, there's always that nasty little catch where if they don't get the full amount back from the sale, you’re still stuck on the hook for the difference.

Benjamin Rodriguez2 said:Have you even considered just selling the place yourself and paying off the mortgage ahead of time? Honestly, wouldn't it be better if you were the one calling the shots instead of letting some massive bank like Chase dictate your life? Besides, if the bank ends up seizing the property and puts it on the market, there's always that nasty little catch where if they don't get the full amount back from the sale, you’re still stuck on the hook for the difference.

Whoa...
I honestly had no idea about that part...
The thing is, they appraised it at $90,000 back when it was sitting vacant.
So what, should I just let them sell it for $50,000 and then I get stuck paying them an extra $25,000 out of thin air?! (I originally took out $75,000 on the loan)

Selling the place actually crossed my mind, though I haven't pulled the trigger yet—I’d probably save that as a last resort..
My first move would be trying to rent it out instead...

Look, all those tips about having a third of your paycheck garnished are fine in theory, but what does that actually achieve? => Your monthly obligations don't just vanish. You still won't be paying your full installment, which means you're just inviting the bank to hit you with notification fees, late notices, and don't even get me started on the predatory interest rates they tack on for delinquency...

My advice? Walk into the branch with your pay stub in hand. Sit down, stay calm, and be human about it. Explain exactly what happened—that your income has taken a hit and you're terrified of the moment you simply won't be able to keep up anymore... and believe me, that is the last thing a major bank like Chase or Bank of America wants to see (honestly, no bank cares if you default, especially in this economy)... Since you're already in this mess and you clearly want to avoid legal headaches, ask the branch manager for some empathy and help with extending your term... Most branches have loan calculators right there at the desk; plug in your remaining principal—basically how much you still owe—and the timeframe => it'll spit out a new monthly payment so you can get a rough idea of how much breathing room you'd get if you stretched the loan out by, say, five years... I'm not sure if they still offer those specific refinancing products where you wrap the balance into a new term, but even if you end up paying more interest over the long haul, having a significantly lower monthly payment right now is worth its weight in gold, even if the payments jump back up once the term ends....
And for heaven's sake, ask them about any refinancing fees or closing costs

That idea about finding someone to co-sign or lend you the funds is solid, but you need to move fast before things escalate

Kimberly Nguyen said:Look, all those tips about having a third of your paycheck garnished are fine in theory, but what does that actually achieve? => Your monthly obligations don't just vanish. You still won't be paying your full installment, which means you're just inviting the bank to hit you with notification fees, late notices, and don't even get me started on the predatory interest rates they tack on for delinquency...

My advice? Walk into the branch with your pay stub in hand. Sit down, stay calm, and be human about it. Explain exactly what happened—that your income has taken a hit and you're terrified of the moment you simply won't be able to keep up anymore... and believe me, that is the last thing a major bank like Chase or Bank of America wants to see (honestly, no bank cares if you default, especially in this economy)... Since you're already in this mess and you clearly want to avoid legal headaches, ask the branch manager for some empathy and help with extending your term... Most branches have loan calculators right there at the desk; plug in your remaining principal—basically how much you still owe—and the timeframe => it'll spit out a new monthly payment so you can get a rough idea of how much breathing room you'd get if you stretched the loan out by, say, five years... I'm not sure if they still offer those specific refinancing products where you wrap the balance into a new term, but even if you end up paying more interest over the long haul, having a significantly lower monthly payment right now is worth its weight in gold, even if the payments jump back up once the term ends....
And for heaven's sake, ask them about any refinancing fees or closing costs

That idea about finding someone to co-sign or lend you the funds is solid, but you need to move fast before things escalate

How many years can the bank actually extend the repayment period? Because the loan was for 30 years, and I'm only in year two... if they extend it by 5 years, does that make it 33 total??
Isn't 30 the absolute limit??

Lawrence Wright7 said:Whoa...
I honestly had no idea about that part...
The thing is, they appraised it at $90,000 back when it was sitting vacant.
So what, should I just let them sell it for $50,000 and then I get stuck paying them an extra $25,000 out of thin air?! (I originally took out $75,000 on the loan)

Selling the place actually crossed my mind, though I haven't pulled the trigger yet—I’d probably save that as a last resort..
My first move would be trying to rent it out instead...

The big question here is really just how much you can keep your head above water without drowning, you know? You absolutely cannot let things get to the point where Chase or Wells Fargo has to step in and seize the place—meaning you stop making payments or start ghosting them—because that is hands down the absolute worst-case scenario for you. When it comes to appraisals and what you actually owe, banks usually lowball the property value a bit during the assessment, but honestly, with the way the housing market is sliding lately, that cushion might already be gone.

If you can rent it out and use that cash to cover the rest of your monthly mortgage, then that’s a perfectly fine move. Just keep in mind that rental demand is also dropping, tenants come and go, and sometimes you'll face months upon months of nothing while you hunt for someone new. You definitely need to factor those gaps into your math if you go that route. Of course, it would be a lifesaver if you had someone in your corner who could bail you out during those dry spells.

There are specific rules when you're trying to sell a house that the bank holds the title to, so maybe check some legal forums or search through old threads; there's probably plenty of discussion on that. Otherwise, you better comb through your loan agreement with a magnifying glass, because there might be some clause buried in there like, "I agree to let the property sell for less than half its appraised value."

Bottom line, don't ever let the bank have to resort to foreclosure. Either find a way to keep up with the payments or sit down and negotiate with them directly—there isn't a third option.

Lawrence Wright7 said:Whoa...
I honestly had no idea about that part...
The thing is, they appraised it at $90,000 back when it was sitting vacant.
So what, should I just let them sell it for $50,000 and then I get stuck paying them an extra $25,000 out of thin air?! (I originally took out $75,000 on the loan)

Selling the place actually crossed my mind, though I haven't pulled the trigger yet—I’d probably save that as a last resort..
My first move would be trying to rent it out instead...

if that’s how you want to look at it
but you aren't just paying that flat $25,000 difference, because then you've got interest piling up on the remaining balance too, and it isn't just "air"... it's a bad appraisal that leaves you hanging
and if you don't settle up, they'll just take you to court, which means more interest, and eventually they're just waiting for you to inherit something or looking at whatever else you own to grab it all...

It’s just as you said—once you say "I agree," sign the papers, and it's done, then it's done, right? And honestly, don't even hold your breath waiting for them to leave you with a third of your paycheck! I’ve actually found myself in that exact same spot before, and let me tell you, I didn't see a single cent left over. When I finally asked my bank about that rule regarding keeping a third of my wages, they basically told me that their priority is recovering what they're owed, and whatever happens to be left over after that is entirely up to fate... isn't that just wonderful? You can always try to negotiate directly with the bank, though; they usually have all sorts of different models for extending loans, restructuring repayments, or even putting things on hold for a bit, provided you do your homework. But you really need to have nerves of steel and an incredible amount of patience to pull it off! Even a lawyer won't be able to do much for you at that stage because, like you pointed out, I have to emphasize it again: you agreed, you signed, and that's that.

Lawrence Wright7 said:How many years can the bank actually extend the repayment period? Because the loan was for 30 years, and I'm only in year two... if they extend it by 5 years, does that make it 33 total??
Isn't 30 the absolute limit??

Look, the 30-year cap is what they decide when they first approve the loan, but this is a different beast entirely... As for how much extra time you can squeeze out of them, honestly, I have no clue... you're going to have to sit down with someone at Chase or Wells Fargo and find out for yourself.

This thread should serve as a wake-up call for all those credit junkies and people living paycheck to paycheck. They wouldn't even bother financing a washing machine anymore if they saw this. 🤣

But in all seriousness, I really feel for the guy. My advice? Start renting out the place immediately, but find a smaller unit for yourself to move into. That’s the smart compromise. If you try to sell the apartment right now while you're in a rush, you're just going to get lowballed by every buyer on the market.

And what exactly is this "girl" supposed to be helping with?
She dumped a massive loan on you and walked away with the kid, leaving you to deal with child support too.
What a joke.

The whole renting thing isn't a bad call... just grab $2,500 and rent a room for a few hundred bucks to get started.

Donna Davis8 said:This thread should serve as a wake-up call for all those credit junkies and people living paycheck to paycheck. They wouldn't even bother financing a washing machine anymore if they saw this. 🤣

But in all seriousness, I really feel for the guy. My advice? Start renting out the place immediately, but find a smaller unit for yourself to move into. That’s the smart compromise. If you try to sell the apartment right now while you're in a rush, you're just going to get lowballed by every buyer on the market.

And what exactly is this "girl" supposed to be helping with?
She dumped a massive loan on you and walked away with the kid, leaving you to deal with child support too.
What a joke.

Heh...
That "girl" is actually worse than a predatory lender at a payday loan shop. Honestly, if she could have stripped you down to nothing, she would've taken your clothes and still come back asking for more...

Question:
I’ve got a checking account over at Google, and my entire paycheck lands right there without any holds or restrictions—just the whole sum hitting the balance.
My mortgage gets pulled automatically via autopay, and I also wire money to my mom every month to cover her groceries.
The problem is, my monthly outflows are consistently higher than what I’m bringing in, so I end up "sinking" about $1,000 every single month.
I’m starting to get dangerously close to my overdraft limit.
How far can this actually go? I mean, I assume I can't just go infinitely into the red, right?$6667Where does the bottom end? Is there even a floor?

Is it possible to just cancel an autopay setup, and if so, how on earth do I do it?

Look, you can certainly try to request a cancellation of that automatic recurring payment, but if I recall correctly, the fine print in your loan agreement specifically mandates that the credit be serviced through an autopay setup... and honestly, what's the actual upside for you here?

Kimberly Nguyen said:Look, you can certainly try to request a cancellation of that automatic recurring payment, but if I recall correctly, the fine print in your loan agreement specifically mandates that the credit be serviced through an autopay setup... and honestly, what's the actual upside for you here?

Look, my whole thought process was, "in case things go sideways with the bank and we can't reach an agreement,"
I'd just kill the autopay and start manually paying whatever I could manage toward the installment. For example:
instead of $1267, I’d pay them $933.
Basically, just making sure I'm still putting *something* toward the balance instead of nothing at all...

Look, I think you can probably cobble something together to make it work... but let’s be real here. You’re going to end up fronting most of the cash upfront, only to find yourself stuck with another $150 hanging over your head every single month. And that’s where the real nightmare starts. Once you're on that cycle, you'll be bleeding money on late fees, service notices, and those predatory interest penalties. Trust me, those little extra charges? They aren't small. They add up fast, and before you know it, you're just throwing good money after bad.

If you’re spending more than you’re bringing in, you’re just dragging out the inevitable rather than actually fixing the root cause.

Lawrence Wright7 said:God... looking back, it really does feel like I just dove headfirst into this without using a single ounce of common sense or brainpower... I am absolutely drowning in debt here...
but back when things were happening 2.5 years ago, everything seemed so perfect:
-I was with my girlfriend, we both had steady jobs, two incomes coming in, and my company even covered all my travel expenses...
-I didn't have any child support payments to worry about
But today:
after a series of unfortunate events and just plain bad luck
I can barely make ends meet at the end of the month..

"your best bet is probably trying to sell the house"
It isn't even a house, it's just a 750 sq ft apartment, and honestly, I'd rather try to rent it out before I even think about selling...

"just be straight with your "ex" about how much of a disaster you're in—you never know, maybe
you'll get help from the last person you'd ever expect...."

The "ex" is constantly breathing down my neck because I struggle so much every single month just to scrape together the support payment, and she actually suggested one day that instead of paying the exact amount the court ordered, which is $307, I should just round it down to $317..
Forget about getting any sympathy or understanding from her; besides, this is for my kid, so it doesn't matter to me. I pay what's required, and I have no intention of stopping..

I still think your smartest move is to offload the condo. Even if you take a 10% hit on the price, it'll be easier than dealing with
the bank breathing down your neck. Once they come after you, forget about ever getting a loan again. Once you hit a bad credit score, it follows you forever. As for your ex, it doesn't look like she's helping you at all. When I suggested talking to her, I didn't mean to be harsh, but you have to realize that poor kid who isn't at fault will end up
losing their support too, because the bank is going to prioritize collecting what's owed to them first.
About rounding that $920—it'd be better to round down to $900 since that's closer than $950, haha... just kidding...
Just remember, if you sell when prices are low, you can always buy something else later from someone else in a bind at a discount, then sell it when the market recovers and get your money back...

good luck....

👍

Rachel Doyle2 said:I still think your smartest move is to offload the condo. Even if you take a 10% hit on the price, it'll be easier than dealing with
the bank breathing down your neck. Once they come after you, forget about ever getting a loan again. Once you hit a bad credit score, it follows you forever. As for your ex, it doesn't look like she's helping you at all. When I suggested talking to her, I didn't mean to be harsh, but you have to realize that poor kid who isn't at fault will end up
losing their support too, because the bank is going to prioritize collecting what's owed to them first.
About rounding that $920—it'd be better to round down to $900 since that's closer than $950, haha... just kidding...
Just remember, if you sell when prices are low, you can always buy something else later from someone else in a bind at a discount, then sell it when the market recovers and get your money back...

good luck....

👍

Thanks..
1) First thing I'm doing is going to try and negotiate with the bank. Maybe they'll let me stretch out the term to lower those monthly payments...
2) I haven't actually looked into it yet, but let's be real—trying to sell property in this economy is an absolute nightmare. It's incredibly tough to move an apartment or a house right now.
3) This place... this apartment... it's more than just walls. It's my life's investment. Honestly, I am praying to God it doesn't all go south. It's stressful, sure, but at least I know exactly what I'm working for (mostly just paying interest, ha!)...
It would be nice to actually achieve something over these 30 years, to own something tangible, to leave something behind for my kid....
Selling is my absolute last resort. I will try every other avenue first, maybe even look into downsizing or swapping for a smaller place...

I’m with you on this, first thing you gotta do is sit down and talk to Chase or whoever holds your mortgage. Honestly, you have to, because let’s face it—your cushion is disappearing fast and those negative balances aren't doing you any favors. And just a heads-up, that whole "swapping apartments" idea is pretty much dead in the water these days; you basically sell the place and buy another one, whether it's bigger or smaller, and then you get hit with the real estate transfer tax on top of everything else. Just keep in mind that larger places have always been a tougher sell, and they usually fetch a lower price per square foot than the smaller units, so don't go expecting some massive windfall from the transaction.

Time is the one thing you're running out of, so it wouldn't be a bad idea to at least put a fake listing up online just to see what kind of interest you get and what people are actually willing to pay. Start with what you originally paid for it and then slowly tick the price down until the phone actually starts ringing. It’s a total myth that nobody is buying houses right now; they are selling, it’s just that they aren't selling at those inflated prices we all got used to seeing.

Don't get too emotionally attached to the property, okay? At the end of the day, saving yourself from this mess is what matters most. Maneuver however you have to and try everything to hold onto the place, but please, don't let it reach the point where you lose the house to foreclosure and end up stuck on a bank's blacklist forever... Good luck.