The bank is taking my entire paycheck...

Head down to the bank to work out a deal...

If you stop making those loan payments, they’re going to freeze your account immediately. Even if you try switching over to a different bank for your direct deposit, be warned: they can issue a garnishment order against your employer—something most people inadvertently agree to in their contracts—and they’ll come after you for the entire outstanding balance at once...

There is absolutely no way to pull a fast one on a major bank like Chase or Wells Fargo...

Your only move is to face them directly and have a conversation...

If they refuse to lower your monthly installments, your only other option might be asking your company to report your official income at the federal minimum while taking the rest under the table just so you can cover basic living expenses. But if you go that route, you better be ready to deal with the bank hunting you down until every single cent is collected...

While you’re sitting there overthinking every little detail of what you want to do and how you're going to pull it off... just look at what you've already got working for you! I mean, seriously, take that 750-square-foot apartment of yours and make it count. Grab a couple of those standard steel beams—maybe two of them—and get moving on that. It’ll cut down on all those extra cutting costs later on, which is a huge win. And honestly, once things settle down a bit and you finally climb out of this absolute mess you're in, your head is going to feel so much clearer, and you'll be able to think straight again!

Steven Rodriguez11 said:While you’re sitting there overthinking every little detail of what you want to do and how you're going to pull it off... just look at what you've already got working for you! I mean, seriously, take that 750-square-foot apartment of yours and make it count. Grab a couple of those standard steel beams—maybe two of them—and get moving on that. It’ll cut down on all those extra cutting costs later on, which is a huge win. And honestly, once things settle down a bit and you finally climb out of this absolute mess you're in, your head is going to feel so much clearer, and you'll be able to think straight again!

I'm actually digging this idea....

I finally made it into Google....about time!
They’ve called me in for an interview in a few days.
The plan is to see if they'll approve an extension on my loan term...which should hopefully drop my monthly payments down a bit.

What kind of outcome should I be looking at here?? If they bump the total repayment period up to, say, 35 years altogether...
How much of a dent will that make in my monthly bill?

Maybe $200-$100 ???

Go check out the calculator on Google's site... just plug in whatever principal you have left and set the term to years—like those 35 years you were talking about... though honestly, that won't really show you any kind of reduction. But look, right now, every single cent counts. Down the road, if your finances ever stabilize, you should try shortening that term. I’m telling you, seriously😁 and don't forget to ask them about the fees!!!

Lawrence Wright7 said:Good afternoon.
I am looking for some reliable advice here.
When I first took out my mortgage, my income was significantly higher—honestly, the bank even factored in my average travel reimbursements when calculating everything. Back then, I didn't have any child support obligations to worry about.
Then things went south. The bank hiked up my interest rate, they cut my travel stipends due to the economic crisis, and now I'm hit with child support payments on top of it all. Now? Now I'm in this nightmare where the bank is basically vacuuming up my entire paycheck.

Mortgage payment $1264
Monthly take-home pay $1367
Child support $307
It is blindingly obvious that there is absolutely ZERO money left to actually live on.

My question is,,,
Is there any law or consumer protection regulation that prevents a bank from seizing an entire salary? Isn't there a rule that they have to leave at least one-third of my income for basic living expenses? Or does that even matter anymore? Is it just a case of "you signed the contract, so you're screwed"?

Is there anything at all I can do??

So what is he supposed to discuss with the bank? Ask them to approve his monthly mortgage payment $33? 🤣

Once he covers child support—which is basically the only thing he's legally forced to pay—he's left with $1060. He claims he can earn another $1,000. That is $1393. What is the absolute bare minimum he needs to survive each month? How much? Well, if he cuts out all regular monthly expenses just to stay alive, whatever is left goes toward the mortgage. To me, $1333 seems low. I guess maybe he’s being modest and can get by on even less. Like how much less?

I think Lawrence Wright7 should try selling the condo. Find roommates immediately, since finding a buyer probably won't happen anytime soon. He should check with parents, aunts, or uncles to see if they can help. Maybe consider changing jobs, too.

I’ve gotta say, I am absolutely floored by the attitude this bank just showed me. I really went in there hoping—just praying, honestly—that they might show a shred of empathy or at least a little bit of good faith to work something out.
I laid everything out on the table: my pay stubs, which clearly prove my income has taken a massive hit compared to two years ago, plus the court order confirming I'm on the hook for $800 in monthly child support dating all the way back to early 2009. On top of that, they sent me a notice that they’re hiking the interest rate from 6.3% to 7.2%, which translates to $133 a much higher monthly payment for me...
So, I sat down and drafted a proposal. I suggested extending the term of the loan to stretch out those payments, which would help bring my monthly obligation down to something manageable. If they had just said yes, I would have signed on the dotted line immediately...
But here was their response:

"Unfortunately, we can't do anything about it... the loan amount is too high, sorry. You should try to find additional funds elsewhere.
It is possible to put the loan into a six-month moratorium."

That was it. That was the whole "conversation"...

I’m at my wit's end here. Does anyone have any suggestions? Any advice on what my next move should be?

Just try to scrape together some extra cash... those idiots ☕

Who even told you that? Some local branch manager?

A moratorium isn't going to fix your problems... I'm not even sure if you still have to cover interest while a moratorium is in effect... most likely, you do

Try sending an email over to Chase... from what I understand, they tend to take things a bit more seriously via email
Keep it brief. Explain the situation—basically, that you're willing to make things right but just don't have the liquidity at this exact moment, and you want to avoid a total disaster for both sides. Mention exactly who you spoke to, who gave you the answer, and then politely ask them to escalate the "case" for review by someone higher up (because let’s face it, everyone has a boss, right?) ...

But seriously, you should look into those suggestions about getting a roommate, renting out a room... or even selling, since prices aren't as inflated as they used to be 🤷 ...that's still on the table, because if you keep going like this, you won't last much longer

Look, I’m no lawyer or anything, but if your ex is working, she can probably manage just fine on her own diet and without your child support. You should look into filing through the courts to get those payments reduced—pay her less. Sure, she'll be absolutely livid, but if she can survive without your full support now, she can survive when you scale it back too.

Again, I'm not an attorney or whatever, this is just something that crossed my mind. Everyone else has already weighed in on the roommates and all that other stuff...

Forget all this nonsense about child support calculations... whether the ex is working or how much she’s actually pulling in shouldn't even be part of the conversation... at the end of the day, he's the father and he has an obligation to provide for his kids, period.

Kimberly Nguyen said:Forget all this nonsense about child support calculations... whether the ex is working or how much she’s actually pulling in shouldn't even be part of the conversation... at the end of the day, he's the father and he has an obligation to provide for his kids, period.

I get that, but if there's actually any way to get that monthly amount lowered...

How little? His salary is $307...And if we cut it just a bit, say, enough so he actually has to pay $233...would those tiny $67 differences even matter? The kid would definitely feel the hit. I mean... what's the solution here? Just let him stop paying child support... there's your fix. 😵

Hmm... So, looks like lowering the monthly payment isn't going to happen right now. That’s just where things stand. But hey, you can always give it another shot in a year or so, so there’s really nothing lost by waiting until then.
As for that moratorium option, I honestly don't think it's worth the headache. To even get that ball rolling, you end up having to pay the bank some sort of percentage fee, and if you've got that extra cash lying around, you might as well just put it toward your actual monthly payments instead...

Just listen to the advice I gave you earlier. It doesn't cost you a dime, and it'll definitely take some of the weight off your shoulders.
Just hang in there through the next few months; once this economic slump settles down, everything is bound to turn around for the better...

Take care!

The only real way to hold onto that apartment is to get some roommates. If I’m remembering correctly, you're looking at a 750-square-foot place, which should probably accommodate three people—meaning two extra rooms. Plus, you’d be splitting those monthly utility bills three ways. I don't know exactly where the place is located, but from what I can tell, having two spare rooms could net you $667 +/- $67. It would drive down your overhead, which might make things a bit more manageable for you.

feralbadger2 said:Look, I’m no lawyer or anything, but if your ex is working, she can probably manage just fine on her own diet and without your child support. You should look into filing through the courts to get those payments reduced—pay her less. Sure, she'll be absolutely livid, but if she can survive without your full support now, she can survive when you scale it back too.

Again, I'm not an attorney or whatever, this is just something that crossed my mind. Everyone else has already weighed in on the roommates and all that other stuff...

That won't work. Child support is the kid's right, and it doesn't matter how much she makes at her job.

Lawrence Wright7 said:I’ve gotta say, I am absolutely floored by the attitude this bank just showed me. I really went in there hoping—just praying, honestly—that they might show a shred of empathy or at least a little bit of good faith to work something out.
I laid everything out on the table: my pay stubs, which clearly prove my income has taken a massive hit compared to two years ago, plus the court order confirming I'm on the hook for $800 in monthly child support dating all the way back to early 2009. On top of that, they sent me a notice that they’re hiking the interest rate from 6.3% to 7.2%, which translates to $133 a much higher monthly payment for me...
So, I sat down and drafted a proposal. I suggested extending the term of the loan to stretch out those payments, which would help bring my monthly obligation down to something manageable. If they had just said yes, I would have signed on the dotted line immediately...
But here was their response:

"Unfortunately, we can't do anything about it... the loan amount is too high, sorry. You should try to find additional funds elsewhere.
It is possible to put the loan into a six-month moratorium."

That was it. That was the whole "conversation"...

I’m at my wit's end here. Does anyone have any suggestions? Any advice on what my next move should be?

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So, I went back into Zaba today; absolutely livid and shaken up by how dismissive the bank was being. I insisted on speaking directly with the branch manager (up until now, I’ve just been dealing with the mortgage department head)
And hey, I actually pulled it off... she took me straight into her office immediately.
We talked for about 20 minutes. She mostly just listened intently—probably because I made it very clear that if we didn't reach a solution, I’d be taking this story to the local news and escalating it all the way to the executive suite at Zaba. I laid it out plain: as a loyal client, I want to keep paying my loans on time, but with my income dropping and my expenses spiking, it's becoming physically impossible. I'm just asking for a little bit of flexibility and understanding from the bank to get through this rough patch while I get back on my feet......

She did promise that there might actually be something we can work out..

-Well, there's a glimmer of hope there. Fingers crossed it turns out positive......

👍fingers crossed

I’m just sitting here, tapping my foot, waiting on a response from Zaba...

In the meantime, I’ve started looking for some tenants.
The place is a decent size, about 750 square feet, two bedrooms—so I can definitely make that work.
Come summer, I might even try my luck renting it out to tourists...
But honestly? My biggest hope is seeing those interest rates finally take a dive. What are the actual odds of that happening anytime soon, say, by the end of this year?

While Rohatinski serves as the Governor of the Federal Reserve, there is a 0% chance.

I simply want to express how truly disheartening this entire situation is to hear. You present yourself as a decent person who, through nothing more than a series of unfortunate investments and poor associations, has ended up completely destitute.

I realize this may be an uncomfortable thing to say, but if you are certain your partner possesses sufficient funds to provide everything that child requires—ensuring they are well-fed and well-provided for—there may be a legal avenue to petition for a reduction or cessation of child support if circumstances become dire enough. Navigating a modification through the US court system can drag on for years. Contrast that with a bank; if you miss payments on a mortgage or a loan, the warnings start immediately, and they will move to foreclose on your home before you know it.

It is merely a thought. I wish you luck.