Man Ashamed of Financial Decisions: Bankruptcy, Scams, and Legal Advice

Financial Missteps and Scams

• 😔 The individual expresses deep shame and embarrassment over poor financial decisions, specifically regarding a house purchase.
• 🏠 He overpaid for a house, then lost his job and couldn't sell it due to rising interest rates and new property incentives.
• 🤝 A realtor convinced him to enter a "sub two contract," where someone else made payments while he retained financial obligation, leading to a scam.
• ⚠️ The person who took over payments has not paid, resulting in a foreclosure notice and the individual being served.

Legal and Financial Predicament

• ⚖️ The individual is facing a custody and child support battle, complicating his ability to hire legal counsel.
• 💰 He and his wife combined make $80,000 annually, but $800 is already allocated to the custody lawyer.
• 🏠 The scammer is living in the property and refuses to leave or sign the deed back, indicating a potential legal eviction is necessary.
• 📉 The house is approximately $40,000 behind on payments since January.

Advice and Next Steps

• 💡 The advice given is to sell assets, like a gaming PC, to hire a lawyer to evict the scammer, rather than immediately filing for bankruptcy.
• 🚫 Filing for bankruptcy is discouraged at this stage, as it would severely damage credit for 7-10 years, and no actual bankruptcy event has occurred yet.
• 📈 The recommendation is to first attempt eviction, then negotiate a short sale with the mortgage company through a competent real estate agent.
• ⚠️ The previous real estate agent's advice is called "malpractice" for recommending the "sub two contract" deal, which is described as a common scam.
• 🌱 The individual is urged to find stability and focus on one steady path rather than jumping between situations.