Please help me out with some advice?

[edward0222]

I am stuck in a hole that I cannot seem to get out of and would appreciate any advice.
I am a 33 year old male, married, with 2 children.
My wife is a homemaker and I make approx $82k a year.
Tax time, we get approx $5k and my bonus is approx $8k.

Bills
Mortgage, 6.675% interest rate, owe $152k. Home is worth approx $105k. Pay $1,500 month.
Second Home Mortgage, owe $12k. Pay $192 month.
Owe my dad $8k since 2006, have paid him $0.00 back.
Cell Phone, approx $150 month
Cable, approx $150 month
Gym, approx $40 month
1 car paid off
1 car $460 month
Car insurance $125 month
Kids school $575 month
Water, $75 month
Gas, $75 month
Electric, $125 month
Groceries, $400 month
Credit Cards
4,500 balance, pay $100 month
7,500 balance, pay $200 month
5,000 balance, pay $145 month
$500 balance, pay $30 month
$700 balance, pay $30 month
$2,000 balance, pay $80 month
$600 balance, pay $25 month
$500 balance, pay $25 month
School Loans
$4,000 balance, pay $100 month
In Sept 2012, after 2 years of deferred payments, I will begin payment $500 month w/ $80k balance


Total payments: $4,400 month
Bring home: $4,400 month

I don’t know what to do, or who to turn to for help. I am one month behind on my mortgage, otherwise, everything else is up to date. My credit and my wife’s credit at this point stinks. In early November 2011, I went to Wells Fargo and asked for home modification and would not approve. I would love to move to something bigger, I know it sounds ridiculous but that’s the plan. I don’t care if we rent but not sure if I should lose the house, claim bankruptcy, or what to do.

Any help is appreciated,

Edward

[Lian]

I strongly suggest a professional credit counselor, and sock-drawering all credit cards.

[JoeMurphy]

Edward,

The best over the counter advice I could give you is that you have to make some tough decisions. Your rate is high for your mortgage considering current market rates are in the 4's. However, without knowing more about your credit situation I can't give you much advice on whether it would be worth refinancing or not. Do you have options for public schooling? Can you refinance your student loans into one monthly payment? Cheaper option for a gym? You said you wanted to move to a bigger place, you could try to move into a cheaper neighborhood or try to rehabilitate a home.

As Lian said you will most likely need to speak with a credit consultant. You are experiencing the same problem many others do. Be prepared to work hard and be proactive as possible in this process.

-Joe