We have been homeowners 6 years now and have refi'd twice. We have about zero equity in the property now b/c of the market and the bad area we live in. How can we get any money out of the house, and it has repairs, plus we have medical bills, student loan, and credit cards like crazy!!! What should we do?
2007-01-07 07:56:22 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Where is your money?
I mean every dollar you made in the last six years?
How can you work hard for six years and have $0.00?
That would be exactly the same as a slave.
You work hard but you don't get paid.
2007-01-07 10:49:17 · answer #1 · answered by Anonymous · 0⤊ 1⤋
The only thing that I can tell you, is that to sell. Even though property value had gone down, make your home seem the most appealing in your area. Make sure that there is no clutter, and everything is clean, no stains on carpets, floors are solid and in good condition. Modern nuetral paint colors are the best. Even renting a cheaper place will help to pay off the loans. Another is to maybe rent a room or two out depending on space, that always helps pay the bills. Also try consolidating your debts with a bank or other such institution. Good Luck
2007-01-07 08:04:03 · answer #2 · answered by Helena 1 · 0⤊ 0⤋
If you are so seriously in debt that you cannot make the minimum payments on your credit cards and you have zero borrowings left, you are indeed a candidate for bankruptcy. BK is no longer the stigma-producing event it once was. In can give you your second chance. It's not right for everybody, because there is a cost.
Selling your home will get you nowhere fast. If you need to sell, sharks will smell blood in the water and offer a lower price. Plus you'll be in the hole another 8 to 10% because of the commissions and costs to sell. THEN you'll have no money AND no place to sleep. Not good.
Talk with a BK lawyer. Usually the meeting is free.
Learn from your mistakes, but don't wallow in them forever.
The WealthBuilder
2007-01-07 10:23:21 · answer #3 · answered by WealthBuilder 4 · 0⤊ 0⤋
In your situation you have to find a way to reduce your expenses. Most people spend money like it's going out of style and can easily find a solid 100-200 a month that they just waste. Junk food, magazines, over-talking on the phone, needless cell phones, needless monthly subscriptions, going out to eat, the point is find these areas where you spend but don't NEED to spend. You have to be careful buying a house because as you now know there are a lot expenses that go along with it, and you already had a bunch of bills. Spend less and consider a part time job for a year.
2007-01-07 09:01:05 · answer #4 · answered by The Scorpion 6 · 0⤊ 0⤋
The only real answer is to spend less than you make.
it really is that simple and that hard!
it look like you have poor financial skills and discipline and keep getting your self "up side down".
Spend less than you make is the only answer that will really work for you.
2007-01-07 08:44:48 · answer #5 · answered by hogie0101 4 · 0⤊ 0⤋
I have friends in your situation. That's what happens when you buy in a predominately black neighborhood or area. Blacks KILL property values.
2007-01-07 11:27:39 · answer #6 · answered by Eric W 1 · 0⤊ 0⤋