I'm Broke, have too much credit debt to pay every month, and own a house that is paid off .What can I do?

Question

House is clear and worth $300k

Answer 1

Sell the house,move into a small apartment and get a financal advisor to help you invest your proceeds

Answer 2

You might want to consider a mortgage. Please keep in mind several things: 1. If you are having problems making your credit card payments because you have a loss of income, then you may have the same problems with a mortgage. If you can't make the payments for your mortgage, you'll end losing your house. 2. Your mortgage interest may be tax deductible (compared to credit card interest which is not). 3.How much do you actually owe in credit card debt? 4. Provided you don't need to borrow more than 60% of your home's value and your credit score is decent,, you may have quite a few options.

Hope this helps!

Answer 3

a million) do no longer tell the debt creditors which you attempt to pay off your debt to qualify for a clean loan, in case you provide them this information they are going to use it against you to extort a maximum contract. 2) you could comprehend that as quickly as a mastercard has defaulted/charged-off, that the wear has already been executed and paying them off, even in finished, won't undo the wear. understand that those products might fall off your credit checklist clearly in 7 years besides...in line with danger that is extra appropriate to attend a year until that occurs? in case you will no longer be able to attend, then furnish a rock-backside contract on those previous money owed, being that they are so previous....furnish 10%-20% selection and much less. Paying lower back defaulted non mastercard debt can help your score. Get Pay for Delete agreements from them purely before paying. Get all phrases of any contract deal you attain with debt creditors IN WRITING in the past you provide them you money. Make distinctive copies of your contract letter and save in a secure place. in no way settle for contract bargains over the telephone without following up with a written contract...The debt creditors will deny that any contract became ever made as quickly as they get your “contract” money and could come back stressful extra money.

Answer 4

Get a first mortgage on your home. The rates are still low. At least you would get all of that debt paid off and at a low interest rate. If it is credit cards that you are paying off then definitely do it.

Answer 5

talk to a bank. You may remortgage the house. They can help you get organized and maybe consolidate all your dept or reduce them by asking the other party to take a cut. A lot of times a company will take an offer because they figure is better to get some money than non at all.

Answer 6

Depending on your actual debt

Sell your home and pay your debt to the credit cards etc

Then Buy a more affordable home
Good luck

Answer 7

take out a 2nd mortage, pay off credit debt, BURN those stinking credit cards and work on getting yourself back on track. My husband and I say "if we can't pay cash for it, we don't need it". Then again neither of us is materialistic, we don't have to have the best of everything. And in turn, we have NO debt.

Answer 8

Definitely get a mortgage and consolidate your credit card debt.
If your monthly income doesn't meet your needs for your life style, you might consider selling the house and downsizing to a smaller one.

Answer 9

Get a home equity loan and pay off whatever debts you can with it and just pay back the equity loan.

Answer 10

Mortgage