I have found this site to be very helpful so far as my wife and I try to decide what to do. Here is our situation........
Own a house in California
1st refi'd twice is at.........337,000
2nd Heloc is at................99,500
Current Home Value is......$244,000
Credit Card Debt..............$43,000
Car Payment 1............270 .......Both cars are only a year into the loan.
Car Payment 2.............340
Combined income is.................92,000
Each month after bills we have about $600-700 for EVERYTHING else Food, Gas, etc..........WE have 3 teenage kids too. We are always putting stuff on the cards to make ends meet and have tapped out the savings and already borrowed once on a 401k to stay afloat. Would we qualify for a 7 or try for a 13 and maybe "strip the 2nd mortgage?" I want to try to tough it out but it seems insurmountable. I have a Civil servant job and my retirement can't be tapped (w/o quitting--lol). I should also mention I don't want to lose my house BUT if I had to it wouldn't be the end of the world. As an outsider what would be the best option? Thanks so much for any advice.
Own a house in California
1st refi'd twice is at.........337,000
2nd Heloc is at................99,500
Current Home Value is......$244,000
Credit Card Debt..............$43,000
Car Payment 1............270 .......Both cars are only a year into the loan.
Car Payment 2.............340
Combined income is.................92,000
Each month after bills we have about $600-700 for EVERYTHING else Food, Gas, etc..........WE have 3 teenage kids too. We are always putting stuff on the cards to make ends meet and have tapped out the savings and already borrowed once on a 401k to stay afloat. Would we qualify for a 7 or try for a 13 and maybe "strip the 2nd mortgage?" I want to try to tough it out but it seems insurmountable. I have a Civil servant job and my retirement can't be tapped (w/o quitting--lol). I should also mention I don't want to lose my house BUT if I had to it wouldn't be the end of the world. As an outsider what would be the best option? Thanks so much for any advice.
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