Hello,
When I was young I had the world planned out. I was 21, with my 20 year old fiancee and we just bought a house. My credit score was about 750, hers above 720. We went right to work and skipped the college stuff, and had a very good, realistic budget. It set money aside for stuff breaking, what to put into savings, overestimated costs of groceries and gas etc. Well that was over 2 years ago, and now we are financially screwed. We made poor investments, and ultimately said "yes" to too many things. All of our credit card payments are almost always late, as is the mortgage. We have a newborn son and missed some time from work to help get him going, and the medical bills took a toll. Overall we are about ~50k in debt counting in some good(ish) tangible stuff (her wedding ring, our central heating/cooling unit, new appliances for our house, new flooring). I really just don't know where to start. I know a lot of people say "start small" or "pay anything, it helps" but when I go to pay a 300 dollar bill online for the central heating unit, it needs minimum 300, it won't accept $299, or $199. Same for the mortgage and almost everything I can think of. I was thinking about getting a home equity loan (I think thats what its called), where I give up 50k in my house to a bank, in exchange for a loan with an interest rate and something I can manage. The only benefit to my situation (that I can see) is that my house is a newer house, with a lot of potential. There are 2 houses (for sale) less than a half a mile from me with the same exact design as mine (built by the same builder). Theres are therefore pretty similar with the exception of a finished basement, or updated countertops, or having a fireplace. Although my yard is definitely better. Those other 2 houses are listed at about 300k. I got my house for 125k. Would I even be approved for a loan/line of credit using my house as collateral? I know the mistakes I did to get here, I just can't seem to get out.
Thanks!
(throw away account obviously)
Submitted August 11, 2017 at 08:22PM by ineedmoneyhelp123 http://ift.tt/2wBWNfJ
