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How can I get out of this Mess of Debit have equity!

Posted on: 12th Sep, 2006 07:22 am
I just want to quit paying my bills,I am sick of it, I've paid them forever, I have $50,000 in credit card bills, $70,000 in line of credits, Beamer Payments, Oh don't forget about that b--ch of an ex wife $7000 a month alimony, what the hell I didn't c-- our babysitter I pulled out! Come on really right! Look I owe $500,000 on my house it's worth $1 Million I'm ready to sell it or declare bankruptcy can anyone help? ''

[Link deactivated as per forum rules. Thanks.]

you seem to be really depressed by the burden of so many debts as are many others who get frustrated by the fact that the burden of debts always keeps on mounting and looks as if they will never be able to come out of it.

but there are options by which you can recover. one is to select a home equity loan for your house loan to get a larger sum and pay off all your other debts, as you have good equity in your house.

other way can be a cash out refinance, but in that case you will have to take into consideration the curent rates, whether they are lower than what you currently have and your credit status.

Posted on: 12th Sep, 2006 11:57 am

i think it is better if you can sell off the property and at least pay off what that you owe against your home. otherwise, non-payment of all debts will affect your credit score negatively.

you should also try to avoid filing bankruptcy as it will lower your credit score drastically. usually a bankruptcy stays on the report for 7 years and during this period, it will be very difficult for you to secure a loan at some of the best rates available in the market.

know about different ways on how to avoid bankruptcy.


Posted on: 12th Sep, 2006 11:33 pm
I am carrying $1.2 million dollars in debt, paying mortgage on two houses (waiting to sell old house), SUV payment, private school, $15K in Credit Card debt to rennovate old house, Credit line $25K, I have no idea why mortgage company would lend me a total of $1.2 million dollars but they did.
Posted on: 24th Sep, 2006 02:35 am

Even I am surprised as to how the company offered you such a large amount when you had a credit line and credit card debts yet to be paid off. The best advice that I can give you is to try to pay off high interest debts first. You may also visit a credit counselor and take his advice on how to reduce your debt amount.


Posted on: 24th Sep, 2006 08:47 am
Sara, thanks for the good advice. I supposed they qualifed me based on annual income which is $163,000 a year, plus bonus & signficant equity in old house Anyway I was hoping the spouse would see the situation and get a job and contribute toward paying the mortgage, nanny , housekeeper and stupid landscaper. who needs all that stuff anyway - seems she would rather stay at home ; spend $2000 on debit card each month and boss around the nanny-
Posted on: 24th Sep, 2006 10:58 pm
Hi Guest,

I think you should explain your spouse that it's difficult for you to manage all the debts, so she should come forward and help you in any way she can. I think if she cooperates with you, both of you can together clear the outstanding debt.

Best wishes


Posted on: 24th Sep, 2006 11:37 pm
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