Need some help, advice, insite, or just need to vent

Ok...I am a regular poster and am quite sad about my situation and would rather stay "secret" for the time being.

DH and I both have good jobs and make over 100,000 combined. However our debt is outweighing our income. We don't know what to do anymore. Our mortgage payment alone is a killer. We bought high and unfortunately our house isn't worth what we owe. Every month it seems as if w are digging ourselves deeper and deeper. I don't know when this is going to end

We have considered many options. Right now we have contacted a company to refinance and we will hear by Tuesday if it is approved. If we refinance the rate change alone drops us about 600 a month which is a HUGE help. However, if we don't get approved we don't know what to do.

We have considered selling, taking some loss on it and renting. However, it seems that rent for a 2 bedroom apt would be close to 2000, so we wouldn't be saving that much and we would be throwing away equity.

I don't know what I am looking for. Maybe a hug...maybe just to vent. I am just very sad and confused and I am lost. We had some downfalls the past year which hurt us financially alot. And that is why we are in this situation. Now we want to get back on track but we can't.

Re: Need some help, advice, insite, or just need to vent

Re: Need some help, advice, insite, or just need to vent

Sorry, I don't have any good advice.

Re: Need some help, advice, insite, or just need to vent

Re: Need some help, advice, insite, or just need to vent

I am going through a similiar situation right now and just wanted to give you some hugs!

I hope the refi comes through for you and you can lower your payment.

Re: Need some help, advice, insite, or just need to vent

I am so sorry to hear that.

my advice is that if you can, stay in your home. if you don't get approved for the re-fi, try another bank.

good luck!!

Re: Need some help, advice, insite, or just need to vent

we are in the same situation. we have aacrued so much debt, its not funny. we are refinancing our equity line of credit loan. we had our house appraised and it came in at the right number so we will be able to pay off some debt. it totally stinks.

Re: Need some help, advice, insite, or just need to vent

Wow, I'm sorry that you're going through this. It is so tough to stay afloat owning a house here on LI. I understand your stress. Our bills keep getting bigger as well.

I guess try to consolidate all your bills to one credit card and look for the cards that will give you 0%. We have a discover card that gives us 0% for a year and we're taking advantage of it.
Is it possible that you or your dh could work in your spare time/weekends?

If we only had one of these in our backyard....

Message edited 10/19/2007 7:23:54 PM.

Re: Need some help, advice, insite, or just need to vent

Have you tried reducing your extra expenses yet? Get rid of a cell phone or reduce the plan, cancel cable, carpool, take lunch to work, etc. It all adds up.

&&& that you get approved for the refinance! It sounds like it would help you a lot.

Re: Need some help, advice, insite, or just need to vent

thanks everyone. i appreciate the feedback even though most of this i kind of know. I guess it's just better hearing it from someone else.

To add a p/t job would be tough. We have two little kids and we don't see them that much now to begin with. My husband is going to start a side job this week and see how that goes.

If one bank doesn't approve us, do other banks normally approve? I figured if one turned us down another wouldn't.

Re: Need some help, advice, insite, or just need to vent

Re: Need some help, advice, insite, or just need to vent

Re: Need some help, advice, insite, or just need to vent

Re: Need some help, advice, insite, or just need to vent

banks have all different criteria. You may also want to talk to a broker-FM me for my DH's infor if you are interested

Re: Need some help, advice, insite, or just need to vent

to you for being able to realize that you cannot go any further into debt!! Like they say, the first step to recovery is admitting the problem.

First - cut up ALL your credit cards except for one to use for emergencies. Find out what all your interest rates are. pay off the higher rates first - call each cc company to see if you can get lower rates if your credit is good and you have ben paying on time. you are doing the right thing with your house, i hope it works out!!

Second - make a budget and STICK to it. you will get thru this!!!! many people dont realize how much money they waste by buying little stuff here and there, it really adds up.

GOOD LUCK

Re: Need some help, advice, insite, or just need to vent

First of all

I see more than just that you are in debts.

Let's say you get your loan. That will be nice. But since you spend more than you earn, it is jut temporary and you will get deeper and deeper again.

I don't know what your DH and you have done in establishing a budget/do a financial assessment.

Can you cut things out?

- Commute with 1 car. It's not great nor very convenient but you could get rid of a car payment
- Shop for car/house insurance to find better rates (consolidate if not done already)
- If you have PMI, negociate to get rid of it.
- Limit the take outs
- Shop coupons and sales at grocery stores
- no more snacks/vending machines/sodas
- Do your own landscaping
- Find activities with the kids that you don't spend any money
- Buy clothes on sale
- Buy a mix/match wardrobe so you don't have to buy too much

Those are just examples.

GL!!!!

Re: Need some help, advice, insite, or just need to vent

Message edited 10/20/2007 11:58:43 AM.

Re: Need some help, advice, insite, or just need to vent

Look for a C.C. that has 0% and transfer your balances. We have done that in the past and it does help..a lot!
Maybe you can contact a broker or financial planner?

Budget yourselves as well. The "side work" may help. I took on a 2nd PT job last year and have to say every little bit helps.

Good Luck to you!!

Re: Need some help, advice, insite, or just need to vent

Re: Need some help, advice, insite, or just need to vent

Re: Need some help, advice, insite, or just need to vent

Not much advice here except to do a budget & seriously evaluate finances. Cut back in every way you can - EVEN if you get the loan.

I know many people that were thousands & thousands of dollars in debt & were able to get themselves out.

It's not impossible, just very difficult.

Re: Need some help, advice, insite, or just need to vent

Here's some for a permanent solution.