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No. of Recommendations: 2
Hi! I'm new to this board and new to the realization that I'm in big fat financial trouble.
So, as Dr. Phil on Oprah would say, "I'm getting real" to the fact that it's got to stop.
$15,000 credit card debt, $20,000 car loan, $7000 student loans, $130,000 mortgage, $30,000 2nd mortgage, etc. As it stands now, we are juggling bills each month- pay this guy this month, that guy next month, etc. Our credit is shot.
OK- so the first thing my hubby and I decided to do was to get rid of our 4bd house (we only have 1 child), and move into a small apt close to work until we get things paid off. We could probably save around $750 a month between the saving on mortgage and the gas/commuting savings.

My first (of many, i'm sure) to this board is:
If we can't sell the house for enough to pay off our 2nd mortgage, what then? Do you have to pay them right away or can you continue to make your payments? There is no way we could come up with the balance on that amount, since we just got the 2nd loan last year and have only been in the house 2.5 years. We will probably just make enough to pay off the 1st mortage and pay the realtor commission.
Thanks so much!
Margi
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