Skip to main content
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!
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.