We’re in a real financial bind, what’s the best option? PLEASE help?
OK, here goes…my husband and I have made a couple of BIG financial mistakes. The biggest one is that we bought a company with no reserve in the bank. As a result, we have lived off of credit (stupid, stupid, stupid). Work has taken a lot longer to pick up than was anticipated. We have 4 houses that are leased- 2 of them have payments that don’t even cover the mortgage. We have a home with a 1st and 2nd mortgage, a car that we owe $ 8000 on that is worth $ 9000 and needs $ 1500 worth of work. We have a business loan of $ 250000, $ 80000 in unsecured debt, and cobra coverage that ends in 2 months. There is now a lot of work but $ 20000/ month doesn’t cover everything. We have 4 small children- two which are 3 month old twins. I’m so tired and stressed! I’ve read up on bankruptcy, credit counseling, and debt consolidation…what else is there? I’m desperate.
the way the market is right now, on the two homes that aren’t coming out of our pockets, we wouldn’t make anything- we’d lose because of closing costs. The other two houses have another year to avoid a prepayment penalty.
Right or wrong car, it’s what I have. I can’t sell a vehicle that doesn’t run for what is owed…obviously, there is no money left to buy a different vehicle (especially one that fits our family).