| Financial Mess. Please help |
|
|
|
|
|
coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
|
If the home appraises for what you say it's worth, you should be able to refi; roll the 1st and 2nd together; that's under 80%, you can waive escrow. I dunno about the cash out, but the lower rate will free up a pretty good chunk of cash flow to pay off that CC debt.
The issue of the cars is peanuts compared to those mortgage payments. You get those rates down to where they should be in this interest rate climate and you won't be feeling so tight.
~Tim~
Eye Candy : Why Whimsy
|
Wed Feb 01, 2012 5:59 am |
|
|
JoeyD
New Member
Cash: $ 1.85
Posts: 9
Joined: 31 Jan 2012
|
quote:
Originally posted by coaster
If the home appraises for what you say it's worth, you should be able to refi; roll the 1st and 2nd together; that's under 80%, you can waive escrow. I dunno about the cash out, but the lower rate will free up a pretty good chunk of cash flow to pay off that CC debt.
The issue of the cars is peanuts compared to those mortgage payments. You get those rates down to where they should be in this interest rate climate and you won't be feeling so tight.
the lowest I can imagine it appraising for is 520. Great lot, and neighborhood. Have a 1.2 million dollar home next door, and a 900 K home about 4 houses down. Both on smaller lots than mine.
|
|
Wed Feb 01, 2012 3:14 pm |
|
|
coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
|
Might be worth paying for an independent appraisal. That mortgage is a big albatross right now.
~Tim~
Eye Candy : Why Whimsy
|
|
Wed Feb 01, 2012 4:56 pm |
|
|
littleroc02us
Moderator
Cash: $ 205.35
Posts: 1015
Joined: 09 Feb 2009
|
Understandable, but in order to make progress on this debt, your going to need to get quite aggressive and sacrifice. Where can that start? Cars, eating out, lawncare? where?
Romans 13:8 “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”
|
|
Wed Feb 01, 2012 5:06 pm |
|
|
JoeyD
New Member
Cash: $ 1.85
Posts: 9
Joined: 31 Jan 2012
|
quote:
Originally posted by littleroc02us
Understandable, but in order to make progress on this debt, your going to need to get quite aggressive and sacrifice. Where can that start? Cars, eating out, lawncare? where?
All of the above.. (well maybe not lawn-care).. but Eating out, cleaning services, less expensive cars, I cancelled XM radio today, and a gym membership we kept planning to use.
I also got a 0% credit card for 21 mos that I can transfer some balance to to give me some breathing room.
|
|
Wed Feb 01, 2012 8:27 pm |
|
|
littleroc02us
Moderator
Cash: $ 205.35
Posts: 1015
Joined: 09 Feb 2009
|
I think what will bring you great success is thinking of ways to cut and to act on them and make it happen. Only then can you succeed.
Romans 13:8 “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”
|
|
Wed Feb 01, 2012 9:49 pm |
|
|
oldguy
Senior Member
Cash: $ 309.30
Posts: 1481
Joined: 21 May 2006
Location: arizona
|
|
 |
|
quote:
All of the above.. (well maybe not lawn-care).. but Eating out, cleaning services, less expensive cars, I cancelled XM radio today, and a gym membership we kept planning to use.
Well, that can't hurt. But the "latte" factor is seldom a solution, washing/reusing baggies won't fix a $30,000 problem. Look for the root causes. Do a Pareto Analysis on your budget - make it an annual budget at gross salary - eg, shelter $48,000, federal tax $40,000, payroll tax $14,000, state tax $10,000, transportation $16,000, groceries $7500, and so on. Arrange the list in descending order. Usually 80% of your costs are in the top 20% - and vice versa. Eg, the gym was maybe $600/yr (that's what ours is), XM was $120/yr.
Then fix the ones at the top - ie, a 25% cut in shelter saves $12,000/yr. But a 100% cut in XM barely moves the needle.
We're retired - we go out to breakfast every morning at 6:00, costs about $3000. We like to sit w/ coffee, bagel, paper, and watch the sun come up. Unnecessary - but we don't mind spending $3000 for that. (Saw a bald eagle this morning).
As for the $140k 401k, that represents about $1,125,000 of your fund 20 years from now - and if you contribute $15,000/yr for 20 yrs, that adds another $1,050,000 in 20 years. IMO, it is going to be way more important to your future to not derail a $2.2M plan than it is to direct all of your income stream to a small $30k problem.
|
|
Thu Feb 02, 2012 12:11 am |
|
|
|
