I am in quagmire of debts. I want to know whether I should sell my house or leave job?
99055
That makes sense. I can not pay my bills, So I will Quit My Job???\nThe Best Idea Normally is Take Everything that you have and pay off everything that you OWE. \n\nStop Buying things. ANYTHING that does not Keep you alive.\n\nGo live somewhere cheap. Eat Cheap, Drink Cheap, Dress well enough to keep your Job. Get Another Job. Pay Off Your Bills instead of going out on the town.
84275
If your family is financially stable, I would sell anything that you don't need, use or whatever needs to be replaces.  Key word - sell, don't give it away.  If you are moving because your parents got a new job, have the new company pay to PACK and MOVE your stuff.  Do some research online about shipping cars and large furniture pieces. It may not be as expensive as you think.
123072
Yes, move out.  You can do better.
443896
if house in both your names you can't do it.  sell the house pay of bills and move 0n with your life.  The father does not want us to be miserable.  have you sought his guidance?  anoint yourself with oil and go on a fast.  He will and does answer prayers.   GOB BLESS YOU
1133265
if your house is worth more than what you owe, the money store should allow you time to sell the house and keep any profit after what is owed. sell the house to a friend as liens follow the property not the original holder and the money store will most likely offer a lesser amount to the new lien holder. (prob. amount owed minus interest.)
792345
Pay off my debt. Help my Parents and other family memebers out. Send my sisters and my son through good schools. By my dream house which is not much of nothing fancy. Go back to school myself. Invest most of the monies to make more. Yes and charities.
283959
If you have a nest egg to hold you over until you find a new job then no, however, if you were living check to check then maybe you should have found a new job BEFORE leaving the one you had. In the end, if leaving helps you maintain your sanity then that's what's most important.
346883
As long as your income can stay with you, it should be good.  Sounds like you work your a** off with 5 jobs.  In the end, the whole story sounds like bulls**t.
1079261
I've been telling my clients that if you're planning on selling you house within the next 5 years, now is probably a good time.  Not because of a big crash, per se, but just because the investment doesn't look to be better than other alternatives right now.  I think housing prices, as a whole, will simply rise with the rate of inflation for the next several years.  Of couse real estate is especially regional, there is no such thing as a national real estate market.  So your place could go way up or down.  \n\nBut the point is that if you want to leave with no debt, I don't see a compelling reason to re-fi and hold.  \n\nIf you are planning on moving back soon, however, it may make sense to hold.  Because the transaction cost of selling and then coming right back and buying again are prohibitive.  If you have no intention of moving back, then go ahead and sell and invest in a diversified portfolio that may include real estate, stocks, bonds, etc.  Of course I recommend seeing a professional you can trust to help with these decisions.\n\nFor more personal finance info please go to my podcast, www.promoneytalk.com.  It's the #1 rated personal finance podcast in the world.\n\nHope this helps,\n\nJason
142288
i would try to find a better job, either more money or more job satisfaction or ideally both.  if you find something better you should get out and don't look back.
901211
Speak to the Citizens' Advice Bureau about FREE debt advice. There are some other charities that will offer you free advice about the best/quickest way to repay what you owe but I am unaware of any organisation that will administer your debt for you or give you a consolidation loan without making some sort of charge. \n\nCAB will encourage you to look at what all your income and outgoings are and devise a strategy with you, not for you, as to how you are to pay it all back. Meanwhile, write a holding letter to your creditors telling them that you are seeking independent advice about the debt. It will only serve to stall them temporarily. \n\nWork out your priority and non priority debts. Priority debts are ones which will affect your home or your liberty and include rent/mortgage, water, gas and electric and any other loan secured against your property. Non-payment of council tax can lead to imprisonment and so is a priority debt. All other debts are non-priority. It is vital that these are paid first.\n\nDraw up an honest list of what comes in to your household and what goes out and include everything, including newspaper money and pocket money for the kids etc. Don't try to hide an amount under the heading 'Housekeeping'. Debt companies know what to expect to see under all the headings based on reasonable amounts according to your home circumstances and trying to hide amounts under ambiguous headings won't work. \n\nYou then need to write again to your creditors and include the income and expenditure form. They should then come to an agreement with you although they are not obliged to. If you go to the CAB with this information, they can help you work out payment plans for each creditor and give you a standard letter to send. It may also carry more weight with the creditors if they know CAB are involved. \n\nCreditors are not obliged to accept your suggested payment plans and will be looking for some commitment from you that you are determined to clear your debt. Can you return the cards to the company, cut up? Can you sell some of your assets? Can you take on another part-time job specifically to pay them off? Could you rent a room out in your house? \n\nThere are other options like IVAs or bankruptcy depending on how much debt you are in but these have as many cons as they do pros and are not the answer for everyone, particularly if you own a house with equity. You could speak to CAB about these options but think carefully before going down these routes. \n\nYou are right to think about alternatives to taking out more debt. There are obvious problems if you cannot keep up repayments on bigger consolidation debts especially if they are secured against your home. I don't know your own circumstances, of course, but maybe going through the debt procedures above will concentrate your mind on how you managed to get into debt in the first place, the pain of being in debt and how hard it was to get out of it which will prevent you from ever going down that road again. I know that I learned that same lesson the hard way and am steering well clear of ever going there ever again. Consolidation seems like easier options but will anyone ever learn to change their behaviour or is it just a quick fix to allow the same thing to carry on all over again? \n\nAnyway, good luck. It seems like a pit you can never climb out of but it will get easier. Promise!
98674
Either way you go. Move or stay. Make sure that you are putting money away for a rainy day.  The mortgage industry goes through some slow downs just like the real estate market.  Where ever you end up make sure you build a network of people that can provide you lenders.  Stay in touch with realtors and builders.  \n\nFrom what I hear, there are a lot of new developments going in around the Los Vegas area.  Sounds like a great opportunity.
1033854
First I would call your mortgage lender and explain your situation and work out a repayment schedule. They rather have you pay your loan than having to foreclose. Since you are back at work I assume you will have enough income to pay them at least something.\n\nIf you have some equity in your house I'm sure you can sell for a lower price than it's worth. There are always real estate investors looking for deals. You give up equity and they get a house they can sell for more, you avoid foreclosure. But again first talk your lender.
753543
I'd say the most important thing is to get any outstanding debts paid off first if you can.  That will then obviously reduce your total monthy payments and then may give you a change to get a mortgage with less monthly payments or one for more money.
821069
For now, all I think that you can do is RENT the HOUSE. At least rent it out for the mortgage payment. Call the Real Estate Agent,and tell him. See what your "contract" allows. There are some Real Estate Companies that offer to buy the house if they can't sell it in 3-months! At least we have that in Canada. Make sure that when things settle down, that you take legal action against your EX - in Civil Court. There are many Lawyers that will take your case, and not Charge you until the end result! Look into that. I am so sorry about what happened to your little girl. Are you getting some help for her? I hope so. I bet your kicking yourself, once again I tell young people, to go slow, in relationships, especially where there are children involved. One Never Knows. Possibly, you could speak to your bank and see about "bridge financing" - if you qualify, the Mortgage would be paid, through Bridge Financing, and when the House is sold, the Mortgage Company gets their money first. The Lawyer, who closed, all costs, and the leftovers (if there is any) go to you. That is about  as much as I know you could try. Good Luck, and God Keep you and your Children SAFE. Maybe I am the first, Merry Christmas, and a Happy and Prosperous New Year.
218758
Do not refinance and pay off the debt, UNLESS you have more financial discipline than you did when you ran up the high debts in the first place.\n\nRight now, the growth in the equity in your home is like a forced savings account.  You may need this forced savings for more critical things in the future (loss of a job, a health emergency, retirement).\n\nIf you refinance and pay off the debt and THEN, feeling relieved of the burden, go on a spending binge and run up your debt again, you will be left with high debt, little equity, and a significant risk of having your home foreclosed.\n\nDo not take the advice of those pushing their refinancing loan products without really thinking about your personal situation and being honest with yourself about your own financial discipline.\n\nIf you HAVE developed disciplne (older and wiser), you might want to consider taking out an equity loan for a portion of your equity and paying off the highest rate debt that you have.  If this works well, once you've paid off the equity loan, do it again and pay off more of your highest rate debt.  I'm, of course, assuming that your equity loan rate is lower than the debt that you would be paying off.
511404
Hi, \nNo you will not lose your home.\nYou reaffirm the debt and continue to make payments, keeping current.  I have been thru it.