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| Mom • Messages: 1 • Years on forum: 9.3 |
12:18 PM 07/01/2016 |
Hello,
I have been moving cash and borrowing cash and managing credit cards for some time and now I am in need of 75k to manage our bills and kids tuitiion and get us through 2016. We are both self employed. My husband is a NY Times Best Selling author and wrote his first book almost 2 years ago. He working on book number 2.
we are expecting 2 windfalls of cash in 2017.
We have a property/ home with 2million of equity
We have a first mortgage 338k
we have a 2nd Heloc 125k
we tried to get a hard money loan but have been challenged to get someone in third position.
we know we could continue to try to get a lender to pay off the heloc and then be in position 2.
We have about 30 k in credit card debt we need to take care of and a horrible
Loan Me product that is for 26k and charging 95%.
We need to move fast to get this under control.
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| Vendy Nielsen • Messages: 14 • Years on forum: 11.2 |
04:33 AM 07/04/2016 |
1. Get rid of 95% Loan Me product, otherwise this is the thing which will lead you to bankruptcy. Borrow from friends if no other ideas.
2. Decrease your costs. There is no information about your spending basket, but there are always a lot of things which look necessary but in fact are not critical. For example restaurants.
4. Increase your income. If your husband has some recongnition, why don't he try to do some advisory/coaching for other people?
5. Refinance position 2 and increase it. Use the money to pay credit cards debt.
Hope that helps
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