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      I’m brand new to the list, just a few hours on it in fact. But we

      recently found ourselves in a similar situation. I contacted the

      company that had my mortgage and over the phone, with email, faxes and

      such got a low interest second mortgage. No fees, appraisals or

      anything and I didn’t have to give up my dream home. Because they

      already had the first note they gave us lower interest rate, plus we

      got an even lower one when I agreed to an automatic debit to the

      account the fifteenth of every month.

      Even if you recently got a home equity loan it might well be worth the

      phone call to your mortgage company to see what they recommend. It

      lowered our bills $600 per month and will be paid off in 10 years.

      If you truly have absolutely no equity left to get a bill

      consolidation loan with maybe you could check with credit counselling.

      My mil did and they negotiated with all her creditors to where she

      has one monthly payment that is automatic (she got a lower interest

      rate that way) from her checking. It will pay off all her credit card

      debt in 5 years. The rates negotiated for her were extremely low and

      it was a free service.

      Either way I’d stay away from a condo, they come with all sorts of

      restrictions and problems, plus if one person causes any damage to the

      units all pay for them. Jan who is determined to pay off her 10 year

      home equity loan in 5 years in OK

      — In, Herlean wrote:


      > Thanks for the info. Our local friendly credit union took the

      equity in our home. Long story, but we did not get to use it for the

      home projects we intended to use it for. Still have a bill to pay

      though. 🙁 Like we needed yet another bill to pay anybody each month.


      > I think most of the problem is the constant, overwhelmed feeling

      that is there pretty much constantly. I don’t truly want to sell my

      house. I don’t truly want to file for bankruptcy. I want the

      constant, overwhelmed feeling to GO AWAY!!!! I want the phone to stop

      ringing off the hook, but when we answer it, there is nobody there.


      > I shop with a grocery list (every time). Coupons are good when I

      can get them for baby formula and diapers. We don’t eat too many

      convenience foods, which is what most of our coupons are for it seems.

      I bake cookies and brownies from scratch for lunches. My hubby and I

      eat at home most of the time. If we order food, we order the smallest

      portion possible as to not waste. We take our lunches. Gas is now

      $2.85 a gallon (no kidding, just passed a gas station a few minutes

      ago) and it eats up a huge portion of our budget. (Hubby drives

      almost an hour each way to work daily and there is no public

      transportation option. I use public transportation to get to work, so

      I use a lot less gas. It saves some money.)


      > There seems to be a lot more month left at the end of the money

      and it just wears on us. There always seems to be something else.

      Just one more thing.


      > If selling the house would truly help us out of this situation, I

      would consider it. After paying to list it, sell it, pack, store

      stuff, sell stuff off, move to the new place, clean them both, make

      repairs, pay the realtor fees, pay off the loan, pay off the equity

      loan, would there be anything leftover for us? I am thinking it will

      be damn close. We haven’t lived here long. There are

      soooooooooooooooo many things that nobody ever told us about being

      homeowners that sometime make me want to return to renting an

      apartment (I am not there just yet.)


      > I know that things will eventually turn around, but sooner would a

      lot better than later.


      > Herlean


      > Makalei Ohlund wrote:

      > Herlean, what kind of equity do you have in your current home?

      Will you

      > walk away with $$ after the fact? The housing market is not working in a

      > sellers favor right now, have you had an analysis done to see what the

      > current market value is? I am a Realtor and also a Mortgage Loan Officer

      > so the first ideas that run into my head are What are you going to gain

      > vs. What are you sacrificing. A realtors fees vary but I definately

      do not

      > advise trying it on your own if you are already stressed and in a

      > financial bind. Where I live, Realtors get 6% of the sale price.


      > > I am still debating selling our current house (a single family


      > > with a yard) and moving into a condo. Among the ideas that are running

      > > through my head:

      > >

      > > Will getting a condo that is less expensive than our current home

      > > really save money? What about condo fees? Will they negate the

      > > savings in house payments? Will we ever be able to afford to buy a

      > > house like this one we currently have again in the future, since real

      > > estate appreciates? I really want our kids to grow up in a house

      > > with a yard to play in, like we have now, but the debt situation

      > > sometimes seems like a mountain crushing down on us and I wonder if

      > > one is truly better than the other. Ideally, we want to keep our

      > > current house, but if we have to sell and move, how much does a

      > > realtor cost? The cost of storage of our stuff while open houses

      > > are running? Very little extra $$$ for a storage unit. Forget PODS

      > > like you see on t.v., they are really expensive. Will we truly be

      > > saving money by moving? The cost of preparing the house for sale,

      > > packing, storage, moving, finding another place, paying the realtor,

      > > fees associated with all that (does anybody truly know what the costs

      > > are?)

      > > Help!!!!!




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