Mortgage-200,000 (house)
Mortgage- 98,000 (rental)
Mortgage-295,000 (rental)
Mortgage- 65,000 (rental)
Mortgage-304,000 (rental)

CC-0
Car Loan-0

 

^^^Holy shit, you are in so much debt!

 

they are apartments that I own that make me $$$$ every month most of which I purchased in leiu of forclosure under mkt value.

 

I'm going to go out on a limb here and guess that none of us has as much as this guy.

http://www.wsbtv.com/news/14740712/detail.html

 

 

^^^

Is there even enough money on this planet to pay off all of that? That would be pretty funny if it wasn't an error.... I wouldn't what lengths Wachovia would go to get that money.



CC bills = $0.00 every month, PERIOD.
Other bills = see above
Car loan = ~$9300

I don't get how people can get into so much credit card debt. Do you not pay attention to what you spend money on or do you not care? I would love to see them get one of those Amex "black cards". I freak out when I have less than $1500 (cumulative) in my bank accounts at any given time.

And another for LT juggling 5 mortgages. And you have an Elise + STi + an SUV.

 

Whats the big deal its my own house and 4 properties totaling 18 apartments that take in rental income + profit every month.

 

I made an error its 104 not 304..

 

Maybe the smartest post on acurazine, AMEN!! but hey, that's why the rich get richer and the poor get poorer. People can't comprehend the concept that when you use your mastercard YOU HAVE TO PAY THEM BACK...I always joke with my girlfriend when we go out to dinner, I'll say, "Hey this dinner's free, mastercards paying for it".


And LT, there's good debt and there bad debt, I commend you for your large amount of good debt, if you don't mind and have some extra time, I'd be curious to how successful you are at rental property and if you could give some pointers, as I'm contemplating buying one for myself.

 

It's easy getting into cc debt.
4 kids
Loss of a $75k job, now making about $35k, made $900 last month. Safety net used up 5 months ago.
$175,000 mortgage @ 11.75% adjustable every 6 months (almost topped out )
$50,000 2nd mortgage @ 10%
Home value = $180,000 now, can't re-finance, or sell, I'm stuck and F@%Ked.

Winter clothes for the kids, food, expenses every now and then.

16k cc debt.

Not really keeping my head above the water, not sure what to do.

 

How do you even get a rate like that?

 

$900 a month doesnt figure to $35k...what gives?

Is your credit ok? Why cant you refinance? Credit too bad?

First off, sounds like you need a second job

Secondly, your credit can be repaired fairly quickly, but you need to keep your head above water in the meantime. Keep the payments steady, get the limits raised (but dont use it) and dont close any accounts that are older.

Are there any other sacrifices you can make? Sell your car and get into a cheaper one? Any valuables around the house you can sell?

It sucks when this kind of thing happens when you are otherwise in good shape.

 

1. I'm self employed so income varies...drastically at times.
2. Credit is great, 700+, but can't refi because I'm upside down on the house (owe more than current value).
3. My job has me traveling all the time- 130+ flights this year, so it's dificult to get a second job.
4. I'm upside down on one car and ahead on the other=no advantage.
5. Yea, it's hard, some people are rather one dimensional in this thread...things can get pretty ugly rather quickly with todays market....no matter how much you have prepared.

 

Mortgage - $191K out of $243K.
Student loan - $15K out of $25K

As of today, no car loans! (Paid them both off today)

 

Sounds like a tough situation. Keep at it.

Id also see about increasing the value of the home. At least try a couple different companies for a refi. People are killing for customers with your credit score.

 

Does your wife (if you have one) work? Sounds like a tough situation...hang in there!


For me:
15k in student loans (down from 19k)
25k car note
0 cc debt.

 

CC: 1,500
Car: 28k
School: 3k

My short term goals are to pay off my CC (which is kept in a zip lock bag filled with water and frozen) in the next 6 months, pay down my education debt and buy a home before the decade is up.

Guess I'll put the '09 CTS-V on hold...

 

Just thinking out loud, so I might be full of crap. This is a pretty deperate situation and you have to get that interest late lower before it kills you.

Is there anyone like your or your wife's parents that would buy the house from you and let you make the payments to them? If they could get a fixed loan at 7% for 180k and you're left with the balance... I don't know how that works. If you're upside down, how do you sell the house? Does the buyer have to assume the whole debt?

It's just a desperate idea I thought of. Sorry, but I'm not willing to buy your house, but parents usually are willing to help their kids through any crisis.

 

How much is rent in your area for a similar house? If payments are current, your lender may work with you to restructure at a better rate. If you have close friend or relative with strong credit and income, try a short sale to them and lease option it back to you. You make the new lower payment to new owner and pay bank remaining balance at new rate. Arrange a short sale with the lender then rent somewhere else. Keep your head up and keep trying to find find a solution.

 

I just graduated college this past May..

CC: ~$7k that has been riding on 0% APR.. i'm transferring the balance to another 0% APR CC I just opened that has free balance transfers so I won't have to worry about that for another 15 months.

Student Loans: $6600 that's at 0% interest until January

I could pay off all my debt today, but no reason to do it if you're not paying interest, I have my $ invested in the market and high-interest savings accounts.

 

CC = $0.00 - Used ALL the time, but always paid for in full each month

Mortgage - Much higher than $0.00

'02 and '04 Acura TL's - fully paid off.


Why is everyone putting their credit cards in frozen water???

 

Cause they can't control their spending habits.

 

I figure if I don't have the cash to cover it on my debit card I can't really afford it. If this is something I have to have and justify in my mind as "needing," I take the card out of the freezer and let it defrost overnight to decide whether I really need it or not. It basically gives me sometime to sleep on it.

I hardly spend now, less than $500 for the holidays and none of that went on my CC. I use to impulse buy in the past which got me into a lot of trouble. So yes, what you said is true.

I've gotten much better though, I actually have no urge to put anything on a CC my gym membership is the only revolving charge and that gets paid in full each month.

 

After I'm done with school I'll have about 35k in student loans. I've got $17k left on my car loan, and between 3 credit cards about $1800. However, the credit cards are all 0% and I have worked out payment plans for each of them so they are paid off before interest kicks in.

Hopefully in a year or so I'll start mortgage payments on a condo/town house.

 

School: $0
Car: $0
CC: $700 (holiday shopping...)
Mortgage: $2000/month mortgage. (good rate: 5.7%)

(All in all, i'm a pretty lucky kid..and yes, i have thanked god and my parents for my many blessings )

Looking to get a home before age 27/28..save up for marriage (whenever that is...)..and my Lexus GS 460h

 

^ Wait so you have a home or don't? A GS460h is the shizznit.

 

I have a home. No GS460h yet. Still rockin' the 2001 CL-S (109k miles, 2 tranny swaps and still running strong! *knock on wood*)...i hope to hit 180-200k, then by then have saved up enough to buy my next car in cash...car loan rates are pretty high...even with an above average credit score....

 

House: $111,000 out of $285,000

'07 TL-S: $23,000

CC: only what we charge during the month and it's paid in full when due (even the emergencies that screw a month, ie. wife's tires, TL-S body work, splurge airline tickets)

Education: wife's paid off as she went, mine was picked up by work

 

Other than house and car, I owe a few hundred on the credit card for some airline tickets bought this month that will be paid off by the end of this month.

 

Dont have any debt, parents paid for college.
I've been working for 4 months now, saved up a good portion of my income. So I'm $8000 on the plus side.

 

Oh, btw. Since alot people are afraid to use credit card for various reason. I would highly recommend the AMEX Gold or Plum card, both of them are charge cards, so it helps you control your self not to spend more money on big ticket items than you can actually afford.

I just got approved for Plum card, and it has 2% cash back on monthly charges over $5000, or 1% for any amount under. So it saves you alot if you are a spender.

Managing wealth is difficult, money just flows away if you dont pay attention to it.

 

Whoa most of you are doing a lot better than I

Mortgage : $0
CC : $15K @ 0% and another $15K @ 3% for life
Car : $10K (out of 30K)

I had quite a bit money in my stock account that could cover my CC data, but I didn't close my CC debts as I was getting around 20-40% returns on my investment. And the reason I say had was is I lost significant amount of it in last 3 weeks.

 

Car loan - 0 just finished my last 36 month loan payment
Mortgage- 0 haven't bought a house yet
CC- 0 pay it off every month

Have a wedding coming up sept 09 but luckily our parents are helping so I'll probably spend only 5k of my own money on it. The fiance though was lucky enough to have a grandma who loaned her 50k for nursing school so she's not even sure if she will have to pay it back. Once she starts working we should be well off since she'll be making a shit ton more than me if I stay at this current job. It's sad but when I'm ready to buy a house around 2010 thats when everything around here should be the cheapest. It's going to be nice buying a house for 350k that was 600k a few years ago.

 

I graduated with 30k in student loan debt. I'll have it paid off in about 5 years (unless I find a job that pays much more than my current one).

Only a few grand remaining on my TL, I'll probably have it paid off in a few months.

 

I didn't know such cc debt was as common as it seems to be. I have about $1,500-$2,000 in cc debt (that's all the debt I have right now) and I'm squirmy. I can pay them off in a couple months, but I still hate it so much.

Most of that was from stuff I had to buy after moving out of the house and buying stuff for college.

 

I just have the mortgage on the rental property I own, about 210k, everything else I own.

 

4k in credit card debt
60k in business loans

 

$0 . Paid off all student loans earlier this year. Planning on purchasing a car sometime in the near future which will put me in a little debt.

 

CC - $0 every month
1st Mortgage - $192,000 @ 6%
2nd Mortgage - $36,000 @ 7.25%

Nothing else

 

I've seen you ask about businesses a lot, but I didn't know you actually pulled the trigger. Nice. What are you doing with that loan?