I own a moderate sized house, with some land, tax value of $290K, mortgage of $140K left on it, but also have a home equity loan of $75K, and credit card balances exceeding $80K. My spouse works, bringing in $45K a year, I have my own business, but its seasonal and the past couple of years, sales have been really down, so I have not been taking a salary, just reimbursing myself for expenses paid by me personally. I have thought of taking a second job, during this slow time, but with jobs so hard to come by, I'm not optimistic I'll be able to. Anyway, I'm thinking of talking to my bank with the mortgage to see if they can help me with some sort of financing, do you think I'll be able to get anything, showing as little income as I do? I do have one credit card with more left on the credit limit, offering appx. $10K at a 4% rate for 9 months, that can likely get me through my seasonal slow time, but my spouse doesn't want to go that route. Any other options I've got to get through this difficult times?? Any help is appreciated, thanks.
What steps should I take to get out of this financial difficulty?
- Thread starter Sean G
- Start date