Need to refinance my home ASAP
I am in a position where I currently own a house in Washington IL.
It is worth approx $140,000. I owe approx $70,000 on the house.
I moved to Glen Carbon IL (By St. Louis) in Jan. 2007 and I have been
supporting 2 households since then, trying to make 2 sets of payments.
I have been managing, but not well. My credit, I am sure, is poor at this point,
due to a lot of late payments on different bills (not on the houses, but other bills)
I believe my net debt is in the neighborhood of around $30,000.
My initial plan was to sell the house and pay off all my bills, but I cant seem to get the
house sold. It has been on the market since May of 2007.
I also own the title to 2 vehicles, a 1998 Ford expedition and a 1987 Buick Grand National.
The Grand National is a collector car as is worth approx 6000 to 8000 dollars.
The Expedition is probably worth about 5000 to 7000 dollars.
My annual salary is approx $74,000 and my wifes annual salary is approx. $28,000.
I do own a second house worth approx. 60,000 to 80000, that is paid for, but this is
technically my fathers house that was put in my name, so using this house to secure the loan is really not an option. I really need to refinance the house I am paying on to lower the monthly payment and lump some of the other bills into that payment so my monthly income to debt ratio gets better. Please let me know if anyone has any options available for my situation. One of my cars, which I have been trying to sell, with no luck, was repossessed
last week and was my eye opener that I need some help ASAP.
Thank you for your time.
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