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Should I sell my home to pay off debt?

Date: Sat, 09/05/2009 - 18:20

Submitted by anonymous
on Sat, 09/05/2009 - 18:20

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Total Replies: 4


My question is should I sell my home to pay off some of my credit card debt? We have about 60K in equity in our home, and our mortgage is a really low payment. We have about 100K in credit card debt, and I am wondering if it is a good idea to sell our house and pay off some of the debt?


No, don't sell your home to pay your debt. Credit cards are unsecured. Don't give up a Real Estate asset just to pay an usecured creditor. I recomment looking into the Dave Ramsey Total Money makeover. He goes into detail about why not to do this.
Now, if you cannot afford the home, or want to downsize, then that is a different story.


lrhall41

Submitted by on Mon, 09/07/2009 - 06:57

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as the person above mentioned, if you want to downgrade the home or get a payment that is easier to pay - this might be a good option. If you are just looking for an opportunity to pay off your debt, then do not do this. With this economy, the value of your house is probably at an all time low, wait out a 5 years and your house will realistically be worth much more!


lrhall41

Submitted by nleroy on Tue, 09/08/2009 - 06:27

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i would not sell your home to pay debt. frankly if its cc debt is unsecured and the worst case scenerio they take you to court. the way the housing market is today your house is gonna sit and if you do get lucky and it sells it will not sell for what it is truely worth.

Im going through a loan process right now and it has taken 5 months and its still not closed yet and this is the normal to banks right now. my niebors just bought the house next door and it was 8 months to the point were the orgional home owner was harrassing them. it stinks to get a loan right now let alone have to wait that long for your money.

check into other options expecially if they are all cc debts. they are unsecured.


lrhall41

Submitted by love_my_things on Wed, 09/09/2009 - 07:44

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