We moved into our new $250k home around three years ago, put down $50k and now have around $15-20k in equity.
Since then my wife lost her job as a mortgage processor, and she is now sole proprietor of a homemade jewelry business on the internet. I'm a casino dealer on a gambling boat and as you may imagine, my income has gone down the tubes as well. I've been paying bills with credit cards for over a year now, and although we have good credit, mid 700's, it's all about to go down the toilet. This month is the first month that I haven't paid the mortgage on time (approx $1550pm). I will pay everything else on time this month because my future employment in the health field depends on decent credit, and I take a state exam for this new position in ten days time. My present casino income no longer covers my mortgage payment, never mind gas and groceries, and my wife's business hasn't exactly taken off in this present financial climate. Should my wife incorporate her onilne business, and is there one route out of this mess that is any better for us than the rest. My taxable income in 2008 was around $15k. We have two paid off vehicles, my car with 2112k miles on it, and my wife's minivan with 98k miles on it. Due to the high mileage on both vehicles, and while we had good credit, we bought a new minivan around two months ago. Any advice would be most welcome.
Since then my wife lost her job as a mortgage processor, and she is now sole proprietor of a homemade jewelry business on the internet. I'm a casino dealer on a gambling boat and as you may imagine, my income has gone down the tubes as well. I've been paying bills with credit cards for over a year now, and although we have good credit, mid 700's, it's all about to go down the toilet. This month is the first month that I haven't paid the mortgage on time (approx $1550pm). I will pay everything else on time this month because my future employment in the health field depends on decent credit, and I take a state exam for this new position in ten days time. My present casino income no longer covers my mortgage payment, never mind gas and groceries, and my wife's business hasn't exactly taken off in this present financial climate. Should my wife incorporate her onilne business, and is there one route out of this mess that is any better for us than the rest. My taxable income in 2008 was around $15k. We have two paid off vehicles, my car with 2112k miles on it, and my wife's minivan with 98k miles on it. Due to the high mileage on both vehicles, and while we had good credit, we bought a new minivan around two months ago. Any advice would be most welcome.
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