Hello,
Seems I am in the same boat of many here and others throughout the country. I am slowly loosing the battle and am to the point to give up. I feel terrible I have gotten to this point and dragging the family through this mess.
A little background:
I am/was in the Real Estate arena. 2007 was a good year for me I was close to 6 figures. I was moving investment properties as well as helping the general public buy/sell homes. I was moving forward and doing well. I was able to pay my debts enjoy life and continue to build a nice portfolio.
In the last 3-4 years I have acquired some rental properties. I currently have 4 rentals and my personal residence. Well along came 2008. The market began to slow tenants were skipping out or paying late. Enough where it was not worth evicting but effected my bottom line. I may have only made $30K if I am lucky for last year. I started putting expenses on CC that were for the business but personally guaranteed.
With all that being said I have in the range of $60K in CC debt that i am liable for. I have since started back to a regular 8-5 job but currently only making $40K a year. This is making my personal responsibilities such as mortgage, utilities, day care etc but I have nothing for the business debt (personal). I am at my whits end.
We are trying to work the Dave Ramsey plan. Which is good in theory but I can just not get ahead or even level. My wife works for one of the big banks that is merging and we are not sure how stable her job is now or in the future. We just pray we can ride it out.
I have ALWAYS paid my bills and feel a moral obligation to do so but at this time I have gone into survival mode, I have one CC that is getting to be around 75 days late, others are now starting to fall late. I am trying to sell the rental homes but with others not being able to get loans it is a vicious cycle.
One rental home has about $20K in equity and if I could sell it I would be golden. I really do not know what to do. My phone rings consistently with people wanting $$. Where did I go wrong? I feel like a failure and hate that every time the kids ask to do something its we do not have the $$ and to stop asking.
HELP!!!!
Seems I am in the same boat of many here and others throughout the country. I am slowly loosing the battle and am to the point to give up. I feel terrible I have gotten to this point and dragging the family through this mess.
A little background:
I am/was in the Real Estate arena. 2007 was a good year for me I was close to 6 figures. I was moving investment properties as well as helping the general public buy/sell homes. I was moving forward and doing well. I was able to pay my debts enjoy life and continue to build a nice portfolio.
In the last 3-4 years I have acquired some rental properties. I currently have 4 rentals and my personal residence. Well along came 2008. The market began to slow tenants were skipping out or paying late. Enough where it was not worth evicting but effected my bottom line. I may have only made $30K if I am lucky for last year. I started putting expenses on CC that were for the business but personally guaranteed.
With all that being said I have in the range of $60K in CC debt that i am liable for. I have since started back to a regular 8-5 job but currently only making $40K a year. This is making my personal responsibilities such as mortgage, utilities, day care etc but I have nothing for the business debt (personal). I am at my whits end.
We are trying to work the Dave Ramsey plan. Which is good in theory but I can just not get ahead or even level. My wife works for one of the big banks that is merging and we are not sure how stable her job is now or in the future. We just pray we can ride it out.
I have ALWAYS paid my bills and feel a moral obligation to do so but at this time I have gone into survival mode, I have one CC that is getting to be around 75 days late, others are now starting to fall late. I am trying to sell the rental homes but with others not being able to get loans it is a vicious cycle.
One rental home has about $20K in equity and if I could sell it I would be golden. I really do not know what to do. My phone rings consistently with people wanting $$. Where did I go wrong? I feel like a failure and hate that every time the kids ask to do something its we do not have the $$ and to stop asking.
HELP!!!!
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