HELP! I am going under. What are my options for the following scenario???
Recently Divorced, 57 yrs.
Income:Teacher Annual Salary: $50K
~30K credit card debt
Own Home @ 5.99% on a fixed 20 year note (Bank of America)
Pay Property Taxes separately.(~$5K Annually)
5K balance on “Line of Credit” (B of A)
Not behind on any bills… yet.
I’ve tried to refinance my home at a lower interest rate, but having a Line of Credit prohibits this.
Due to housing decline, I have no equity in my home.
Short Term Goals:
Get out of debt asap!!!!
Put money into savings!!!!
Long Term Goal: Pay off home, and keep it as a permeant residence for myself.
Eventually… would like to eventually retire in 10-15 years.
What options… if any, do I have?
Would you recommend NFCC?