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Reply to "selling house to pay off debt?"
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[quote=Anonymous]I wouldn't sell the house right now it's their only asset. I would have them both get jobs (i'm assuming unemployment has run out?) - not a dream job but any job (several part times, etc) so they are bringing something in and can potentially workdown the debt. I don't think they can possibly find a rental for less than what they are probably paying on the mortage if as you say they can cover the mortgage with no income coming in. Then once they have full time good jobs they can refinance and take cash out to pay off the cc/loc. They should also really look at their expenses - did they incur the $120k in debt in just the last year or have they been overspending before the job loss? [/quote]
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