Question on Debt....

iVillage Member
Registered: 05-29-2003
Question on Debt....
Thu, 05-29-2003 - 3:41pm
I am looking for some advice for my dh and I. We have alot of cc debt, but also a house, second mortgage and a car payment. We have cancelled ALL of our cc just so we can try to get them paid off. But is where my questions is we would like to sell our house so we can maybe move into something cheaper. The only problem is is that we owe more than we could sell it for, which I have talked to our 2nd mortgage company and they are willing to work with you on this. But what about a realtor, their fees are SO much that I just don't know how we could do this. I don't want to get more in debt by having to pay a realtor 6% for the sale of our house, but I would really like to sell our house and move somewhere cheaper also. Plus I don't know how we could come up with the fees. So I am just looking for any advice or if anyone has any experience with this.
iVillage Member
Registered: 03-27-2003
Thu, 05-29-2003 - 5:06pm
No advice, but I sympathize. When we sold our house several years ago (we've been in apartments ever since--cheap and flexible), we took a substantial loss and have still not paid it off (because of financial setbacks in the meantime).

I have seen ads for organizations that help you sell your house for a set fee that is lower than the usual 6%. Usually they do all the work except actually showing your house--but they advertise, list you on mls, do a comparative market analysis to help set the price, help with the paperwork and legalities, and so on. It *sounds* like a good deal to me, but I don't know anyone who has actually tried it, so I don't know if it's as good a deal as it sounds like.

You can try doing a fsbo, but I don't know anyone who has had good luck going that route. Still, it might be worth a try if you have time and patience.

Good luck. I hope you get it all figured out soon.



Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Thu, 05-29-2003 - 5:19pm
Have you posted on the Real Life Real Estate Board?

I don't know what to tell you - though I do think that if you can move to a cheaper home, you will hopefully find it easier to pay off your cc debt.

Best of luck!


All my best,