My husband took early retirement since his co. Downsize. In two years he has spent all the money including the cd he made. He does have a ss income but doesn’t want another job. He been doubling up the second mortgage and this is where most of his money went. We owe more on the second mortage than the house is worth and if we sell pay off the second loan at 4.9%, we wouldn’t have enough money to buy something else. We also don’t have money
to fix this house up so we could sell. So what is our next move and how can I get my husband to save. Where can we find money to kmprove this house if we wantd to sell?
Terry Says: OK, you’re caught in the classic trap — digging a deep hole that can only get deeper. Immediately call the National Foundation for Consumer Credit at 800-388-2227. That will automatically put you in touch with your nearest local office. You can completely trust them, and they are either free or very low cost. And just going in to talk to them does NOT go on your credit report! So gather up all y our financial info and drag your husband along. Nothing will get settled or organized until the TWO of you get some professional help.
I know you can work your way out of this. And the very first step, I predict, will be for him to get another job. “Early retirement” is definitely NOT an option with this kind of debt! And I want you to think seriously about how this impacts your future if he will not pitch in. The credit counselors can only do so much. If he won’t participate in paying down the debt, you might want to see an attorney for a legal separation, hoping to keep YOUR credit intact. It doesn’t look like you have much to lose, financially speaking. And maybe this kind of threat will make him see the light! But see what happens after the first meeting with the credit counselors, before consulting a family relations attorney.
Please do write back and let me know how things work out after your meeting. I won’t post the response, but I will be wondering!