Total debt excluding mortgage: $96,446
Total debt excluding mortgage & school debt: $28,648
Here's everyone we owe:
- Car loan 1 (hubby's car): $16,773
- Car loan 2 (my car): $4745
- Mortgage: $92,195
- Credit card: $245
- Loan: $400
- Federal back taxes: $3169
- State back taxes: $1704
- Medical: $800
- HVAC: $812
- School loan 1 (hubby): $622
- School loan 2 (hubby): $10,675
- School loan 3 (Me): $17,401
- School loan 4 (Me): $39,100
Remember as long as you can to always pay the house first, if you are planning on keeping the house. You need somewhere to live. Taxes..oh taxes..have you called the IRS to see about an installment agreement? School loans while getting a deferment isn't recommended by alot of financial people I would do that before falling behind in them. Cars are tough. We went down to one car. It works for us but not for everybody.
ReplyDeleteShelter,utilities,food, are always my first priorities then I worked down from there.
Don't know if it helps any, I know its overwhelming but you are doing great
Judy
We put our student loans in deferment until we have steady jobs again. We would love to keep our cars, but at the same time I do not know how financially sound it is for us to keep my hubby's car. We are unfortunately so upside down in his car that I don't know how we could get out from under it. We have an installment with the IRS, but right now we will not be able to hold the agreement up until we have jobs.
ReplyDeleteThank you so much for your encouragement. It is so appreciated.
I have been in your shoes. Please call the state tax authority and IRS and tell them of your job loss and ask to put the payment plan on hold for a short period. Keep talking with supervisors until someone agrees. Get names of everyone you talked with and what was said. Do NOT just stop paying, do not trust anything you don't have in writing. But do call - they will work with you.
ReplyDeleteDitto on the mortgage and the cars, defer the student loans, call medical and HVAC. Do everything you can to conserve as much cash as you can for as long as you can.
On the cars - once you have jobs - try taking both to a dealer/car max and see what you could get if you trade them both in and get one used reliable car.