How do I reduce monthly payments?

I am (financially) on a crumbling brick wall. Yes, I make my payments every month, but I am real close to starting to pay things late. (I have a tenant in my home and he is moving out-therefore I ma loosing $700 a month) I have my home for sale and I can not get a new tenant becasue no one wants short term rental (if home sells. For months, we have been trying to get our credit card debts paid off with a new mortgage, but no one will do that. We have perfect credit rating, but the way the economic future looks, no one wants to deal with us. We paid 415K for our home and took on 50K plus in credit card debt fixing home up (which was not a smart thing to do now looking back.) How can I get a new mortgage to combine all my debt so I will not loose my home?

How do I reduce monthly payments?

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How do I reduce monthly payments?

If you have perfect credit, you might be able to transfer the credit card debt onto a new card with 0 percent balance transfer offer--this will give you a little relief on the cc debt. You can find cards with 0 percent at bankrate.com. I can%26#039;t imagine you would get a new mortgage adding the 50K credit card debt to your balance. You don%26#039;t mention interest rate on your present mortgage or whether you have any equity so I don%26#039;t know what advice to give on mortgage. But it seems like you and/or your co-mortgagee could get a 2nd job in retail or something to make up the $700 a month.

How do I reduce monthly payments?

Something there saying alot of people aren%26#039;t doing is talk to your lender!!

The lenders are usually willing too work something out because they don%26#039;t want to loose out.

Even if its 50.00 a month different, thats an extra 50.00 towards your debt!

So setup a meeting.

How do I reduce monthly payments?

Have you talked with your current lender about refinancing? You may need to go to credit counseling to get some relief.

In tens years what will we say about this turn of events in the real estate market? And will our credit ratings ever improve?