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Thread: I'm Randy (or kingcleophus)
May 3rd, 2011 #11
...on the really brihgt side
Just thinking as I wrote my previous post about all the people in the destructive path of recent tornadoes, those recently affected by earthquakes, tsunamis, and radiation, the homeless, the hungry, the starving....now those people have problems! My prayers go out for them tonight and I'm thankful for our abundance. Our debt is the sole consequence of spending beyond our means. Doesn't make it go away but the bullet isn't quite so bitter. Good luck, everyone! Keep on keeping on!
May 3rd, 2011 #12
I'm really sorry about the loan. It's a big bummer. But you're right...it's a small problem when compared with others that you might have. All I can say is to keep on working. Setbacks will happen on the path. They always do. And sometimes when the do it's easy to get discouraged and give up for a while.
Do what you can to put the setback behind you. Remember that every dollar you pay toward a lender is putting some money back in your pocket as you pay off debt and saving you more interest in the future. Step by step, each tomorrow will be better than today. And before you know it, you'll be to the point where your LTV will let you get that loan. It may take a while, but you'll get there.
For now, just focus on the next step and find happiness in that small achievement. Then take another. After a while, the discouragement will fade and your sense of accomplishment will return.
Just don't let yourself go backward.
All my best. Keep on keeping on.Scott started SavvyMoney because he passionately believes that life is better without debt. Since everyone should have a superhero name, Scott decided that ThriftyMan pretty well described his mission to save the world. Scott used to market credit cards, but now dedicates himself to people out of debt.
May 3rd, 2011 #13
mwfullterby: Sorry to hear you didn't get the refi, but it sounds like you have a good idea of where you're headed. One thing to consider, and talk to a realtor & your GC (general contractor) about before you do the next remodels, is if you'd be more likely to get the refi if you spent the money on paying down debt INSTEAD of doing the remodels. (While Kitchens & Baths do better than most, they still typically return less than 100% of the cost in increased value.)
You might find that paying down your bills, then doing the refi & pulling the equity out, and using that equity to pay for the remodels works better. Then again, paying down your bills, and then SAVING the money again to pay for the remodels might work even better. *grins*
Keep up the good attitude and you'll go far!
May 3rd, 2011 #14
...very good advice, guys
Great advice n thanks for listening The "line of credit" burden on the mortgage has got to go! ready-aim-fire! Then there is the quality of life we'll enjoy while working hard at paydown. I hate the idea of just doing remodeling in time to sell your house. I like being able to enjoy some of the fruits of labor. Since our contractor isn't busy right now and charging us very little labor we are going forward with the kitchen and bath at his leisure. We already have most of the materials so it won't be a big expenditure. Application for refi is on hold until we get the LTV leverage we need.
refocus, refocus, refocus....keep on keeping on...tysvm!!!
May 4th, 2011 #15
Sounds like you have a sound plan. Good luck with the remodel! And remember, without pics it didn't happen!