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Ask Dave

Search Results for "sell home to pay off debt"

Showing top 45 results:

Should I Pay Off My House in Baby Step 2?

Cindy and her husband owe $20,000 on their home and have $12,000 saved to put against that balance. They have a $27,000 car loan. Cindy wants to sell it. Dave tells them why their plan of attack might be off.

Does Dave Say Sell?

Tramaul brings home $2,700 a month and has $2,000 in payments. His $15,000 car is his largest debt. Tramaul believes he can pay it off within two years. Does Dave think he should sell it?

Student Loan Meltdown

Dave has one of his biggest blowups ever after hearing about the student loan debt a caller got into, and what she chose to do after school.

Try Working the Plan First

Nick and his wife have an opportunity to move into his mother's house. She has a full basement, and they'd like to pay off their debt while living there. Is this a good plan?

What To Do With Sold Gold?

Phillip has 75 one-ounce gold coins he wants to sell. If he sells the coins, should he put it toward the mortgage or start rehabbing homes again?

Making Staying Home Affordable

Tammy asks Dave at what Baby Step should a parent consider staying at home with the kids? Dave says it isn't at a particular Baby Step but rather when you can afford it.

A 20-Year-Old Charged-Off Debt

Lisa asks if a credit card company has charged off a debt, can they then sell that debt and have someone come after her for it? The debt is more than 20 years old.

Get on a Budget?

Kevin and his wife shouldn't sell their house to pay off debt. They need to cut their lifestyle and get on a budget.

Owing on Commercial

Dawn and her husband own three commercial buildings with debt. The buildings are leased out, and they earn $190,000. Is it okay to owe on commercial buildings, or should they work to pay those off?

The Truck Is Gone

Ashley's husband is finally getting on board. They have two children, and she wants to stay home with them, but she makes more money than her husband. Dave isn't sure she can stay home right now.

Attack Live Debt or Dead Debt?

Amanda is working on Baby Step 1, and aside from student loans, all of her debt is in collections. Should she start paying on the student loans first or start attacking the bad debts?

Millionaires Pay Cash

John and Janie have a $1 million nest egg. They're interested in buying a home worth about $300,000. They're having trouble letting go of this money to pay cash for the house.

Lose The Payments To Refinance

Jim is trying to refinance his home, and he's being told his debt-to-income ratio is too high. His mother-in-law also has $35,000 in credit card debt—in Jim's name. What does he do now?

Properly Prioritizing Properties

Amy and her husband own a home, a rental property that is being rented, and some land on which they are upside down. They'd like to keep the land. Where do these properties come in the Baby Steps?

Boarding School Budget Buster

Ann and her husband are considering re-mortgaging their house to pay for their son's boarding school. Dave doesn't like the cost of this boarding school and has some tough words for Ann.

No arguments

Ricky and his father have been arguing over what Ricky and his wife want to do with their rental property and their money. Dave says there should be no arguments, because the money and the property don't belong to his dad. He also gives Ricky advice on how to handle the financial side of the equation.

Untangling a Mess With Healthy Discussions

Linda gave her children loans using credit. Her daughter's van payment has been late a few times, and her son-in-law has been late quite a bit. Dave gives Linda some steps to follow.

There's Probably A Better Way

Shelly is 40 and going back to school, but tuition is going to be $70,000 plus expenses. Would Dave recommend using retirement money to pay cash for school and avoid the early withdrawal penalty?

Should We Buy Mom's House?

Christina's parents have made some bad financial decisions. Her mom wants her to buy their house. Should they do that, or should they move into Christina's house and sell the parents' house?

Sitting Down With the In-Laws

Ella and her husband have been renting from her in-laws. The in-laws want to talk to them about buying or renting this house. They aren't ready. What's the best way to talk to them about how to make this work?

Downsizing House to Get Out of Debt?

Autumn asks if it's ever wise to downsize a house to get out of debt more quickly. Dave says it is if you didn't like your house anyway and were already considering selling it.

Necessities Always Come First

Kellee is a month behind on her mortgage. Should she stuff money away to get caught up or move forward with Baby Step 1? Dave suggests getting the mortgage caught up first.

Emergency fund motivation and retirement

Donna is concerned about maintaining motivation while she saves up for her emergency fund. She's also worried about retirement. Dave addresses both, explains the reasoning behind the Baby Steps, and offers some encouragement.

Pay Those Loans Off First

Even with a student loan, Eva and her husband want to move up in house since he's out of pharmacy school. But it may not be the right time yet.

Don't Die Broke & Deeply In Debt

Merle and his wife started gambling in 2008, and his wife got addicted to gambling. She has $280,000 in credit card debt. Dave tells Merle he needs help for both of their addictions.

You Don't Need Life Insurance

Shawna is 30 and single with no dependents. Should she still have life insurance? Dave says she probably has very little need for life insurance.

The Crazy Plan

Daniel has in-laws who are about to declare Chapter 7 bankruptcy because of an income crisis. Should Daniel help them financially until this all blows over?

A Move To Singapore?

Jared has $25,000 in debt left, including a car. He just received an opportunity to move to Singapore for the next six months for work with no expenses. Dave says he has to do this.

In an Interest-Only Pinch

Russ is about to hit Baby Step 4. However, he bought a $203,000 home on an interest-only loan. He can't refinance because it's worth $155,000 and he owes $190,000. What should he do now?

Is This Plan Too Intense?

Travis wants to take drastic measures to not have a mortgage ... maybe too drastic even for Dave.

Cut The Frills

James hit a bump in the financial road and never really tried to recover. Dave's solution for them is pretty simple.

Don't Overpay For This Business

Julie and her husband have a chance to buy a small business at a great price. They would have to borrow to purchase it. When she tells Dave the price, he thinks she can work a better deal than that.