Need Advice on 2nd Debt restructuring

[Tyler H.]

I have the 20% second on my primary residence killing me. It's a 105K loan at 12%!!!! I have flawless credit 740+, fresh tax returns showing plenty of income. Problem, like everyone, is the house is upside down. I need advise on how to restructure this debt. Im sure it will need to be creative. Thanks in advance!

[Bill Gulley]

So at 100% you're at about 8%, high by today's market rates but I did alot of business at 10%, so sounds like while you'd like a lower rate you may need to live with what ya did for awhile.

Being able to afford something, having the capacity to pay for it and the value something has to you can be two different things. If you feel that it's not worth it, it's keeping you from doing what you'd really enjoy doing, I'd suggest you find another property, make a better deal and sell the one you're in. This reminds me of a boat I had, a Sea Ray beauty, I could afford it but that hole in the water thing said my investment and expenses were not worth my owning it, (gotta use a boat like that more than three times a year ya know...) so it was gone! Been there done that! Good luck