Comments by "fialee8" (@fialee8) on "" video.

  1. It's not debt, it's cash flow management. The problem is home equity is that it's locked in the property. Given they've been running $145K in negative cashflow (spending more than they are making), the two ways to reset is 1) stop spending cold, and pay off the existing debt balances. 2) if that is not possible, then get a HELOC or 2nd mortgage, pay off high interest debt, and still stop spending cold. This will extend they payments over a longer horizion, but you will pay more interest. 3) sell the house, and pay off the debt, and find a much much more affordable home using the remaining equity for a 50%-75% down payment.
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