Number One Home Loans

I like to give constructive answers for the most part but sheesh man!

You should create a time machine, go back in time, and slap yourself in the face.
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You’ve racked up $55K in credit card debt? What were you thinking????

Obviously, you should try and pay everything off, but working part time, it’s not likely you’ll be able to.

Sell off some property to get yourself out of debt. What’s the point of having three homes if they all go into foreclosure?
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not sure of your ability to get a good job as of now.
Considering this, and coupled with (1) economic downturn that is hampering, assuming you are from US, (2) that you are not at the end of clearing mortgage of your houses – would suggest, you apply for bankruptcy and then start with a clean slate and set yourself a new goal to live up to.

It requires courage to do so – for you would have to start from scratch. But consider it as a time machine that allows you to work on new things as though nothing has happened to you before.
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Do you have any equity at all in anything?

Are any of these income properties? If not, rent them out immediately. Also, if you still have equity in any of your homes (perhaps bought before 2000), then SELL at whatever price you can get that is still above your equity line.

Check the bluebook value on your car and if it’s worth more than you owe against it, put an ad out to find someone who can qualify to take over your payments. That should be $500 more per month right there.

For your credit cards, first contact a credit counselor who will work on your behalf to see if any of them will be willing to settle/renegotiate the terms. They can also try to consolidate these together at a lower interest rate. If you can qualify, another helpful idea is to transfer your credit cards starting with the highest interest over to new credit cards that have that 0% introductory APR for 6 months. Pay as much as you can and this way it’s going directly to principal rather than toward interest and fees.

Honestly, it’s not the end of the world. If worse comes to worse, make sure you keep your payments on the house you live in (granted this should be the one with the most equity too). This happened to my family back during the 1980’s recession.. we lost several apartment complexes one after the other like dominoes.. couldn’t even trade one for a car. It was horrid. BUT.. life is good now! Didn’t fall for the housing bubble THIS time around. YEEESH.

You’ll recover. Bankruptcy is almost always a bad choice because it will likely hurt you longer than foreclosures from what I understand.
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