I've been a reader of this forum for over a year but only now I really need an advice.
Like many people these days we are in a hard financial situation and are trying to hold on to what we have.
3 investment properties in NZ are now worth less that we paid for them which is fine as we bought long term .
Now we own a PPOR here which we refinanced to 97% (yeah I know..) and used all equity to buy a business last year. Just before the crisis hit.
The business have been going down in the last 4 months plus we had an accident where we had to pay $11000 in cash cleaning out all our accounts and maxing credit cards.
It looks like we are going to shut the business to cut our losses which means losing everything we made in the last 4 years. But that's life I guess..
Now I am thinking of selling our house because if the house prices drop we'll owe again more than we own After the sale we might get $25-30K (if we're lucky) and we owe heaps on credit cards, to suppliers, you name it..
Maybe we should rent for a couple of years and get back on track and start afresh or would any of you hang on to our house since we can make repayments?
I'd appreciate all comments..
Like many people these days we are in a hard financial situation and are trying to hold on to what we have.
3 investment properties in NZ are now worth less that we paid for them which is fine as we bought long term .
Now we own a PPOR here which we refinanced to 97% (yeah I know..) and used all equity to buy a business last year. Just before the crisis hit.
The business have been going down in the last 4 months plus we had an accident where we had to pay $11000 in cash cleaning out all our accounts and maxing credit cards.
It looks like we are going to shut the business to cut our losses which means losing everything we made in the last 4 years. But that's life I guess..
Now I am thinking of selling our house because if the house prices drop we'll owe again more than we own After the sale we might get $25-30K (if we're lucky) and we owe heaps on credit cards, to suppliers, you name it..
Maybe we should rent for a couple of years and get back on track and start afresh or would any of you hang on to our house since we can make repayments?
I'd appreciate all comments..