Chuck, A) your 4.5% ARM is likely to adjust downward at its reset, B) shortterm rates are likely to stay low plenty longtime going forward, C) note modifications are likely available on your primary, and possible on your rental, D) All the above can make your lease/option business blossom into functionality... You are not "at the end of options." ALTERNATIVELY; You don't have enough cash to bring to the table in order to refinance any of the homes. Any refi will be against the CURRENT value, not some past historical value... so in order to get down to the LTV level you may qualify for you'd have to pay down a huge amount of the previous balance at closing. Further, if you go to shortsale on the mortgaged homes, the universal default clauses in your revolving credit cards will likely kick your low rated accounts up to the sky... dismal, but a reality to anticipate. You're unfortunate in your geographical location... and yet (given you've learned about lease-option methods) you are equally blessed in opportunity in the Michigan region, where the numbers really work for that strategy. I believe it appears that the best strategy you might be facing is to prepare for a 5-7 year "institutional credit vacation" (meaning you accept that you won't have much traditional institutional credit options for that long,) and then navigate your exit from your overleveraged properties via shortsale. Your qualified accounts are skinny enough its very unlikely any lien-releasing banks would insist on tapping them, nor insist on your carrying back a payment plan on unsecured default balances... so I don't see much risk in this for you at all (short of giving up the chances at traditional institutional leverage for a spell.) This is not a "moral" conversation... but one of market realities for where you are in the country, specifically. Luck! Dave Donhoff Leverage Planner

Coyote_Gramma, you may have worked for a counseling service that required for consumers to pay a monthly fee. However, not all organizations required a monthly fee. Years ago, in the early 90's, I have used one of this CCCS organization that showed on my previous replies. I came to know this service through a tip from a creditor collector after she apologized that she couldn't lowered the rate nor the monthly payment anymore. 'Til this day, I wish she knew how wrong she was. By letting me be awared of CCCS, she literally saved my life. I didn't pay a dime for the CCCS service. Their services lasted for over 4 years until all creditors were paid in full. CCCS explained that their non-profit organization was funded by the government. Most companies that takes monthly fees from consumers are individual operated. As for negotiating the rates and payments with the creditors, I tried many times but were unabled to go as low as 0% interest. CCCS, due to who they were, was able to negotiate 12 out of 15 creditors down to 0% interest easily. 2 other creditors agreed to 7% and 8% interest. The only one that would not budged to lower the interest was Sears. However, they agreed to a much lower monthly payment. I doubt that the normal consumer could easily achieve this. This system is better than declaring bankruptcy or even bringing your credit to a lower level. In my case, after all payments were paid in full to the creditors, I closed all those accounts down except for 1. A few years later my credit score reached to normal and later to a higher score enough where I could purchased a car and a house with very low interest rates. I now have 2 credit cards opened and have been maintaining a low to 0 monthly balance for many years. Although, Macey may not need this service, I am posting my experience for those that are in high dept to know that there is hope and that a non-profit organization such as CCCS do exist. It does no harm to check them out.

Geez, what a nightmare. Why can't people just be honest and treat others like they'd like to be treated? I just don't get it, it's not that hard. I really wanted to bid on some beautiful RL bedding, a rare style, but I really had to read between the lines and push to get info. Apparently with the shams the seller mentioned although never used, she did launder one "by mistake", but it went right back in the package. Saw no logic in that whatsoever... Since it was cotton and lace (delicate), I wondered if she dried it (which would ruin it). I emailed her asking if the washed sham had been distorted or shrank as a result. No reply. I wait a few days, auction is nearing and end, and basically email her a 'hey, I'd really like to bid, but have not received a reply to my question so I'm giving it one more try here.' That generated a response from her, she admitted that the laundered sham was 'snug' and corners 'curled', but suggested ironing would make it fit properly again. Good grief. (She failed to include that significant detail in her description, even after I asked, she didn't post my question and her answer.) Very cat and mouse. I'm glad I took time to push it, because although it was a beautiful set I might well be out the $, and it would be worthless with only one good sham (and it garnered pretty high $$). I'm watching to see what kind of feedback occurs once the buyer receives it. Anyway, back to valinsv's guy. Clearly there are major issues with some items he sells. Is he too ignorant to realize that having integrity would only bolster his business that much more? That's the part I just don't get. Treat people right, they'll keep coming back. Treat them badly as a habit and sooner or later he's going to lose. Seems to me with the type of volume he does he'd be a lot further ahead if he'd just be honest. Just curious mona if you might know: if he does get kicked off, is his IP address banned, or just his ebay ID? He seems to have such a huge system set up and selling high volume, can't see him just walking away. Could he just come back under a new ID? (Although given his business and volume and listing style, it would be easy to recognize it might be him.)

WOW!!! Your story is terrible. The first thing that comes to my mind is the two commedy movies out there, one I think is Mama's Boy, and I think the name of the other is Stepbrothers. In my situation we have a problem with my husands 2 adult daughters stating that they have been neglected and left out, etc (we invite them to everything, they often don't come because my kids and me are there, they want Daddy to themselves). My SDs do not live with us, they are in college and graduate school fulltime, so our problem with them is not like yours. Your SS is a physical drain as well as financial drain. My SDs are mostly an emotional drain on us. The movies might bring laughter to you. I doubt that your wife would watch them with you. She'd probably storm out of the room after a few minutes. They are pretty funny though. My DH and I rented them, and laughed until we almost wet our pants. It sounds almost exactly like the situation that you describe. I agree with other posters who say that the main problem is with you wife. She does not respect you when she is making these decisions without consulting you. The foundation of your marriage is wrong. The most important person in her life should be you, and pleasing you. The most important person in your life should be her and pleasing her. Major decisions like these should be agreed upon together. It sounds like she has taken leadership of the home, and tells you how things are going to be. You are expected to go along with her demands. She missed the whole concept of marriage. I give you much credit for all of your hard work on this matter. I do not understand why a woman would choose her adult son's desires over the desires of her husband. I cannot relate to this. I hope you saved the torn contract. The three of you need to go to counselling together. Take the contract with you. I have a son who is 17, turns 18 in 2 weeks. I could totally see my son following in the footsteps of your stepson. I have tried and tried to get him to stand up and be a man. Funny thing, he is joining the Marine Corps, and ships out in October. I know that will take care of the next 4 years. But I can totally see him trying to move back home and mooch after then. My husband wouldn't allow it, neither would I. The best thing I can do for my son is push him out of the nest and make him stand up for himself. Some mothers have a hard time letting go. They think that if they do more, give more, that this will help the child. But it only makes the child more dependent and stunts their development as you put it. My hat goes off to you for all your hard work. Stand your ground.