I am 66 years old and have no savings but a lot of debt. I have a line of credit due in 2018 and a home equity line due in 2018. I do not think I will be able to pay off the line of credit which is for $50,000. What should I do? Sell my home or wait u

ANSWER

The BIDaWIZ Team's Answer:

Interest rates are likely to rise, in the near future. Thus, do not wait, until

2018, to try to refinance the home. If the home equity is sufficient, try to

refinance, now, and payoff the line of credit. If not, begin trying to sell

the house, and negotiate a short sale, with the creditor, if necessary.