March 12th, 2008 by Questions
My Husband and I owe about $50,000 on a credit line
We have a house, ( mortgage is with same bank as credit line—we don`t have mortgage insurance) a real estate agent says our house is only worth $79,000. We are paying on a mortgage of $89,000 over 27 years, mortgage renews in 3 & half years. We are having a hard time keeping up.
My question is: would we be able to keep our house and pay it of over the years, if we paid ($23,000 our RRSP)(less the Goverment interest) for the credit line, We live New Brunswick