So I have about 18k in credit card debt. Im currently under contract to sell our house when a major repair needs to be made before we can close. Because of my bad credit I can't secure a personal loan to fund this repair.
Our whole goal is to sell the house and turn around and pay off the credit card debt and this repair loan with the equity we have, but until we get the repair made I'm stick in this circle of debt. Any advice?
Can't get approved for a home repair to sell the house to pay off all of our credit card debt
byu/Disastrous_Vehicle51 inpersonalfinance
Posted by Disastrous_Vehicle51
3 Comments
Ask your credit card company to increase your credit limit, and assuming they will, pay the whole card off after you sell. Maybe someone else will have another or better solution.
> a major repair needs to be made before we can close.
Lower the price.
Let the new owner do the repairs.
You may unfortunately have to offer the new owner a discount with the repair cost deducted from the asking price. Does the repair have to be completed to transfer ownership?