Making a plan to get out from under debt  April 14, 2012|Ilyce
Glink & Samuel Tamkin | Real Estate Matters, Tribune Media
Services  Q: I have a fairly complicated situation, but I'll
make it as simple as possible. I have some debt and I'm
wondering how to prioritize it.  I have a second loan from a
past foreclosure for $32,000. I have been negotiating with the
bank (through my attorney) and the settlement price has come
down to $15,000 after a year of offers. I have not accepted or
refused anything yet. The debt is still pending.  I also own a
motor home. The loan is for $52,000 at an 8 percent interest
rate, with a monthly payment of $576. Unfortunately, my motor
home is underwater, so selling is not an option. I would have to
pay at least $20,000 to cover the loan.  I own a condo in
Atlanta. I have a $155,000 interest-only loan on the property
with a monthly payment of $772. I plan on living here for a long
time. The condo is upside down and today is probably worth only
$100,000.  Additionally, I have been