by Traverse Legal, reviewed by Enrico Schaefer - December 30, 2004 - I Quit!
Today is home refinancing day. I have spent some time arranging to drastically reduce the payment so on my house to reduce my monthly overhead. I have a $83k line of credit which I also need to preserve.
I am opting for a total mortgage payoff by opening a single line of credit in excess of the value of my house. The credit line available above my home mortgage payoff should be pretty close to my current home equity line. Thus, I should reserve my $80k line, but reduce my monthly payment from about $1,800/month to $800/month at the current prime interest rate.
In short, I will have about $70 to get this plane off the ground. If the plane fails to take off, we lose the house. Don’t wish me luck! Skill will be the fuel which launches this plane skyward….
As a founding partner of Traverse Legal, PLC, he has more than thirty years of experience as an attorney for both established companies and emerging start-ups. His extensive experience includes navigating technology law matters and complex litigation throughout the United States.
This page has been written, edited, and reviewed by a team of legal writers following our comprehensive editorial guidelines. This page was approved by attorney Enrico Schaefer, who has more than 20 years of legal experience as a practicing Business, IP, and Technology Law litigation attorney.
