With four mortgages and six mouths to feed on one shrinking paycheck linked to the weakening Florida real estate market, Amy and Randy Rainey need to make some dramatic money moves fast.

They spend more than they take in, have amassed a significant pile of debt and are underinsured.

Like a lot of families who were swept up in the real estate run-up, the Raineys are faced with a need to sell some assets at a time when property values are falling. And their situation is compounded, because Randy is a construction worker who has seen business drop off sharply.

He's self-employed, and the couple has no health insurance, other than a state program for their four children, ages 4 to 17.

"We need a way to survive and it looks like we have no options," the couple wrote in a letter requesting a Money Makeover.

Financial planner Jamie Lapin, of Risk Management Group Inc. in Rockville, Md., confirmed the family's rainy day has, indeed, arrived. The situation is not hopeless, she said, but it's going to take some drastic changes to improve their situation

They have first and second mortgages on the home where they live in Winter Park, Fla., as well as two mortgages on a rental house.

They took out extra debt on both homes to pay living expenses that crept above their pay and about $18,000 in out-of-pocket medical bills when one of their children was hospitalized for a week. That was before they qualified for the state insurance program for low-income families.

The rental home, worth about $147,000, has mortgages totaling roughly $180,000. They're getting $800 a month in rent, but that doesn't meet their costs, and they have been told they are undercharging for the area by up to $200 a month, Amy said.

Monthly household expenses run about $4,131, or just less than $50,000 a year, while 2007 income is expected to be about $38,839, and recent months haven't even kept that pace.

There's still time to dig out of this hole, however, said Lapin, who is also trained as a mediator. She said that expertise helped her focus on the positive aspects of the family's financial life so they could work together on a solution.

"You're in a bad place, but you can fix this," she said.

Not surprisingly, though, the fix is going to involve more than just a little belt-tightening. It's going to mean lifestyle changes and a new perspective on what they own, Lapin said.

Amy needs to get a job, Randy needs to part with some expensive toys, they need to boost their rental income and sell off a parcel of vacant land they've been clinging to as an investment, Lapin said.

That's a mouthful of bitter pills all at once, but if they accomplish those tasks, they can solve their debt problems without losing their home or filing for bankruptcy protection, Lapin said.

"The good news is you have a net worth of $180,000," she said. "But you are underwater every month now and there's probably something better you could be doing."

Without a huge upturn in Randy's business income, she fears the couple's solid credit rating will deteriorate, and they could be in real danger of facing foreclosure on one or both of their properties by the end of next year.

"You're going to have to find a Band-Aid while his business is slow," she said.

Their largest discretionary expense is Randy's fishing and hunting hobby, which costs at least $200 each time out, including gas and groceries, because the family often comes along for the trip.