So....is This NOT The Place To Receive Some Helpful Advice????
I apologize to all of you if this isn't the place to ask for advice. What's up w/51 people viewing my message, and not ONE person offered any helpful suggestions to me? I guess my situation is as I suspected, not "fixable." Oh, well, at least I had a place to put our situation in print and quit keeping it a "secret." Thanks, all for that...
what was your original post?
AMPIE,
Glad to meet you.
This was your original post.
We just recently put our home on the market for $189k and owe $136k. Here's the problem...we are only selling because we are $30k in debt. We were living on one income to raise our family and it caught up with us before our income went up to keep up with it. Anyway, now we have been working w/CCCS of Atlanta, however, even though we're paying off our debt, our credit scores are 430 & 470...so we aren't able to obtain any type of loan just to get it paid off and start over building our credit...it seems that the security of our home and our employment (husband is vested in his job w/the government) there would be someone who would loan the $30k on our equity, but we can't seem to find it. I'm very sad about losing our home. Does anyone have any ideas that we haven't thought of? Thanks.
$$$
My first question is how far are you behind in payments, since you say you are going to lose your house?
Then let's go from there.
John $Cash$ Locke
No, we're not behind in any mortgage payments. We just have the 30k in debt and can't get it taken care of so that our credit scores will go up in the next few years.
I wish you were here in Michigan I would at least see if I could help you with a lender I work with. Have you thought of going to hard money lenders in your area? Did you check out the lenders tab at the top of this page to see if there are any hard money lenders in your area? How much equity do you have in your home? Check the Sunday paper for ads that specialize in helping people in your situation. I know here in Detroit, there are tons of ads in the Sunday paper that advertise to call them and save your home!!! Yes, I am asking alot of questions for someone just breaking into the business, yet, I do pray that I have inspired some ideas to help you out. Be Blessed in all your endeavors to save your home.[ Edited by latriceondria on Date 07/19/2003 ]
Thanks, latriceondria - I'll be checking some out. I did email one of the lenders and they emailed me once, and I sent them the info and then I didn't hear from them....oh, well...I'm sure that things can work out...my biggest quest right now would be to find out if when we sell the house, pay off our debt, will we be able to get another mortgage? How long will we need to wait? Thanks, again for your encouragement. It is appreciated!
I hate to hear about people losing their homes. Why can you not pull the equity out of you home to pay off debts? Also, won't you work yourselves right in to the same place after the debt is taken care of? The income would have to increase for you to not get right back in debt. It seems to me that you could get a home equity loan and pay your debts off with that. Of course, I don't know about credit requirements that go along with a home equity loan.
The Ghini
Bad situation, but there are a few ways out. First and foremost, keep chasing after those mortgage brokers and hard money lenders. It is not impossible to find one who can look past your credit. Additionally, have you taken any steps to improve your credit? A good, helpful mortgage broker should be able to help you clean up those scores.
Also, if the rest of your debt is credit cards, try negotiating with the credit card company. Let's say, for example, that a hard money lender will give you $10,000, you might be able to convince the credit card company that the $10,000 is all they will ever get, and they will probably except
Anyway, I am hoping someone with more experience with credit will jump in here. I am one of those rare and fortunate individuals that has never had any problems.
[addsig]
Some MTG companies offer a "mortgage only program" IOW they rate you only on the mortgage history, so you should be OK there. Some programs allow CCS buyouts as well. The main problem is CCS; it really lowers your score almost as much as BK. You could, if your situation warrants it, cancel CCS, reaffirm debts to the credit card cos and that would get your score back up. Or, more drastic is to quit paying the unsecured debts and/or go into BK. As a last resort, this wouldn't be the end of the world, but it may be a while b4 you have decent credit again. Pick up "Guaranteed Credit" by Goldstein at Barnes and Noble.
I may get edited here, but try a Lendingtree type of company. Put in your specifics, go for a home equity loan (it's usually tax deductible). Some lenders will give you the home equity loan with the understanding that the money is dispursed directly to your creditors and the accounts are then closed. Had a similar situation a couple of years back.
Thanks to both Dural and Bobcarlmtg - We appreciate your imput and will continue to seek out how to best resolve this situation we've gotten ourselves into. Believe me, we won't ever get here again! Thanks, again.
Our credit problems started going away when we addressed them instead of putting them off with another "Loan" Try Dave Ramseys site or try to find his radio show or book "Financial Peace" It changed the way my wife and I live and handle $ We are now debt free other than our home!
Whatever you do, don't go to a lendingtree type of site. Dozens of lenders could possibly run your credit and the multiple hits will drastically reduce your credit rating, adding insult to injury.
Roger
Again, thanks for the helpful insight. I would imagine we'll be selling our home and renting for a couple of years the way it looks now. Our income has increased and will support us just fine once we are rid of the $30k debt that we've had hanging onto us for the past year and a half....yes, we have learned a difficult lesson, but we are now ready to move on and learn from our mistakes.