I am currently in a bad financial situation. I have terrible credit and can’t even get approved for a new credit card. My monthly payments on my car and credit cards are too much for me to handle. Recently, I have even been having trouble making my mortgage payment. The sad thing is that my mortgage payment is currently only $ 900. I currently owe $ 12,000 on my mortgage and my house is worth anywhere between $ 600,000 and $ 800,000.
I want an equity loan of $ 100,000. I will use this money to pay off all other debt and help fund my son’s college education. I do have steady income and will have no problem making the payment on this loan.
Are there any good company’s that will finance my loan? I am afraid that if I apply to too many places I will ruin my chances of getting the loan because I know that each failed application has a adverse affect on my credit score. Any help is appreciated.
I recently separated from my husband and am unemployed. I am looking for a job right now and after separation, my financial situation is somewhat unstable. I have little bit of savings that will last me couple months with unemployment paychecks. I have house mortgage to meet and other bills.
My boyfriend, who know all this asked me take trip for the weekend. We went to another city where his friend lives. I didn’t expect him to pay for everything but when the bill came after first lunch we had, he pretty much told me, “baby you got this, right?” so I paid. Then it became natural for him to ask me “baby you want to pay for this?” every time when the bill came. He paid sometimes and when he did, he would tell me even before we order, “I got this.” and wink at me. Then I find myself ordering something cheaper than what I would like to get. If I paid for something rather cheap without him asking, like doughnut or something, he would jeer, “4.90…you are so generous.” I also paid his tab at the comedy club that came about 100. I only had ginger ale.
After the trip I decided to break up. I packed his stuff in my house and told him to get out (he doesn’t live in my house but there were his stuff). he told me it was miscommunication and asked me for another chance.
After that, he doesn’t want to go out as much since he knows that I won’t pay. he just calls and asks me what I have in my house. He doesn’t ask if he can bring his laundry but says, “I need to do my laundry, I’ll bring it over.” when I talk about my financial situation, he says “I wish I could help.” but really it doesn’t mean anything. I feel like he’s invading my personal boundary and taking advantage of me. We’ve been together only for two months and I already feel the way I am.
I was – with Wells Fargo Home Mortgage. They said my excellent credit helped 730 and because I was preapproved with MidAmerican Home Mortgage. Now, for the dilema. I signed a contract to buy a house for $ 168,000 and was approved for the loan pending my financial situation doesn’t change (this was in Feb. 07) The house finished build date was about Oct. 07. I locked into a rate at 6.125 using 1% non-refundable down. I am not making enough money now to afford this place, so I told them I want to back out. THEY WON’T let me! The builder wants me to pay for the upgrades even though I notified them of my status before the upgrades were put into place. And, I can’t get any of my 1% down back even though I can prove I cannot afford the place. HOW DOES A BANK EVEN APPROVE SOMEONE IN MY FINANCIAL SITUATION FOR 168,000 in the FIRST PLACE?
IS THIS LEGAL? Do I have legal recourse if they try to sue me for the upgrades or “breach of contract?”
—–Please HELP!
I have debt that I want to consolidate into a home purchase, since I found a home that is priced well below appraised value. Since there is already equity is there a lender that will do a first mortgage and second at the same time? This would reduce my debt to income and put me into a better financial situation since I would only have one payment would be lower.
We bought our house for $ 180,000 a year and a half ago.Since then, our financial situation has taken a devistating plunge. (I lost my job, we had another baby, my ex stopped paying child support…etc) In order to avoid foreclosure, my husband (an EMS Pilot and former Army Pilot) began seeking a hire paying job, which he found, but it is 1,000 miles away. We have to move soon (he leaves next week to start the new job) and can’t decide what to do about the house.
The mortgage is in my husband’s name only (he had perfect credit when we bought the house and I did NOT). His credit has been badly damaged over the past year due to our unforseen change of income so we know that when we move we will be renting for a while. After speaking to some realtors in the new location, we found that our credit isn’t as critical in renting as it would be if we were buying a home and that we will just have to face a larger deposit.
The house we live in now was my husband’s first home purchase and he received a VA Loan for it. We are currently behind a month on our mortgage, owe $ 177,000 to pay it off, but the comparable properties in the area indicate that we will not only NOT get what we owe but that we will most-likely get less–$ 175,000 would be our guess. So, that’s $ 2000 our of our pocket, not to mention realtor fees, closing costs, and whatever other incidentals come up.
I have been looking into Short Sales. We can’t afford catch up & resume a mortgage payment (while the house is showing) on top of rent at the new place. We will also have the deposit and moving expenses.
I was told by a friend that the VA has programs available to veterans who are in default of a VA home loan that may help our situation but I was unable to find any information on the VA website. My husband called the VA loan officer that helped us when we bought the house and he said that our best bet would be to do a short sale but that the lender may not approve it since they know that with the guaranteed loan the VA will pay it off, as opposed to allowing it to be “paid in full” at a lesser amount.
Is there ANYTHING we can do to get out from under this house without completely destroying what’s left of our credit/bank account?
Thanks for taking the time to read this…Any advise would be appreciated!
I make my mortgage payments on time but mortgage is upside down. I’d like to lower my payment by refinancing the amount owed but banks want me to go thru gov loan modification programs. Go there and you can’t qualify because your NOT behind on your payments. If I’m on the hook for the mortgage what difference is it to the bank if I refinance the amount and put myself in a better financial situation?
I got a letter from First National Collection Bureau Inc with no real information as follows
Creditor: Riverwalk Holdings (Another JDB?)
Original Creditor : First Bank Deleware (Credit Card?)
Acct: XXXX Looks like their own brand of acct#
Total 833.35
This letter is to advise you that your delinquent account has been assigned to our office for collection by the above mentioned client.
Unless you notify in 30 days speech, 30 days to validate we will assume it is valid. If you request within 30 days to validate we will send you verification of the debt or a copy of the judgement, etc… Also offers in light to help your financial situation, 6 payments of 83.34 with their own little coupon book.Â
Anyhow, I currently have a account with FBD with their Continental Finance M/C in good standing since 12/08, but did have one closed back in the day. They appear as on my USAA Credit Monitoring from 2/9 as
TransUnion                                Experian                                               Equifax
 FirstBkDE/CF                            First BK of DE/Contine                           First Bank of Delawa
Account XXXXÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â XXXXÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â XXXX
Revolving Account                     Credit Card Revolving Terms                 Revolving or Option
0.00 Balance                             Blank Balance                                        0.00 Balance
0.00 Balance Due                      Blank Past Due                                      Blank Past Due
Date Open 1/5/2007                1/1/2007                                               1/1/2007
Charged off as Bad Debt           Account transfered by Another Office    Bad debt & placed for collection & skip
527.00 High Balance                  Blank High Balance                               1,527.00High Balance                       Â
300.00 Limit                               300.00 Limit                                          Blank Limit
Purchased By another Lender    Transferred by another lender or         Account Transfered/Sold Charged Off
                                                  claim purchaseÂ
Anyhow, I dont know what to do, no CA has attempted to collect that I know and none show off my report until I got this letter. When I look at my report I pulled from Experian on 12/09 it does not have a “Status Details” to give me a DOFD, TU on the other hand has “Estimated time this will be removed 2/2014.  To be honest I thought this was the card I noticed the fees were something I did not want to commit to and called to cancel which pretty much leaves me no paper work to even fight it. Looking at the report for EX also, instead of the blank high balance that one shows 1527 as well. How does a 300 credit limit become 1527.00 or even 833.35 this CA is telling me? Oh I am so pissed, will this CA now report soon on my CR as another hit? Grrrr
There is a good way to get a mortgage upside down? My ex-wife, now has a home, you really can not afford. We are refinancing, we received diovrced 5 years ago, mortgages. Since then, he refinanced once. With the current real estate market, his life, it must be more than he could find a reasonable price. Do not have any way to get the loans? If my ex-wife, the low price of the house she has in loans, and the difference to the bank, it closes in less time, money, or payment of personal loans do? I tried to help her sell the divorce, knowing that it was too expensive to keep her with her financial situation. My proposal was not popular because he wanted the symbol of family status. I no longer have any financial obligation of the family, so this is not my problem. People who want to know my reasons and no reason for me one way or another. I do not help in one way or another. I have my son, but with my ex-wife, the care of life, and to ensure that their concerns, there is a good, reasonable place to live. Wish to support my child, it also needs to take care of them, to share costs considerably.