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poor credit loans

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fordfan32
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poor credit loans  Reply with quote  

My wife and I have been separated for 9 months and she was the leading breadwinner. She moved out and left me with a stack of bills and a mortgage that I cannot pay. I'm getting ready to file for divorce and attorneys are not cheap. Does anyone have any suggestions on finding loans for people with poor credit?[/list]
Post Thu Jul 09, 2015 11:23 pm
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oldguy
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quote:
on finding loans for people with poor credit?


Well, no - that's kinda the definition of "poor credit". A lender has to check your credit and verify your ability to repay. If there is no way that you can repay a loan, a lender cannot lend to you.

But don't be too quick to get the divorce started. Your Ex won't want the house to go into foreclosure because (1) she doesn't want her credit trashed, and (2) she doesn't want to lose her half of the equity. Then, after the house is gone and you receive your share of the money - then start the divorce proceedings.

Do you work - or are you currently jobless? And who has the kids?
Post Fri Jul 10, 2015 12:24 am
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fordfan32
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quote:
Originally posted by oldguy
quote:
on finding loans for people with poor credit?


Well, no - that's kinda the definition of "poor credit". A lender has to check your credit and verify your ability to repay. If there is no way that you can repay a loan, a lender cannot lend to you.

But don't be too quick to get the divorce started. Your Ex won't want the house to go into foreclosure because (1) she doesn't want her credit trashed, and (2) she doesn't want to lose her half of the equity. Then, after the house is gone and you receive your share of the money - then start the divorce proceedings.

Do you work - or are you currently jobless? And who has the kids?


Actually, she does not care if her credit is trashed. She has already moved out and the house is of no concern to her. We both share equal custody of the kids, which is big reason I want to take care of this legally.

I do work full time. She makes more than 3x what I make and also has a boyfriend who buys her things, which is why what happens to the house and our credit does not bother her.
Post Fri Jul 10, 2015 9:00 am
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littleroc02us
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Whose name is on the Title/loan papers? She will care because if your house that you jointly own is foreclosed on, she won't be able to apply for any credit or get a mortgage. It stays on your credit report for 7 years. I would work with her to sell the house since you cannot afford it.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Fri Jul 10, 2015 2:48 pm
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pdgoldinc
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A Stack of Bills  Reply with quote  

If I was you, first thing I would do, put the house up for sale. How many month are you behind? It would not make sense to try to lower the payments on the mortgage because this takes too long, don't rent any rooms out, you are just looking for more trouble. Get rid of everything possible, because you are going to loose it anyways. Do you know where your credit stands? There is nothing you can do now, your credit will go south. Let happen what happens but eliminate all bills which are not necessary, lower your TV subscriptions, change to a lower phone plan. I would not even pay the bills which have nothing to do with your future, you are just throwing good money after bad. The bills you have are most likely from big corporations which can afford to take a hit from a customer like you. Then look for a nice affordable rental which you comfortably can pay from your monthly paycheck. Write down on paper, how much your rent will be, the utilities, car payment, telephone, etc. and stay within your budget. If you have a high car payment, trade your car in for something more affordable to fit your budget. Downsize on everything. Get a rental apartment or house just big enough for you and the kids, you can always buy a home once you are stable. What State do you live in? Many States offer down payment assistance which will help you with a future home purchase. I have seen many families split up and the parties had to declare chapter 7 in order to get a fresh start, but if you down-size fast enough you may eliminate this thought. Most important is that you draw up a budget for your monthly paycheck and stick to it! Good luck!
Post Sat Oct 31, 2015 5:52 am
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