finwizkidnot
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| Is foreclosure best?? |
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I know this is a repeat, but hear me out....every story has its own merit. Once again, should I foreclose and rent or keep on??
My husband and I recently seperated after him being jobless for 11 months. I have the house because he chose to leave and the house is in my name.
I am recently recovered from cancer but have high bills to pay that have already been turned over to collection. My credit score is around 710-725??? I had to get a 2nd mortgage on the house due to the 15k cc bill he left me with.
My mtg is ARM that has just hit a 6 year low and finally as of this month I can actually pay the mtg without squeezing the budget. So, I will be fine for the next 6 mos, but...
Due to my credit score and no lump sum to add for closing, I dont believe I will be able to refinance at this lower rate, ( I have not tried yet). If the rate goes up again, I am not sure that I can continue to make the pymts. At best it will be tight!!
So, how much does a homes foreclosure go against you? What will it keep me from doing? I could buy a new car now, and hope it will last until my seven years are up. I dont mind renting, would probably prefer, but do they check your credit and refuse to rent based on the foreclosure?? And if I cant pay these bills that are in collection, then how much worse can it get? Isnt unpaid bills as bad as a forclosure?
I am now 50+ and the future does not look too good any way I go. I am an RN, so I have few worries that I will lose my job. I am secure in that.
As in most other posts, my house has depreciated . Is there a whiz kid out there that has a good solution??
Need a doctor???.....ask a nurse!
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Sun Dec 06, 2009 7:33 am |
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coaster
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Oh, PS -- buying a new car right now isn't a very good idea. Neither is leasing. Find yourself a clean used car a couple years old with time remaining on manufacturer's warranty. "Program cars" -- cars coming off lease -- if you can find one that hasn't had the mileage run up -- are often in good shape and you avoid the huge depreciation hit on a new car. You're able to get a reasonably new car and your monthly payments if you finance it will be a lot lower. 
~Tim~
Eye Candy : Why Whimsy
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Sun Dec 06, 2009 4:40 pm |
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littleroc02us
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I agree with Coaster about the MHA Program. It's there for people like you who need help. My question for you is, now that you have rolled your 15k debt into a second mortgage you might want to check with a legal advisor regarding his responsibility for that debt especially if you get divorce.
“If you want to stay in debt forever, keep borrowing money.”
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Mon Dec 07, 2009 2:51 pm |
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coaster
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quote:
Originally posted by littleroc02us
now that you have rolled your 15k debt into a second mortgage you might want to check with a legal advisor regarding his responsibility for that debt
I think I misread this first time around; just to be sure, you're talking about the ex's responsibility for his 15K debt, correct?
~Tim~
Eye Candy : Why Whimsy
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Mon Dec 07, 2009 3:48 pm |
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littleroc02us
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quote:
Originally posted by coaster
quote:
Originally posted by littleroc02us
now that you have rolled your 15k debt into a second mortgage you might want to check with a legal advisor regarding his responsibility for that debt
I think I misread this first time around; just to be sure, you're talking about the ex's responsibility for his 15K debt, correct?
Yes, she stated that she took out a home equity loan to cover the 15k debt he left her. I just wonder if she has options regarding that?
“If you want to stay in debt forever, keep borrowing money.”
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Mon Dec 07, 2009 9:35 pm |
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coaster
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Probably not at this point. And lawyer's fees will waste $15K pretty fast, and my guess is he can't pay anyway, and that's why she got stuck.
~Tim~
Eye Candy : Why Whimsy
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Mon Dec 07, 2009 11:23 pm |
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finwizkidnot
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Thanks to both of you for such a quick reply. I did not know about the MHA program. I will search for info on this tonight and move on it quickly. The 15k cc debt was what he had put on my cc after I had asked that the acct be closed. He called back the next day and said he wanted it to stay open and to send new cards. I never got one. He also ran up a cc in the same amt in his own name so NC is a 50/50 state and I got 15k of debt!! Live and learn. I thought we were paying cash.
Need a doctor???.....ask a nurse!
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Tue Dec 08, 2009 4:59 am |
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coaster
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Best wishes and good luck to ya. Let us know how you're doing. 
PS - I got a chuckle out of your sig line. My sister is an RN.
~Tim~
Eye Candy : Why Whimsy
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Tue Dec 08, 2009 6:43 am |
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archercredit
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Foreclosure and unpaid bills will both hurt your score pretty bad. 700+ credit score is good and you should try to get that refinance, but that includes a lot of other things including debts and income.
Once you get hit with that foreclosure, you could drop 100 points or so and would slowly get it back up. Still would be able to get a car loan probably, but at a high interest rate.
Always talk to your bank and ask what you can do. They want their money too, so they might be able to work something out. Here is an article on removing errors on your credit report, that might become useful to restore your credit. Good luck.
http://www.ehow.com/how_5727178_remove-errors-credit-report.html
Credit Restoration
Credit Help
Improve Credit Score
Credit Questions and Answers
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Wed Dec 09, 2009 10:27 pm |
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danielhenry31
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Well opportunities for real estate investing is really something you want to consider if you have available funds or funding sources in place. There are many types of construction projects that can offer an excellent return on your investment.
Henrico Virginia real estate
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Fri Jul 09, 2010 7:30 am |
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AndrewB
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Some of the excellent investment properties, especially for beginners, are undervalued single family houses which you renovate and resell for a profit. This is usually known as house flipping. For those with little money to invest, staying in a home while fixing it up is a good substitute.
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Sun Jul 18, 2010 10:50 am |
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Tassus
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When the value of a home decreases substantially, it may be in the best interest of the homeowner to let the home go through foreclosure proceedings. The amount owed on the home may exceed the value, which means there is no equity in the property.
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Wed Aug 11, 2010 8:48 am |
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