Guest paintedlady Report post Posted March 8, 2003 hi,Not sure if this is the right place to post this or not....in short...-10 years ago bought a house for 75,000 using va loan, interest rate 8%. Monthly payments $580met with Realtor for first time this week. thinks I can get from 130,000 on low side to 145,000 on high side in sale.-during those 10 years adopted special needs kid, had to quit job, hospitalize him several times, bla bla bla, credit rating is very bad(mostly credit cards)..Went to lawyer to file BKruptsy..and he said I didn't owe enough and sine it was just credit cards to just send them letters stating some day i would pay them off.-today...special need child is all grown up and i want to move to protect myself from him and his birth family. am I stucK? i can see where selling house would allow me to make good on credit card companies (-15,000 approx.), but will I be able to go to another state and buy a new house? oh i have a fixed income ($3000 month) and another $2000 that is invisible from adoption transaction) i find all of this very intimidating. where do i go for help? my current mortgage company?thanks guys for your help and consideration!LADYmi Share this post Link to post Share on other sites
MichaelC 160 Report post Posted March 8, 2003 Lady, I'm not sure what you're asking. If I understand you, you have a large piece of equity in this property which can be used to pay off the debts you have incurred. You could also, possibly, get a lower rate on a refinance. Despite bad credit, you state you have $5,000 monthly income with only a $580 monthly house payment. It seems to me you are sitting in a good position financially.If a refinance is what you want to do, shop around for a mortgage broker who is willing to listen you your needs and explain your options. Share this post Link to post Share on other sites
scm1001 0 Report post Posted March 17, 2003 hi,Not sure if this is the right place to post this or not....in short...-10 years ago bought a house for 75,000 using va loan, interest rate 8%. Monthly payments $580met with Realtor for first time this week. thinks I can get from 130,000 on low side to 145,000 on high side in sale.-during those 10 years adopted special needs kid, had to quit job, hospitalize him several times, bla bla bla, credit rating is very bad(mostly credit cards)..Went to lawyer to file BKruptsy..and he said I didn't owe enough and sine it was just credit cards to just send them letters stating some day i would pay them off.-today...special need child is all grown up and i want to move to protect myself from him and his birth family. am I stucK? i can see where selling house would allow me to make good on credit card companies (-15,000 approx.), but will I be able to go to another state and buy a new house? oh i have a fixed income ($3000 month) and another $2000 that is invisible from adoption transaction) i find all of this very intimidating. where do i go for help? my current mortgage company?thanks guys for your help and consideration!LADYmiHere's a link where they can most likely help you: http://homemortgageworld.com Over 95% of people applying for a mortgage there are getting approved even with FICO down to 490! S. Share this post Link to post Share on other sites
Guest JSTEW Report post Posted April 2, 2003 "Lady" You are in a fantastic position to do what you want. Just because you sell your house doesn't mean you have to pay off your debts? You could take your money and either rent or owner finance a new home. I would, however recommend you pay off your debt and start to clean up your credit. You can call the credit card companies (several Times)and negotiate how much money it'll take to pay them off. In other words if you owe $15,000 you might be able to pay $8,000 and clear all of your debt. Don't be nice, be assertive and aggressive and keep working your way up the chain of command until you get to a decision maker, good luck! Share this post Link to post Share on other sites
Castle 0 Report post Posted May 8, 2003 I know it's a couple months since you posted but if you still have the problem, I hope this will help you. If you sell the house and pay off the credit cards that are probably charged off due to your previous actions, you won't help your credit scores much. However, you should consider taking them one at a time and negotiate with the Credit Company to have them re-report to the bureaus in return for your payment of the debt. Make it known to them that you could just walk away and eventually their derogatory will fall off your report in 7 years. I'm assumimg that some of those years have allready passed. They will usually agree to write a letter to the bureau's stating that this item should be deleted from your report. If they can recover full payment, they will usually agree to do this. Make sure you get it in writing that they will do it before you make payment or they could re-neg. I hope this helps answer your question. Good Luck. Walt Share this post Link to post Share on other sites
