Posted on: 22nd Feb, 2009 12:41 pm
hello...i hope this is the right forum....gonna be long.
i have a home valued at 78K....i only owe 28k on it....10k on the 1st mortgage....18k on the 2nd....1st mortgage payment 697.00.....2nd payment 287.00.
my fiance lost her job 2 years ago....she was making 17 an hour....she had to go to work for walmart is currently making 10 an hour....my pay was cut from 21 an hour to 18....within 2 weeks of her losing her job.....we had to go on a repayment plan with the mortgage company.
i was lucky enough to have a lot of collectibles to sell during the repayment plan....i made it work....i cashed in my 401k to try and pay back the credit card people...but the ones i couldnt have now started garnishing my wages....on top of that....we just had to go to 32 hours a week because the economy is killing manufacturing right now
we cut out all spending to a bare minumum....we have been able to make the payments barely....but are up to date......but the 32 hour week is killing me...im not going to be able to pay both mortgages....and also eat.
sorry.... it said be specific....so im trying.
we both have terrible credit because of the job loss and paycut.....does anyone know if someone would finance a house with so much equity in it to someone with bad credit....i would like to try and sell it to her for the 28k owed.
appraisel and location are not a problem.....its in an area that is highly sought after.....its a townhome.
i hope this makes a little sense.....and would appreciate any advice.
i have a home valued at 78K....i only owe 28k on it....10k on the 1st mortgage....18k on the 2nd....1st mortgage payment 697.00.....2nd payment 287.00.
my fiance lost her job 2 years ago....she was making 17 an hour....she had to go to work for walmart is currently making 10 an hour....my pay was cut from 21 an hour to 18....within 2 weeks of her losing her job.....we had to go on a repayment plan with the mortgage company.
i was lucky enough to have a lot of collectibles to sell during the repayment plan....i made it work....i cashed in my 401k to try and pay back the credit card people...but the ones i couldnt have now started garnishing my wages....on top of that....we just had to go to 32 hours a week because the economy is killing manufacturing right now
we cut out all spending to a bare minumum....we have been able to make the payments barely....but are up to date......but the 32 hour week is killing me...im not going to be able to pay both mortgages....and also eat.
sorry.... it said be specific....so im trying.
we both have terrible credit because of the job loss and paycut.....does anyone know if someone would finance a house with so much equity in it to someone with bad credit....i would like to try and sell it to her for the 28k owed.
appraisel and location are not a problem.....its in an area that is highly sought after.....its a townhome.
i hope this makes a little sense.....and would appreciate any advice.
Hi prioritymail3days,
I can understand that you're facing a tough time right now and thus you want to sell off the property. But there are few things which you should note. If you sell off the property right now, you will have to pay off both the loans immediately. If you cannot pay, then the lenders will have the right to garnish your wages.
Keeping in mind today's market condition, lenders do not offer finance to people with a bad credit. In case of a FHA loan, the buyer should have a credit score of at least 580 with no late payments or collections in his/her credit report. As far as conventional loans are concerned, the buyer needs to have a credit score of at least 680-700.
Thanks
I can understand that you're facing a tough time right now and thus you want to sell off the property. But there are few things which you should note. If you sell off the property right now, you will have to pay off both the loans immediately. If you cannot pay, then the lenders will have the right to garnish your wages.
Keeping in mind today's market condition, lenders do not offer finance to people with a bad credit. In case of a FHA loan, the buyer should have a credit score of at least 580 with no late payments or collections in his/her credit report. As far as conventional loans are concerned, the buyer needs to have a credit score of at least 680-700.
Thanks