Financial Advise Is Appreciated......?

Question

I lost my job October 2005, I am 69 and employment is hard to find, I receive Social Security but after the house payment, utilities and necessities there is nothing left for all the other bills,I was able to keep up for about 6 months using what savings I had. I have tried to refinance or get a second mortgage,but turned down each time because I now have a poor credit rating and my income is about $350.00 less than what is needed to pay all my bills each month.There is enough equity in my house to pay off all my debts and still have money left over.I have considered bankruptcy but only if no other options are available.
Any comments or advise would be appriciated.
4000 DUNN

Answer 1

Not sure is this is or isn't a setup as the second responder states, but assuming that you are posting facts - first I'll tell you that I hate that you are experiencing this monthly situation.

While a reverse mortgage may be what you need, there are of course other options. If you were to refinance your home, would the payment be such a lesser amount that your financial worries might be over? If that is the case, I'd check with other lenders.

Do you have family that might help you out? Either with money or perhaps co-signing a loan to consolidate?

Bankruptcy. Not necessiarily a horrible thing. That law is in place due to situations such as yours. While none of us willingly choose to not pay our bills (well, most of us anyway) - there sometimes are situations that merit the need.

Consider talking with a banker (if you have a personal relationship and feel comfortable with them), or talk with an attorney (usually the first consultation is free) - and first of all check with legal aid in your area - they are generally free or cost adjusted to what you could pay.

It does sound as though you need relief. Go get it. And hold your head up high - you are the first person to experience this. Good luck.

Answer 2

One possibiltiy is a reverse mortgage. A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is “reversed.” Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you.

Answer 3

Oh, come on! Who are you kidding? This is just a setup question for the first answerer who put that reverse mortgage answer out there. The worst spam is that which assumes its target audience is stupid.

Answer 4

some techniques: – ought to you get a job as a housekeeper (room maid), or another pastime on the comparable inn the place your boyfriend works, or a close-by one? a minimum of you would be able to nicely be waiting to experience in to artwork collectively. – you're attempting to stay like a married couple, once you're the two undesirable and unmarried. you have gotten to tug back and stay collectively with your mothers and fathers anyplace they flow, collectively as your boyfriend starts connecting with employment agencies, networking, looking in different cities, and traveling to interviews. – Does he have pals or kin individuals in different cities the place living expenditures are decrease? maybe he ought to pay them room and board of their homestead for a constrained time collectively as he looks for artwork there. – Are you qualified to artwork for a short-term employer? they want clerical workers, production unit workers, human beings to demo products in supermarkets, and summer time holiday replacements. if so, make an appointment to flow in and interview. dress in organisation outfits – that's a job interview like countless different, and in case you do now not look the section, they're going to merely say, "Sorry, we don't have something for you."