Hi everyone! thanks for helpings, okay my boyfriend has no idea what to do, he is going to lose his home because of not paying his morage, he couldnt because even though his whole family works, they dont make enough money to pay for anything, they even strugle of food. Sadly they barley eat out and all they can afford are fast food places. I am very scared for him, the morage company are booting him out and no one will get him a loan because of his low credit score. What is there to do ? Where can he get a loan + not move out ? Where is there to go ? Please Please help ! help ! He already tryed the bank, i want to help him its his b day in a couple of days, he soo sad over this and to make things worster his bro is sick and so is him, they have no insurence to go to the doctor. THERE HAS TO BE A WAY NOT TO MOVE OUT !
PLEASE HELP !
thanks !
:)) !
he needs to move out in a few mounths, does any1 know anything there is to do thats quick ?
2007-09-07 14:42:17 · 7 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
whole family works ??
does he own the house or his parents ??
if the brother is indigent the county and state will take care of him thru medicade.
if he is not the owner it is not his problem. he need to move out and start ot build his credit and his life seperate from the "family"
or is the "family " his kids? if so the kids should not pay bills, they should save for college, not theit fault the parent is not too bright.
so, you question needs more detail to be answerable
2007-09-07 14:49:36 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Anyone that I know that has gone through this type of thing has had to work extra hours or an additional job in order to get caught up and ahead on the bills.
If he does not have a good enough credit rating for a bank to approve a loan, there is not much he can do.
Eating out in fast food places is a lot more expensive than going to the market and purchasing better quality food that can be made at home.
I do not know how he and his family were approved for the purchase of a home if the entire family works and cannot afford the mortgage payments, this does not usually happen.
I wish your boyfriend and his family the best, but the only solution I see is to work additional hours or jobs; and pay off the amounts owed that way.
2007-09-07 21:57:29 · answer #2 · answered by Sue F 7 · 1⤊ 0⤋
What he needs to do is call the bank, let them know the situation, and maybe they will work with him. I work with customers like this all the time and we can almost always work something out. Something like paying interest only for a few months to get back on track or something like that. Even though Sub prime Lending has gone downthe tubes lately there are a few companies that may look at refinancing with a cash out option. He needs to know things like how much equith he has, what the LTV is and where he can get it. Your best asset is your home so if there is any equity in it that is the first place to look
2007-09-07 21:50:39 · answer #3 · answered by mitch w 2 · 0⤊ 0⤋
The only thing I can suggest is to look in your local newspaper for people loaning money. Usually the ads will say stuff like "bad credit, no problem" or "personal loans available". Other than that, the wheels for foreclosure are already in motion, and they better start looking for a new cheaper place to live.
2007-09-07 21:57:20 · answer #4 · answered by gino 3 · 0⤊ 0⤋
Tell him to try and see if the mortgage company will set up a repayment schedule. If not he could fix Chapter 13 bankruptcy. It will let him stay in the house, however, they past due amount will have to be paid overtime and he will still have to be current on the future payments. Also he will have to be working and the house will have to be in his name. If it is in someone else's name, then all owners will have to file. If they will not be able to stay current on future payments, there is not point in doing it. They will need to find a place they can afford. Contact someone who deals with debt relief for best advice.
2007-09-11 21:30:58 · answer #5 · answered by wilkinsworks.com 2 · 0⤊ 0⤋
the housing market sux anyway, it would probably be cheaper to rent. he may want to seriously focus on a budget or a second job. i wish i could be of more help, but i can't even afford to live where i live. renting isn't cheap here but it's a lot cheaper than a mortgage, utilities, insurance, and maintenance (at least rent covers about 90% of that)
2007-09-07 21:54:59 · answer #6 · answered by masta blasta 2 · 0⤊ 0⤋
Unfortunately, they can't keep the home if they can't pay for it.
Mortgage loans have gotten harder to get even with good credit. With poor credit, it's pretty impossible.
2007-09-07 21:51:54 · answer #7 · answered by Judy 7 · 0⤊ 1⤋