Life debt and expenses monthly beyond income. Well is dry and No one to help that we know. Wondering if there is some sort of org or agency that will help conoslidate/ Heloc / Refi a 3 month old home owner. About to lose 2 cars and on verge of bankruptcy.
2007-10-17 16:44:54 · 8 answers · asked by furdin 1 in Business & Finance ➔ Credit
Well, have you thought about selling your current home and moving somewhere more affordable? That would take alot off your back! I know how easy it is to get in debt, I have struggled with it myself. Just try to pay off creditors one by one, debt consolidation works as well. Do not give up.
2007-10-17 16:48:13 · answer #1 · answered by Madame Morticia 4 · 1⤊ 0⤋
see if you can get a short-term renter. Maybe ask at the YMCA or YWCA or maybe a student if you live near a college, or even a relative, or a relative who wants to come to your area to get started. Make sure you write up a short-term contract, renewable monthly.
Sure, you can give up both cars and then get yourself a dependable buy-here-pay-here car, or maybe a neighbor wants to sell their second hand car. Look around for rentals and hold back as much as you can for a rental, or start asking relatives if you can come live with them. If you are stuck for a utility payment perhaps your county's neighborhood group can help you, call your county and ask. Did you buy a house on one of those balloon payment deals? If so there may be help out there for you if you act quickly. Ask around. Save enough money to put your important stuff into storage so you won't lose everything, or find a friend or relative who will store your stuff in their spare room (be sure to do a contract on that). And, start eating ramen noodles.
Start cutting your costs like for instance: cable, cellphone (use a landline), fast computer connection, eating out at restaurants, take back to the store anything you bought recently and ask for a refund, talk with your credit card people and ask for a lower percentage rate (don't tell them your situation....yet).
Make a list of everything you owe, and then a list of your monthy expenses and balances owed (so you'll know "exactly" where you stand and can use that for Consumer Credit Counseling (go there instead of doing bankruptcy). Above all, keep your job.
daveramsey.com makes suggestions on how to handle your money (although not that helpful right now, it will come in handy later).
2007-10-26 07:38:42 · answer #2 · answered by sophieb 7 · 0⤊ 0⤋
Sell everything now. Rent the cheapest place you can and but a cheap car to get around. Stop using credit cards and pay everything off. Then save a big down payment and buy a house you can afford.But not until you have a nice savings account to land on if something goes wrong. While you are waiting for something to sell, do what shiprepairwoman says. And cut your spending to the bone, no satellite or cable, no expensive meals, no new clothes until some of this is cleaned up.
2007-10-18 00:48:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Your fairy godmother is on vacation you need to deal with this. If you have only had the home 3 months and already in so deep you can't see your way out you bought too much home.
If you didn't have a huge down payment you don't have equity so can't sell.
You need to quickly find jobs for every spare minute and find some roommates. Maybe rent out the entire house and live in your car, sell the spare car.
Do what you planned to do when you decided buying this house was a good idea.
2007-10-17 23:51:28 · answer #4 · answered by shipwreck 7 · 1⤊ 0⤋
3 months and already in trouble? Sorry there is no bailout, choices are bankruptcy, and foreclosure, now or later as I would venture to guess financed 100% with an interest only, or ARM, which means things are only going to get worse. With todays market you most likely are upside down in equity, (you owe more than the house is worth) Sell a car, work two jobs, or walk away, ruin your credit and start over.
2007-10-18 18:48:09 · answer #5 · answered by Pengy 7 · 0⤊ 0⤋
go to this website. They have good advice for repairing your credit and debt consolidation as well as counseling. You need this advice and get help. your situation is not good anf you need to see what is in your credit report as soo as possible! Subscribe to Equifax credit monitoring now and take advantage of the special offer from Equifax in the credit monitoring section. You need to see where your creditors have you right away. Get additional jobs doing anything you can.
2007-10-18 07:17:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You should talk to a credit counselor. They have really helped me with my credit card debt. They consolidated it, reduced my payments and helped me examine my budget. If this sounds like it my help--check them out
http://www.debtcounselingcorp.org
2007-10-18 06:17:36 · answer #7 · answered by Blondie 3 · 0⤊ 0⤋
go to daveramsey.com and listen to his radio show. If he can get you outta debt no one can.
And it's free.
2007-10-18 00:59:40 · answer #8 · answered by heybulldog 5 · 0⤊ 0⤋