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Posted by on March 2, 2007, 5:04 am
i would love some advise regarding home loans. we currently have
found ourselves financially strapped and are looking to do a creative
home loan. our financial situation shouldnt last much longer (maybe
another year or so) but we don't want to sell our home. any advice
out there?
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Posted by joetaxpayer on March 2, 2007, 8:12 am
jourdand@comcast.net wrote:
> i would love some advise regarding home loans. we currently have
> found ourselves financially strapped and are looking to do a creative
> home loan. our financial situation shouldnt last much longer (maybe
> another year or so) but we don't want to sell our home. any advice
> out there?
Too many questions unanswered;
How much do you owe on the house?
How much is is really worth (i.e. how much would it appraise for?)
What's the status of your credit? (credit score, late payments, etc.)
Other outstanding debt? How Much?
Available sources of money?
What credit lines do you have available?
Credit cards?
401(k) loans?
Equity line?
Friends/Family?
Why do you think things will change in a year? And by how much?
I'm sure I/others here can come up with more questions after you reply,
but at this point you've given too little information for a response
that's anything but more questions.
(I hope you read this as a desire to help, just can't without more details)
JOE
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Posted by John A. Weeks III on March 2, 2007, 8:24 am
jourdand@comcast.net wrote:
> i would love some advise regarding home loans. we currently have
> found ourselves financially strapped and are looking to do a creative
> home loan. our financial situation shouldnt last much longer (maybe
> another year or so) but we don't want to sell our home. any advice
> out there?
There isn't much to go on here. This is like going to the doctor
and saying that you don't feel well. The doctor has no clue if
you have a headache or you broke your leg unless you tell him or
her where it hurts.
In my opinion, if you are financially strapped, the last thing you
need is more loans. Perhaps you bought too much house, and should
consider putting it on the market, and buying something that you
can afford. Or maybe you have enough money, but you are spending
it foolishly. You would be amazed at how many people have $40,000
pickup trucks and SUV's who don't even earn $40K a year. Just
because they will let you have a loan doesn't mean that it is a
good idea to take that loan.
-john-
--
======================================================================
John A. Weeks III 952-432-2708 john@johnweeks.com
Newave Communications http://www.johnweeks.com
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Posted by jIM on March 2, 2007, 2:09 pm
we currently have
> found ourselves financially strapped and are looking to do a creative
> home loan. our financial situation shouldnt last much longer (maybe
> another year or so) but we don't want to sell our home. any advice
> out there?
If you are certain that you'll have more income in a year, then maybe
find a way to "budget" out the crisis. Closing a home loan could cost
between 2k-16k (or even more). If you were to do this "twice" in the
next 2 years, that could be 32k of expenses you could avoid with
creative budgeting.
As other replies indicated, I suggest commenting on the specifics of
your situation.
General problems get general solutions.
Specific problems MIGHT get specific solutions.
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Posted by BeachBum on March 2, 2007, 5:18 pm
>
> we currently have
>> found ourselves financially strapped and are looking to do a creative
>> home loan. our financial situation shouldnt last much longer (maybe
>> another year or so) but we don't want to sell our home. any advice
>> out there?
>
> If you are certain that you'll have more income in a year, then maybe
> find a way to "budget" out the crisis. Closing a home loan could cost
> between 2k-16k (or even more). >
> As other replies indicated, I suggest commenting on the specifics of
> your situation.
>
I agree with jIM and John Weeks as I recall he commented that a loan may
be the last thing you need at this time. What caused you to be "financially
strapped"? For example, was your situation created by credit card debt,
medical, or just poor financial management.
You need to lay out your "budget" (projected income and expenses) by
month for the next year. Then scrub the expenses particularly those like
gifts, dining out, etc. If this does not bring your budget into balance,
then look for ways to increase your income. For example, get a second
job, etc.
Good luck,
BeachBum
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