| Bankruptcy, Loan, Mortgage, etc |
|
|
|
|
|
Hollithy
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 06 May 2012
|
| Bankruptcy, Loan, Mortgage, etc |
 |
|
I appreciate anyone who can give me some help. I really don't know what I'm doing.
OK, short story long, It actually starts about 6 years ago, when we built our house and fell behind in our credit cards (were used to help finish the house) my husband was injured in 2011, had a couple of months out of work. I had a baby, the third, the same month. Things were behind for awhile. Once he was back to work for awhile wages started getting garnished. We tried to work out a payment plan, they refused, etc. We ended up having to claim bankruptcy. We were behind in the mortgage and decided to let brother in law move in our house and take over the mortgage payments. We had to move in a very run down old house that's in husband's family.
We're getting everything in our lives straightened out and now want to figure out where we are going to be living. We would like our home back but to do that, we'd have to pay back his brother at least $15,000. We do not know if we would be able to get a loan for this amount when our bankruptcy is discharged. House is legally still ours, have not sold it to him, but he will be expecting that but know he won't leave without his money being refunded.
Does anyone know if it will be possible? The other options we had were to move out of state and start over and rent an apartment for awhile, to wait and get a mortgage for a another house altogether, try to refinance house or fix up this old gross house we're in. Which I dislike the latter greatly and would require a loan because it is very large and very far-gone, we're talking to the studs. Just waiting and saving money or working on our credit is not a good idea because this place is in really rough shape and it doesn't seem conducive to our health or happiness. This has been really hard on all of us. I know it all sounds crazy and thank you for bearing with me. I would never have guessed something like this would have happened to us and the path to where we are was very rough. We are not really sure which path to pursue out of here, so any thoughts on this would be strongly appreciated.
|
Sun May 06, 2012 4:58 am |
|
|
oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
|
|
|
|
quote:
1. built our house and fell behind in our credit cards
2. We tried to work out a payment plan, they refused
3. pay back his brother at least $15,000. We do not know if we would be
able to get a loan for this amount when our bankruptcy is discharged
4. to wait and get a mortgage for a another house altogether
Just waiting and saving money or working on our credit is not a good idea because this place is in really rough shape and it doesn't seem conducive to our health or happiness.
I listed the root cause of each of your problems to make them stand-out for you. Do you see what is happening? Whenever you want something you borrow the money to buy it - that can't work. Earn the money first - spend it second. If you spend it before you earn it you can never get off of the meery-go-round. Your last thought was correct - waiting & saving IS a good idea.
Most of us that are financially successful started at the bottom - a ratty apartment in the bad part of town, an old car, our babies slept in hand-me-down baskets and a second hand crib - we had injuries, surguries, job losses. Maybe a decade late, after building up a substantial savinfgs account (and good credit) we bought houses. The point is -- things need to spaced out year by year, we can't have eveything we want immediately.
|
|
Sun May 06, 2012 1:33 pm |
|
|
eastmn
Senior Member
Cash: $ 85.80
Posts: 414
Joined: 04 Apr 2010
|
As far as settling with family and getting the house back, I'd think that you could deduct a reasonable monthly rental fee from the total he's paid, and settle it like that. Another question is if you could sell him the house and come out on top? You might also consider a short-sale on the house, so that everyone would come out on top. Good luck, and I hope things work out for you.
...
|
|
Sun May 06, 2012 6:10 pm |
|
|
Destiny
Full Member
Cash: $ 15.85
Posts: 79
Joined: 02 Feb 2012
Location: Utah
|
I got little emotional after reading your life story but this is a time to be practical and think positively. First try to do some job because being in a job you can get a loan and after getting loan you can easily get back to your home, financial company definitely give you loan if you have any source of income.
|
|
Mon May 07, 2012 9:51 am |
|
|
Bibika
New Member
Cash: $ 1.70
Posts: 8
Joined: 30 May 2011
Location: London
|
Your situation is definitely quite hard to see an easy answer about. You have to outline all of your problems as the oldguy did and make a plan what problem or financial issues will be solved first and how. Make a plan, explain the plan to all the people you owe money too and stick to the plan. It will not be easy, but it is the right way to go. If you want to continue living in your house, you can try the house share option or rent out a room or two to suitable tenants. Make the whole family work on this plan. These are though time for you but, stick together and work steadily to get out of this trouble.
|
|
Mon May 07, 2012 10:46 am |
|
|
littleroc02us
Moderator
Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
|
Why not sit down with your husbands brother and thank him for keeping your house in order and discuss your intentions to move back into the home which is yours obviously and make an offer to pay him back for whatever he thinks is fair. Where you get this money, I don't know but unless I could actually see your budget it doesn't sound like you can afford it. Another option, if you think your husbands brother is interested in buying the home and seems responsible then possibly discuss a Quick Claim Deed purchase where the buyer pays you for a set amount of time and when that time is up gets a mortgage and you sign the home over to him.
Risk comes from not knowing what you're doing. (Warren Buffet)
|
|
Mon May 07, 2012 1:32 pm |
|
|
|
