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First question I got is Is this a good time to get into the Lending Tree mortgage industry? Thanks in advance for any answer or 2. My other question... Hi! I'm a newbie. I have many financial problems, but the biggest one looming overhead is our mortgage. We were late due to my illness and dh being laid off. We almost went to foreclosure, are now on a repayment plan (because we didn't qualify for anything else and wanted to keep the house), and now want to sell the house. |
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The answer is Yes, although you might wanna make sure and wait for someone else here to confirm it as I am not confident. Better yet, why don't you ask the Lending Tree guys because they can give you help better...
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Pbkk.
Your best bet, under the circumstances you describe, would be to place the profits into an emergency account. Use those funds only to protect you from being late on any payment for the next 12 months. Once the 12 months are over, pull your credit to verify that all accounts are showing no lates within last year. Now you will be in a position to again go house hunting. You will have sufficient funds to be able to put at least 20% down and will be showing good recent payment history. One other thing, if you rent from a private party, ie not a property management company, make sure that you pay your rent only by check. You will most likely need to have copies both front and rear of the checks as proof.. While I agree that home ownership is very important, I also strongly believe that putting yourself in the position of being "house poor" is not wise. Take the year and get yourselves backi a good position. Your health will hopefully be much better by then and you will be in a better position to enjoy your home.. Fla-tan.. |
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Thank you, fla-tan! That's the conclusion we've come to. This house is too expensive and we want to sell it before they try to foreclose again, we certainly can't make these payments! Any idea on alternative financing if we try to find a house now? i.e., lease/purchase or land contract? Thanks, again!..
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Pbkk,.
Congrats on your decision, a smart one in my opinion. By following Fla-Tan's recommendation you'll have yourself back to good shape in no time. A year is not very long in the grand scheme of things.. Now that you have decided you cannot afford $2,500 a month stick to it. Now your mind can work on the solutions instead of the problems, time to move on.. Also, please stick to your treatment plan exactly as layed out by your Medical Professionals. NOTHING is more important than that.. Good luck. Keep us posted.. :).. |
