Monday, March 21, 2011

bad news

Some of you know we put in a loan app with a credit union who didn't care about the B/K or the possible foreclosure (still trying to figure that one out). Well, our credit scores are good enough. BUT.... Other than our $2500 in credit cards we have (which are paid off), there is no real major credit since our bankruptcy. And a jump between $2500 and around $175,000 for the home is a major jump. We need a major credit purchase to establish higher credit.

Um.... We don't need anything else. We have cars. We don't need or want any more of those. We just need a house!! A home to raise my kids in. Our only other option with them would be to put 10% down on the house. We don't have that. We'd need another 10 grand. There is no way of getting that.

My husband has a base salary plus bonuses. He makes let's say btwn $60k and $80K year. They are worried about "what if he no longer gets those bonuses due to the questionable economy?" Never mind he is getting a promotion that will increase his yearly pay $10-20,000 a year. Really? We have made our rent, never late, this whole time. The mortgage payment would be LESS than the rent!! We were never late on our other mortgage either!! A roof over our heads is the first payment we make a month. It's the most important.

So it would seem, for now, we are stuck in neighborhood hell, with crappy neighbors and dangerous situations for at least another year.

My hubby is contacting a lawyer to find out wth happened with the b/k and foreclosure b.s. He believes there is a slim chance that all this could go through with our first FHA loan if we get the right answers. But that's more money tossed away. But we do need to know if we have to wait a year or 18 months. So we need the lawyer no matter what.

Either way, we are stuck for another year to 18 months. And when we do become "eligable" for a home loan, this Ryan community will no longer be an option for us. The prices right now are $20,000 lower than they will be once the last of these 12 lots sell. Then not only does the price jump $20k, but the lots get smaller too. It will no longer be a viable option for us. We will have to look at pre-existing homes.

I am crushed by this. I was sooooooo certain this was in the cards for us. I really was. At least through all of this, we did find where something was erroneously reported on my credit (and I still have a good score!) and we are working to get that fixed. That ticked me off. It will be fixed.

But if what we need to do is establish credit, how do we do that when we don't need a damn thing but a home!! I guess we take out a revolving line for $10,000 and just use it as needed maybe? (wonder if hubby is up to new couches for the den?) I don't know. I just know I'm heart broken to be staying here in this crappy house, in a crappy neighborhood, with crappy people.

How do I make it through the next 12-18 months?

I wish there was some kind of board I could go to, to make my case. Bring the documentation of the fights and bomb/meth house on my street, bring a letter from his boss about his promotion, and beg for this chance. Bring a letter from Ryan stating the great deal we are getting and would be able to sell the home in a year and at least break even if we had too. And just beg them to reconsider.

A home...bigger than this one for less money. And brand new. Built how we wanted. The perfect scenario. Lost. And as I type this, my machine is picking up and Guardian is leaving a message to make an appt to discuss the wiring and such for "our new home". Talk about salt in a wound. =/

I feel so lost right now.


  1. I am so sorry Noelle. You know I totally understand how you feel. Our credit was perfect too, we just didn't have enough equity in our land.

    It really sucks. I wish we were renting because that would give us the option to move. But we are really well and truly stuck with this place.

  2. When when your husband be getting a promotion? Was a lsigned etter on letterhead submitted with the application about the promotion? As long as he can provide 30 days worth of paystubs showing the new amount, I don't understand their issue.

  3. No. It wasn't. =/ He is already in training for the promotion. And his bosses are on him to transition into the new position ASAP. He was thinking late summer at the latest. But his bosses are thinking much much sooner. Either way, the damn house would close on the house AFTER the promotion.

  4. Hun if I were you and I had some more fight left in me, I would get his bosses to write that letter and give it one last try.

  5. Is there any way to get the $10K? Can you sell one of your current cars and be a one car family for a little while (or get a really cheap junker)? Do you have anything else you don't need that can be put on craigslist? Can you raise part of the money and then get a cash advance on your CC for the rest (bad interest rate, so you'll have to work hard to pay it off fast).

    I'm so sorry, Noelle. I'll keep thinking of ideas. I want this to work out for you and your family. :(

  6. Sad to read this :( I'll be thinking about you guys and hopefully something works out. I agree with 2011--do anything you can!

  7. We talked tonight. He is going to ask the loan officer if a letter from his boss would help. If so, we're going to him.

    As far as selling a car or anything else goes, we have nothing to sell. In order to get a b/k you can't have anything of any value. We don't. =(

    We have two cars. A van with a low low payment, which I need with 3 girls and a dog. And his car... a 1993 P.O.S. beater. It's paid off.

    My hubby's work schedule is constantly changing and when he works until 9,10,11 at night, there is no way I can run and pick him up with the girls in the bed (going down to a 1 car family).

    Our b/k lawyer is going to get back with us tomorrow about the whole foreclosure fiasco. We still don't understand that at all. How can it be a foreclosre? If it is, why is not on our credit? We were told it was all bankrupted loans. What is going on there? We need to know.

    This is my house blog. I haven't written about out other problems lately. But my kids have been sick. Another one was just diagnosed with asthma (my 20 month old. Try giving breathing treatments to a toddler. not fun). My Granddad has Alzheimer's and had a horrific incident this past week that landed him in the hospital. And we just found out he has lung cancer too. He has been a father figure to me since my dad died years ago. So my family is going through a lot right now. I was soooo hoping for good news today. I needed something good, you know?

    I really wanted this. For my husband, for me, but most of all for our kids. We are gonna keep asking questions trying to figure this all out. Starting with the letter from his boss and finding out about the foreclosure b.s.

    I need some good news. Anyone have any? I am still continuing to follow you all. I'm still very excited for you all!

  8. I am so heartbroken to read your post. I've been thinking of you and your situation for the past few days. I know how frustrating it can be, i felt like we would NEVER buy a house, even though we CAN afford it, we make good money, have good credit, etc, etc. The banks only look at numbers, butr they don't consider siutations and people. They should especially consider your situation :(

    As for raising the 10k, we've cashed in money on our life insurance policies, 401K's, paid time off, etc. Your hubby may have some good money in his 401K. He will have to pay it back, but it may be there to use for right now. Also do some research about "downpayment assistance programs" There aren't many left, but a good loan officer could maybe point you in the direction of one that could work. The other option is to maybe ask someone for some or all of the money. We considered asking my grandparents. etc. Also, if you have a paid off car or anything you could use on collateral on a secured loan, that is the BEST way to build credit quickly. They loan you the 10K and you give them a title to a car or something else and then you have your money. Yes you would have another smaller monthly loan payment, but the difference in your rent could pay that. Ask the credit union about a secured loan. Regardless of the house, a small secured loan would build credit quickly. I've done SO MUCH research on this stuff! I'll continue to be praying for you! I know it's so hard but through this whole mess of stuff (we've been tr ying to buy for a year!) you have to keep believin that if it doesn't work out, it's because God has a bigger plan for us than we sometimes have for ourselves!

    Good luck girl!

  9. I just read your new post, maybe the title for the POS that is paid off would work as collateral. Basically they hold the title until you pay off the loan. Check into it, maybe they'd give you 5k and then you could get the rest from 401k or life insurance, etc.

    Thinking of you!

  10. I am so sorry. It sounds like you're going through a lot right now. Life is like that sometimes, isn't it. I've been there, too and know in my heart that things will turn around for you. You will be able to raise your girls in a nice house in a nice neighborhood. I hope that some of the above suggestions work out. I'll keep praying.

  11. Wow, Noey I am soo sorry. Hopefully with the letter from your husbands boss it will be in your favor. Check into the retirement aspect you are allowed to touch your retirement for two reasons one is to pay for college and the other option is to use as a down payment on the house. Look into that. Keep on fighting look for all of the loop holes. I know it is discouraging but we the blogging community are pulling for you. Hang in there even though things may not look good right now but eventually all this darkness will turn into the light. Hugs to you and your family.