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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Dh is still out of work... we need to sell the house, but can't!
We have a 2nd mortgage out on the house that is over the value of the house. I don't know what to do? At the time of doing the loan it was the best option for us considering we took out the loan to pay off credit cards because they were really hurting us. (debts from years and years ago! 29.9% APR's) We don't have any money to pay our bills and I don't know what we're going to do? I keep trying to think of ways we can sell the house, but there's no way the house is worth what we owe. We live in an older house in NC. Everyone wants newer so the value hasn't really gone up any. It was a bad investment to begin with and part of me knew it, but we were doing what we had to do at the time. Now I regret everything!!! I never would of taken out the loan to begin with if I had known we were going to be robbed as well. Only 5 weeks after getting the loan this happened. Since then I've wanted to sell the house and now my DH is out of work on top of it. I'm so scared of ruining our credit. His score is now in the 800's and mine is up from 564 from when we bought the house to at least 760. What can we do??? Our whole lives are falling apart! Thanks for listening!
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Posted 12/27/06 4:34 PM  |
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christy
Mommy of 2
Member since 5/05 6787 total posts
Name:
Christy
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Re: Dh is still out of work... we need to sell the house, but can't!
I am so sorry for what you are going through. Is it possible to rent out part of your house? It can act as income, and might help you keep your home.
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| Posted 12/27/06 4:39 PM |
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lululu
LIF Adult
Member since 7/05 9509 total posts
Name:
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Re: Dh is still out of work... we need to sell the house, but can't!
I dont really have any advice but  .
It will get better. Hang in there, maybe he will be able to find another position after the holidays.....
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| Posted 12/27/06 4:41 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Dh is still out of work... we need to sell the house, but can't!
can you re-fi? I can give you my DH email- he is lic in your state- if there is something that can be done to help- he would know
or what about making an apartment in the house?
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| Posted 12/27/06 4:42 PM |
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Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
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Re: Dh is still out of work... we need to sell the house, but can't!
I've seen a couple of your posts and I think your husband needs to get anything at this point. Has your husband looked into bartending or waitering at a local restaurant in the meantime? Or maybe working as a mover? Home Depot? Just any source of income to help pay the bills?
I'm sorry you are going through this!
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| Posted 12/27/06 4:46 PM |
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lululu
LIF Adult
Member since 7/05 9509 total posts
Name:
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Re: Dh is still out of work... we need to sell the house, but can't!
Posted by Beth1210
can you re-fi? I can give you my DH email- he is lic in your state- if there is something that can be done to help- he would know
or what about making an apartment in the house?
I was thinking of consolidating the loans, but if the goal is to get out of the house ASAP, I dont think laying out the costs to re-fi is such a good idea. that will only make the loan bigger.
I think you should speak to a realtor though - perhaps you could get more for your house than you think......
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| Posted 12/27/06 4:47 PM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: Dh is still out of work... we need to sell the house, but can't!
I agree that yoyr DH just needs to get something...ANYTHING to bring $$ in to pay your bills right now...
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| Posted 12/27/06 4:48 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Dh is still out of work... we need to sell the house, but can't!
Posted by LisaW
I agree that yoyr DH just needs to get something...ANYTHING to bring $$ in to pay your bills right now...
I agree- anything-
I hope things start to get better soon!
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| Posted 12/27/06 4:49 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: Dh is still out of work... we need to sell the house, but can't!
Posted by Beth1210
can you re-fi? I can give you my DH email- he is lic in your state- if there is something that can be done to help- he would know
or what about making an apartment in the house?
With such great credit scores you can definitely refinance and get a great mortage rate. Not sure what you pay now but there are all sorts of programs out there including a 1% ARM program. My dad has this for his house and his payment is like nothing....less than half of what he was paying. He pays double that (to avoid negative ammoritization) and his house will be paid for YEARS before it normally would have been.
ETA - with your scores your rates should NOT be 29%. Call and have them lowered.
Message edited 12/27/2006 4:55:27 PM.
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| Posted 12/27/06 4:49 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Dh is still out of work... we need to sell the house, but can't!
Posted by lululu
Posted by Beth1210
can you re-fi? I can give you my DH email- he is lic in your state- if there is something that can be done to help- he would know
or what about making an apartment in the house?
I was thinking of consolidating the loans, but if the goal is to get out of the house ASAP, I dont think laying out the costs to re-fi is such a good idea. that will only make the loan bigger.
I think you should speak to a realtor though - perhaps you could get more for your house than you think......
good point...
I would talk to local realtor- you never know
Message edited 12/27/2006 4:52:40 PM.
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| Posted 12/27/06 4:50 PM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: Dh is still out of work... we need to sell the house, but can't!
Posted by MrsT
ETA - with your scores your rates should NOT be 29%. Call and have them lowered.
I think she was saying that they WERE 29% and they took out a loan to pay them off and repair their credit
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| Posted 12/27/06 4:59 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: Dh is still out of work... we need to sell the house, but can't!
Posted by LisaW
Posted by MrsT
ETA - with your scores your rates should NOT be 29%. Call and have them lowered.
I think she was saying that they WERE 29% and they took out a loan to pay them off and repair their credit
got it
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| Posted 12/27/06 5:01 PM |
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Re: Dh is still out of work... we need to sell the house, but can't!
What if you rented out your house for the amount of the mortgage payment and then you guys rented a small one bedroom? Its not an ideal situation but it may help. If you have a basement do you think you could rent it out?
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| Posted 12/27/06 5:47 PM |
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Ambersmom
Straight up nasty
Member since 5/05 7740 total posts
Name:
Sharon
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Re: Dh is still out of work... we need to sell the house, but can't!
I don't know what to say Melissa, but here's some 's for you.
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| Posted 12/27/06 5:56 PM |
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mcl916
my two loves
Member since 10/06 5133 total posts
Name:
Megan
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Re: Dh is still out of work... we need to sell the house, but can't!
I agree that your DH should find some kind of job and you should as well if you aren't working already. The last thing you need to do is go into foreclosure. Maybe watch other children in your home or something?? Before you look into re-financing you need to have some kind of income, I doubt they would let you ri-finance without any I hope it all works out for you
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| Posted 12/27/06 5:58 PM |
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Libragal07
Loving Summer.....
Member since 8/06 6636 total posts
Name:
Samantha aka Sammy Bones
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Re: Dh is still out of work... we need to sell the house, but can't!
Posted by Beth1210
can you re-fi? I can give you my DH email- he is lic in your state- if there is something that can be done to help- he would know
or what about making an apartment in the house?
IF she has no equity she can't refi.. 
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| Posted 12/27/06 6:01 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: Dh is still out of work... we need to sell the house, but can't!
OMG I'm so sorry you're going through this. Sending you some
Message edited 12/27/2006 10:44:21 PM.
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| Posted 12/27/06 10:43 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Dh is still out of work... we need to sell the house, but can't!
I am so sorry you are in this situation.. As others have said- at this point your DH needs to take anything - even two jobs if he has to. Do you work? I know you have a baby so it must be very hard! But if you can't start paying the bills you are going to have to declare bankrupcy, and that will certainly ruin your credit!
Can you live with someone else and rent out your house?
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| Posted 12/28/06 9:22 AM |
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lulugrrl
My 3 Blessings
Member since 3/06 6551 total posts
Name:
L
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Re: Dh is still out of work... we need to sell the house, but can't!
I am so sorry, this must be very stressful, especially with a baby to care for. I agree with everyone else that your hubby needs to take whatever he can get. My Husband bartends as a second job, and makes AWSOME cash! He makes in one week, what I make all month sometimes, and that is only working 2-3 days per week. Just something to think about. Good luck!
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| Posted 12/28/06 11:51 AM |
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ODonnell
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Member since 9/05 5983 total posts
Name:
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Re: Dh is still out of work... we need to sell the house, but can't!
I agree with the other ladies that your DH needs to get a job, and maybe you too. If you have only have unemployment and no income coming in you are going to find it hard to meet regular bills. My DH is currently out of work and it's very hard, but he bartends and it tides us over until he starts working again in Feb.
Can your DH work on construction of any kind? I would think there are a lot of opportunities in NC now with all the development going on. Could you look in to working from home? Maybe work by phone or, as someone else suggested, child-minding?
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| Posted 12/28/06 12:15 PM |
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cjik
Welcome 2010!
Member since 2/06 8879 total posts
Name:
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Re: Dh is still out of work... we need to sell the house, but can't!
I agree. Both of you need to get any kind of job you can at this point. It may not be what either one of you want to do, but you might be able to pay a few bills in the meantime. Waiting tables is a good suggestion--the hours are flexible so daytime interviews may still be possible, and you can make a decent amount of money quickly.
Also, you should talk to realtors about your options. If you want to sell it fast, I think that's the way to go. You may want to consider renting the house as well, with an option to buy.
Good luck! I'm sorry to hear things are going badly right now.
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| Posted 12/28/06 12:28 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Dh is still out of work... we need to sell the house, but can't!
I agree - I think both you and hubby need to get some kind of work ASAP. Didn't you post in the past that you have daycare taken care of?
I would also take a hard look at your bills and cut where you can - internet, cable, etc.
Good luck!!
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| Posted 12/28/06 12:51 PM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: Dh is still out of work... we need to sell the house, but can't!
I believe she is working 2 jobs, and her dh was too, but lost his main F/T one...
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| Posted 12/28/06 12:53 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: Dh is still out of work... we need to sell the house, but can't!
I am so sorry you are going through this.
With those great credit scores it might be good to try a refinance with a lower payment. Also, before you start to fall behind on any bills you may want to call up your credit cards, loan and auto company and explain to them your situation. Many times they are willing to offer extensions on the payments and hopefully this will buy your DH some time to find a new job. Good Luck and I'll be praying for you.
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| Posted 12/28/06 2:54 PM |
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lilacwine
only love...
Member since 5/05 2034 total posts
Name:
<3
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Re: Dh is still out of work... we need to sell the house, but can't!
Your credit score matters most when you're looking to bring on new debt. You're probably not in a position to get a new mortgage or loan, so why worry about your credit score? Try to put that out of your mind for now and focus on making ends meet.
If you and DH can't bring in any more income, then you may want to focus on cutting your expenses. Look at every single bill and try to reduce or eliminate it. Look around your house and find things you can sell on ebay or at a garage sale. Return christmas presents you haven't opened.
Tell DH he has until the end of the year to come up with a plan for how you as a family will make ends meet. And, keep him to the deadline and put the written plan on your fridge and TV.
I'm sorry to hear you're having such a rough patch, but I hope it will clear up soon!
Message edited 12/28/2006 3:00:01 PM.
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| Posted 12/28/06 2:58 PM |
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