Re: Dh is still out of work... we need to sell the house, but can't!

Posted by lilacwine

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!

Re: Dh is still out of work... we need to sell the house, but can't!

Thats so sad. Im sorry its happening. If it were me, id be working in a diner just to make extra money, any income is better than no income.
Best of luck to you

Re: Dh is still out of work... we need to sell the house, but can't!

your husband needs to take any job just to make some money, two jobs if need be. you can't sell your house, your loan pretty much closed that option for awhile, as I'm sure you aware of at the time of signing. Can you take another job too? A little part time one? have you cut all extras? cable, extra cell phones, even internet? use the library for the internet, movies, books, and cut back on those areas. don't go back to using you credit cards no matter what. that would be THE END, you'd only dig in deeper.

it will be ok, and i pray for you husband to find a great job soon.

Re: Dh is still out of work... we need to sell the house, but can't!

I'm so sorry you're having these troubles!

One suggestion I'd make is to call your mortgage company and explain the situation. Many companies will work with you to come up with a managable payment for now.

Good luck!!

Re: Dh is still out of work... we need to sell the house, but can't!

Can you try selling your house on your own?

How did you get a mortgage for more than the house is worth?

Re: Dh is still out of work... we need to sell the house, but can't!

Thanks everyone!

Just a quick recap... I already work F/T and a P/T job and my DH was working F/T and he already works a P/T night/weekend job. He lost his main job.

As for the house. Our rate on our 30 yr mortgage is 5.875 and that was with my credit score only being 564 and my DH's was only 650. I don't know how that worked out. Our credit scores are VERY important to me. It took us a long time to get it up to where it is. The loan we got is a 115% loan to value loan. It's hard to find nowadays.

We don't have enough room for ourselves in the house anymore so we definitely can't rent anything out. We don't have a basment or a garage we could rent out either. It's an older ranch home. Basements are hard to come by here in NC.

We wouldn't be able to get server or bartending jobs. Here in NC they want you to have experience already and we don't have any. There's not even any Diners here either.

I don't know if we could rent it out. I'm really thinking about it. The problem is that there are things that need to be fixed up before we can rent it out too.

Anyway, this is the recap of everything. Thanks again ladies!

Re: Dh is still out of work... we need to sell the house, but can't!

what about selling stuff on ebay?

I can help you get started- I make a good amount of money doing it and it's kind of fun

Re: Dh is still out of work... we need to sell the house, but can't!

I am so sorry!! Is there any way to take in a boarder? Rent one of the rooms out? Could you rent space in your garage for storage???

Have you contacted all your loan companies/credit cards/utilities and explained what is going on and what plans they might have to help????

Have you looked into government assistance for food or local church ministries? Many have food pantries where you don't even pay. Angel Food Ministries is nationwide and for a small amount of money you get a great amount of food (and GREAT quality too). Check with local churches, some run programs that help those in the community with paying bills. Depending on your income, you might qualify for WIC, contact your local Health Dept. You'd get formula if needed, milk, eggs, cereal, peanut butter, juice for the kids.

Have you thought of consignment....some of the kids stuff they have outgrown or can live without? Garage sale once it's warmer out? Check craigslist.com....you can sell on there too. freecycle.org (I think) you can find things you need but I think you have to offer up something for free first to join.

Re: Dh is still out of work... we need to sell the house, but can't!

I think your DH needs to be out pounding to pavement everyday until he goes to his night job to a a job, any job.
You can sell his Xbox for some money.

Re: Dh is still out of work... we need to sell the house, but can't!

DH works for a bank. He said you need to call your mortgage bank. Many of them have programs which can forgive you for a month or two if you can't make the payments. He said most people don't know about it, but it is MUCH better than just not paying your bills.

He says any longer than that, you may have to consider bankruptcy. But maybe 2 months is all you need.

Also, he said if you have a 401K, see you can take out or borrow money from that.

Re: Dh is still out of work... we need to sell the house, but can't!

Definately call you mortgage company - It cant hurt to call and talk. Remeber, they would rather work out payments then take your house.

Have a realtor or 2 come in and give you an honest assessment of your house. Maybe you can get more than you think or it could be rented. Again you dont Know until you check it out.

Review ALL your expenses - and cut out all non essential items. Really think about what is ESSENTIAL. Changes you make now are not forever. When you financial situation improves you can add things back.

Take a look at you homeowners and car insurance policies. Can you save some money by shopping those or making changes.

Look around your house for items you no longer use or want and sell them on craigslist etc.

I know this all takes time and with 2 babies and 2 jobs you dont have time but your DH does. Give him specific assignments to work on each day.

And

Message edited 12/30/2006 5:45:04 AM.

Re: Dh is still out of work... we need to sell the house, but can't!

Posted by curliegirl

Can you try selling your house on your own?

How did you get a mortgage for more than the house is worth?

Re: Dh is still out of work... we need to sell the house, but can't!

I am so sorry
I really think that daycare should be cut out and don't waorry about losing their spot. Find something else when the time comes. I am sure that money will help out.

And maybe sit down with a Financial Planner. I am sure something can be done since you work 2 jobs and DH works nights and weekends. You have to have a decent income coming in.

Re: Dh is still out of work... we need to sell the house, but can't!