New info from Harmony0800

Harmony0800 · #1 10-12-2005, 08:29 PM

What is the name of your state? Michigan

Thank you so much for all of your advice! I am becoming more and more uneasy about this as I find out about the situation. Although we have not at any time committed to staying in this house for any length of time, my in-law tells me he made payment arrangments with the mortgage company where there would be a full on time mortgage payment (that would be us) in the 15th of ever month and that he, over eight months, would make an additional payment of 200 sum odd dollars through May which would take care of the months past due. I feel like I am throwing over five hundered dollars on the table to gamle with. Purchasing the home would definitley be an option except that both my husband and I,(even though we both make plenty of money and have great careers), have extremely bad credit from younger years. I almost feel like a mortgage for us is impossible.

Thank you again, you all have been so helpful.

pojo2 · #2 10-13-2005, 08:39 AM

When you start a new topic on the same issues you are merely cheating yourself of accurate info. Since I have not read (at least to my knowledge right now) your previous post my question would have to be

What the heck are you talking about?

Gadfly · #3 10-13-2005, 10:10 AM

Ok. Just because you have less than stellar credit does not mean you can't get approved. Have you applied and been denied, or are you just assuming?

Let's start with how much is owed and what's the MARKET value of the home? (this is something you need to know regardless of where this answer takes us.)

Harmony0800 · #4 10-13-2005, 11:07 AM

So sorry, Pojo2, this is my first time on a site like this so I am feeling my way through it. To answer your question, “What the heck are you talking about?”, if you scroll down a bit on the main thread, (feel free to correct me if that is incorrect terminology) and under my name Harmony0800 you will see a thread called ‘Mortgage Default’. Please let me know if I answered your question.

Gadfly, I guess I am just assuming that I could not get approved. I guess I also assumed that applying for a mortgage was similar, (in credit worthiness terms), as applying for a mortgage. Unfortunately, no one has ever explained this to me. First let me admit that I should have done things differently and yes, I should have been more responsible with the situation. As stupid as this may sound, I never asked any direct questions about home value but if I remember correctly about two years ago the home was appraised at approximately $80,000. Again, if all was translated through my husband correctly, it was briefly mentioned to him by his parents that the mortgage was approximately $70,000 owed. I am not aware of any second mortgage, but at this point it’s a 50/50 chance. I haven’t yet asked too many other details since I first want to figure out whether to stay, leave, rent, etc. I am just so unsure about this whole thing, and it sure doesn’t help to feel like such an idiot that was taken advantage of. Now I feel as if they have backed us into a corner.

Gadfly · #5 10-13-2005, 11:56 AM

Ok, so lets start with do you like the house?
Is it worth it to you to try and hang on to it? Those are personal things that only you can decide.

Now, do you want the responsibilities of home ownership?

What condition is the house in and what will it cost to fix it up.

Since your in-laws are in a bind, are they willing to sell to you for what is owed?

If they are can you and they discuss the situation with the mortgage company? (It will have to be together so that you are sure you are getting the straight skinny)

Harmony0800 · #6 10-13-2005, 02:46 PM

Thank you Gadfly, you have presented some things that I didn't think of and I think my husband and I have some descions to make. The house is alright, but ideally its just fine for the two of us and the animals right now. But getting stuck into a home that is in a city were people are not buying is risky. I think I will contact some mortgages companies off the record to see what my options are. Thanks again!

Harmony

Gadfly · #7 10-13-2005, 05:56 PM

Do us all a favor. Ask around and find a LOCAL mortgage broker with a good reputation. One that will discuss your issues with you. Stay away from the internet companies.