- This topic has 22 replies, 1 voice, and was last updated April 10, 2007 at 8:08 pm by .
- April 10, 2007 at 8:08 pm #251524Guest
I’m brand new to the list, just a few hours on it in fact. But we
recently found ourselves in a similar situation. I contacted the
company that had my mortgage and over the phone, with email, faxes and
such got a low interest second mortgage. No fees, appraisals or
anything and I didn’t have to give up my dream home. Because they
already had the first note they gave us lower interest rate, plus we
got an even lower one when I agreed to an automatic debit to the
account the fifteenth of every month.
Even if you recently got a home equity loan it might well be worth the
phone call to your mortgage company to see what they recommend. It
lowered our bills $600 per month and will be paid off in 10 years.
If you truly have absolutely no equity left to get a bill
consolidation loan with maybe you could check with credit counselling.
My mil did and they negotiated with all her creditors to where she
has one monthly payment that is automatic (she got a lower interest
rate that way) from her checking. It will pay off all her credit card
debt in 5 years. The rates negotiated for her were extremely low and
it was a free service.
Either way I’d stay away from a condo, they come with all sorts of
restrictions and problems, plus if one person causes any damage to the
units all pay for them. Jan who is determined to pay off her 10 year
home equity loan in 5 years in OK
— In Budget101_@yahoogroups.com, Herlean
> Thanks for the info. Our local friendly credit union took the
equity in our home. Long story, but we did not get to use it for the
home projects we intended to use it for. Still have a bill to pay
though. 🙁 Like we needed yet another bill to pay anybody each month.
> I think most of the problem is the constant, overwhelmed feeling
that is there pretty much constantly. I don’t truly want to sell my
house. I don’t truly want to file for bankruptcy. I want the
constant, overwhelmed feeling to GO AWAY!!!! I want the phone to stop
ringing off the hook, but when we answer it, there is nobody there.
> I shop with a grocery list (every time). Coupons are good when I
can get them for baby formula and diapers. We don’t eat too many
convenience foods, which is what most of our coupons are for it seems.
I bake cookies and brownies from scratch for lunches. My hubby and I
eat at home most of the time. If we order food, we order the smallest
portion possible as to not waste. We take our lunches. Gas is now
$2.85 a gallon (no kidding, just passed a gas station a few minutes
ago) and it eats up a huge portion of our budget. (Hubby drives
almost an hour each way to work daily and there is no public
transportation option. I use public transportation to get to work, so
I use a lot less gas. It saves some money.)
> There seems to be a lot more month left at the end of the money
and it just wears on us. There always seems to be something else.
Just one more thing.
> If selling the house would truly help us out of this situation, I
would consider it. After paying to list it, sell it, pack, store
stuff, sell stuff off, move to the new place, clean them both, make
repairs, pay the realtor fees, pay off the loan, pay off the equity
loan, would there be anything leftover for us? I am thinking it will
be damn close. We haven’t lived here long. There are
soooooooooooooooo many things that nobody ever told us about being
homeowners that sometime make me want to return to renting an
apartment (I am not there just yet.)
> I know that things will eventually turn around, but sooner would a
lot better than later.
> Makalei Ohlund
> Herlean, what kind of equity do you have in your current home?
> walk away with $$ after the fact? The housing market is not working in a
> sellers favor right now, have you had an analysis done to see what the
> current market value is? I am a Realtor and also a Mortgage Loan Officer
> so the first ideas that run into my head are What are you going to gain
> vs. What are you sacrificing. A realtors fees vary but I definately
> advise trying it on your own if you are already stressed and in a
> financial bind. Where I live, Realtors get 6% of the sale price.
> > I am still debating selling our current house (a single family
> > with a yard) and moving into a condo. Among the ideas that are running
> > through my head:
> > Will getting a condo that is less expensive than our current home
> > really save money? What about condo fees? Will they negate the
> > savings in house payments? Will we ever be able to afford to buy a
> > house like this one we currently have again in the future, since real
> > estate appreciates? I really want our kids to grow up in a house
> > with a yard to play in, like we have now, but the debt situation
> > sometimes seems like a mountain crushing down on us and I wonder if
> > one is truly better than the other. Ideally, we want to keep our
> > current house, but if we have to sell and move, how much does a
> > realtor cost? The cost of storage of our stuff while open houses
> > are running? Very little extra $$$ for a storage unit. Forget PODS
> > like you see on t.v., they are really expensive. Will we truly be
> > saving money by moving? The cost of preparing the house for sale,
> > packing, storage, moving, finding another place, paying the realtor,
> > fees associated with all that (does anybody truly know what the costs
> > are?)
> > Help!!!!!
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