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Old 06-01-09, 02:28 PM
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Default Financial help

DH and I went to see a bankrupty lawyer over the weekend. He was no help..we do not want to loose our home, but in order to keep it we were told we have to pay our monthly bills on time and show that we have $200 leftover at the end of each month..yea right. Im ecieving something in the mail from him today for a mortgage counselor who suppose to work w/ your mortgage company to help get our interest rate lowered. If we loose our home, we will never own again b/c the laws has changed...no more only putting 5% down on a home...at least 10% -25% is needed for a down payment. My MIL said she will not see her grandchildren live in an apt for the rest of our lives....It so bad that DH resorted in me asking my parents for money...Him and my dad dont get along. Hubby was expecting maybe a payment to help catch up w/ mortgage..but my dad is thinking long term...if your always negative each month we will never catch up so he suggested paying off the van and eventually we will have to pay him back. He then wanted to refiance our home..but hubby and I dont like that idea since my dad's name will be on the note....I just hate this....hubby wanted to find a better job but the market is flooded w/ mechanics due to Chrysler and GM layoffs.
 

 
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Old 06-01-09, 03:04 PM
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I have no advice, but I just wanted to say good luck. I know it is hard to take a loan with your dad's name on it, but if it means staying in your home maybe it is worth it? I hope something turns around for you soon.

 
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Thank you teddybear1082!
DanieH (06-01-09)
 
Old 06-01-09, 04:29 PM
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while it doesn't sound all that wonderful, your dad does have some great advice.
A car payment out of the way leaves monthly money.
If you re-fi, even with your dad's name on the note, you're going to be far better off than any of the other alternatives.
If the economy gets better and DH finds a better job etc, then you can always get dad's name off the note when you're ready.
I'd love to have a parent able and moreover willing to do that for me.
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Thank you skyqueen!
DanieH (06-02-09)
 
Old 06-02-09, 06:45 PM
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Refinancing sounds like a viable option. Not having a car payment DEFINITELY frees up money each month to cover other bills. **How much is your monthly car payment? Is DH's father willing to cover the payoff of the van and allow you to make payments to him in repayment?

When we were trying to get out of debt, we started selling some of our belongings because really, it's just stuff and we have WAY too much of it anyway. We sold extra furniture, toys, clothes, services (DH's computer skills and my sewing services), etc. to make our goals. I'm sure you have stuff lying around that could make you some money. A garage sale this weekend could bring $100 or $500 or more depending on what you have and what crowd you get. Hop on Craigslist and list some of your stuff there, too.

Our local economy has been hit with a MAJOR GM plant closing here so I've seen a lot of folks in your same situation.
 
I know it's not easy but try not to be overwhelmed by the "big picture" and focus on the steps you can take TODAY to make tomorrow brighter.


 
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Old 06-04-09, 08:54 AM
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My van payment is $410 a month...My dad decided to pay for the sitter for 6 months..since thats $400 a month...my dad is the one who suggested paying off the van, but now hes rethinking the idea. Hopefully by the winter DH will have a better job. Hubby us to be a mechanic, so whenever he does someone car he gets paid, but w/ Chrysler dealers getting laid off the market is flooded w/ mechanics.
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