How do you get back on your feet?

[Blondy876]

I was out of work for the past year and because of that we got behind on some expenses. We have been catching up but it seems like just when we think that we are finally there (all caught up) something else happens. We have decided to do some home repairs and get caught up on bills and I spoke to our mortgage holder and they said that we could refinance or take out a home equity loan. We got started on the process but as soon as they checked our credit they said they couldn't help us. (I can't say that I really blame them)However, I tried to explain that I was out of work and that's why we fell behind but they didn't care (again I can't blame them, they have to have rules) but we just can get a break. Are there companies out there that look at more than just your credit score and take into account your situation?

We are planning to sell our home soon but we have to do some repairs before we can. Our foundation is crumbling and we can't sell the house until it is fixed. We can't fix it without a loan and we can't get a loan because we have low credit. There's just no winning. I'm having a bad night, sorry for whining.

 

[Stacy's a freak]

Please don't be sorry for whining! We all have trials to get through, and sometimes it makes us feel slightly better to talk about it. I'm sorry that I don't really have that much advice for you, but you might want to check with other banks to see if they have different rules for lending. Fortunately, there is ALWAYS a lender that will lend money to someone with credit problems. But UNFortunately, they often have high interest rates or high closing costs. All I can say is "Don't give up." Keep your eye open to different possibilities and something perfect may come along

 

[Tuffcookie]

Jennifer, Can you join a credit union? Sometimes they can be a little more flexible than the banks.
Good luck to you!

TC

 

[tmt martins]

`Becareful of the socalled helper they have alot of hidden fees and quick foreclosures if you default .

 

[MrsNick]

Have you tried a mortgage broker? They might be able to research for a lender more efficiently than you would be able to individually.

You have my sympathy. DH and I are just getting started out in life (we bought our first condo 18 months ago, and the price of real estate is just ridiculous), so I know how it feels to think you're out of the woods (like get through downpayment and closing and moving expenses) and get socked just when you're recovered (Thanks, Uncle Sam). It just stinks.

Good luck!

 

[Blondy876]

Thanks for the ideas, I am a member of a credit union so I will check things out with them. I also hadn't thought of a mortgage broker so I will look into that too.