Posted on 02/24/2013 7:36:13 PM PST by ducttape45
I am hoping that someone on FR can help me with a financial issue.
Let me state first out that this is not a request for assistance. I don't want to run afoul of any posting rules or guidelines. This is a request to find out if anyone knows of a resource that I can avail myself to in order to help me.
Also, I know how some of what I will share will sound. I know that there could be some personally embarrassing information to follow. I make no excuses for the situation I find myself in, but I am hoping that I can find help in spite of my current situation.
The situation is this: I am living in a house that is somewhere in the process of foreclosure. Where exactly is still a mystery. I am told that it is now up for short sale but I've been kept in the dark on that aspect of what is going on. What I do know for sure is that the investor has failed to make payments on the house and for the last 9 months I've been living here rent free.
The realtor who I deal with told me that she would like to see the house sold to me. The amount owed on the house is somewhere in the neighborhood of $53,000 but it will short sale for $10,000 - $11,000. I have $5,000 in my savings account. All I need is another $5,000 - $6,000 and I can buy this place. And therein lies my problem.
There is no way to say this except to say this: my credit sucks. I won't post my FICO or credit scores, but they are not good. It doesn't help that I had to file for bankruptcy last year and it discharged in September. I actually have no bills to pay on except for utilities. I do have school loans that are under forbearance until September 2014. So I am in a unique position. Unfortunately, no lender will look beyond their rules and regulations to see that.
In their defense I know the rules are there for a reason and after the recent national mortgage meltdown I can't really blame banks for being much more cautious, but I was hoping that someone would see that I could pay a loan back within just 6-8 months tops and bend the rules a bit.
Please, this is a serious request and I would appreciate no flaming whatsoever. While the facts are the most very basic (believe me, there are many more things about the price of the house, the fact that the house was once part of military housing), these are still details that are personal in nature and I share them only in the hopes that someone can lead my in the right direction.
Moderator, if this post is inappropriate, do what you must. Thank you.
A very good point. When you consider purchasing a property, you always look at the neighborhood and the local conditions. Ask yourself how bad a property has to be before the "condemned" sign goes on the door. Some towns, it has to be falling into the street or the playground next door before they sticker it. Others, any excuse if the right insider wants it. And the property insurance, good luck with that.
Experienced fixer-upperers know this stuff cold. A first time buyer, a minnow in a most Hobbesian sea.
I have seen people arrested and threatened with jail time for failing to demolish their condemned property. Poverty is no excuse either.
There’s no way any of the banks will ok a loan of $40,000 on a house that is for sale for only $10,000. I kind of wish they would, I really do.
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