I have a one yr old 2005 car that my husband and I qualified for 1% financing. At the time, buying the car was a good idea, but now we are making $350 car payments and I have left my full time job to work part time, and my salary has decreased over $15,000. I am afraid to trade my car in for a cheaper one because we own $4000 more than blue book.
Does any one have any ideas or have heard any ads for cars that spealize in “paying what you owe” for a trade in? What can I do to reduce my car payments?
Typically when you are going to have a roommate or other financial assistance it has to be in the form of a contract. The lender is going to say that since the others are not on the loan application they are not responsible for the debate. This means to them that they are going to look at your capacity to repay the loan.
Your roommate could decide to move out. Your family could encounter some things that would change their ability to assist you. So the lender is going to look at that and say, can she pay on her own?
You might be able to include the rent payment from the roommate IF you have a lease/contract set up. Just depends on what the lender says. And I definitely agree with talking a lot to your lender. Most banks are what is called A paper credit. You might do better going with a broker, especially one who specializes in sub-prime lending. Just communicate a lot with the lender so they are clear on your situation and what you are wanting.
Sorry to impose upon this conversation, but what you are talking about applies to my current situation.I am in the process of purchasing a home despite the fact that my current financial situation isn’t the most ideal.
My dilemma now in the process is that the high property taxes have thrown my income to debt ration out of the required guidelines for the loan.How do I report that I will be having a roommate who will be paying half the mortgage as well as parents and family members that will assist in paying of my bills.What is there that can be done to show that the money will be there to pay the mortgage?
I don’t know what I would have for a payment history because there isn’t a 2nd income and I don’t have any saved. But I do have a VA loan I can get. I have my car payment but it’s not reported to the credit bureau and nothing else is reported to the credit bureau. What else is there? Just curious.
Normally my payment is $300. The owner also gave me another $100 off the life of the loan’s interest so actually, it’s like $925 payment. If I could possibly make another 2 big payments like that, the car will be paid off. My interest is 20% so now you know why I want to pay it off fast.
I know I should pay the 2 credit cards off that I owe $300 and $250 on but I can’t really move until I pay the car off because I’d never be able to get the payment to him on time because it’s due on the 1st, the day I get paid. I also don’t feel safe about taking the car out of state permanently until I have the title in hand.
I put my mobile up for sale, that’s the last dept I have. This will be the hard one. It’s a 1977 mobile home, 14 x 70, and I’m asking $12,999. The hardest thing is, once someone wants to buy it, I have to write a letter to my husband with an address in Indiana which I don’t have yet. It’s kind of hard to look for a place over the internet from Spokane, WA.
I was recommended to try remax.com for my real estate needs. What do you think?