House about to be foreclosed...

Hi ttjones

Your husband's credit scores at this stage are decent enough to bag a good deal from your bank. If you have a good business relation with your bank, approach them first for the loan amount. They will likely offer you the loan before your credit gets ruined later.

Opening a new loan account does not hurt your credit adversely unless you are missing the monthly payments. Be prepared that you are going for a loan and you have to plan your future finances in that way. Calculate your monthly expenses and utilities and then look out for a second job, if needed. Don't allow the debt to income ratio go higher.

have you considered any type of consolidation program in order to stop foreclosure? Also, with a credit score like that, have you looked into refinancing to save money?

There are a lot of options available to you..A counselor will be calling you within a few days, they can give you great advice and point you in the right direction.

Good luck, please keep us updated.

Well ttJones,

I will first suggest that you continue to pray about this situation. It can go a long way.

Now, before you think foreclosure, I would recommend that you make every attempt to sell it while you are looking for a job. Get rid of it. Register with an employment agency and check every employment website available.

Also, you may try registering your house with real estate websites. Sometimes those sites are best at finding buyers. Although the market is a bit slow, I think that a little hard work might pay off.

You can also think about asking family and friends for assistance for these few months while you try to find a buyer.

You can also try to even rent out the property and move into somewhere smaller.

These are all options you should consider before allowing it to go into foreclosure. Because a foreclosure will stay on your credit report for 7 years. After the 7 years you will have to write all three credit bureaus and ask them to remove it.

So don't allow a foreclosure proceeding to begin.

Really it is a big problem.Better to plan tour career before your marriage.After getting marriage it is very difficult to get job.But you must and should required job to see your family in a good way.


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mike5

foreclosures

Wow . . . that was ridiculously random Mike.