qualifying for a mortgage - Posted by Jeanne

Posted by Ethan in So. Cal on August 06, 2003 at 06:13:45:


I’m awefully sorry to hear of your situation. My best advice to you would be to get yourself back on your feet again, and try to repair your credit before attempting anything that would put you into anymore financial liability.

I would honestly say that any decent mortgage, because of your divorce and current financial situation, would be out of reach for now. The last thing you need is to be stuck with outrageous interest rates which you won’t be able to make the payments on, thus circumventing your credit repair process. I would more likely recommend investing in something that requires less capital and financial burden. Although you might have the burning desire to own a home, you must work within your means.

As far as purchasing investment plans, I would be putting your money towards the bare essentials. Also, it seems that your husband is a real liability for you and your children. You may want to figure out a way to make things work or separate your legally binding financial ties with him, as I am afraid he will increasingly inhibit your financial recovery.

You have many factors to figure in right now. The best thing for you to do is figure out how to resolve those issues before commiting your time and limited resources to something your not 100% sure about.

qualifying for a mortgage - Posted by Jeanne

Posted by Jeanne on July 26, 2003 at 04:13:26:

Wow. I just found this site and it looks great. I bought Carlton Sheets old program several years ago, but never did anything with it.

Brief profile: Female, 40, 3 children; ages 4 - 19.

I went through a divorce in '97, remarried right away (mistake) to a man who, I found out AFTER could not hold a job… Meantime, I got preganant right away and had my little daughter. I kept hoping my white knight would come through for me, but it never happened.

So…I lost MY home (yes mine), we sold it just under the wire of a foreclosure. I’m still so traumatized; this only happened in December, right before Christmas.

I have recently (one year ago) re-entered the workforce as a legal secretary. I work three part time jobs. My income is not great. My credit is worse because of all the unpaid bills while I stayed home to take care of my baby. I am in the process of filing a bankruptcy so that I can truly start over. Husband #2 is still gainfully UNemployed, and his benefits are to run out soon.

I want so desperately to buy a house on my own…Am I going to be able to? I saw tonite the ad for (Dalbey’s) note purchasing thing…but seems from this site that might be a waste of money?? I would really like to get into REI, and most of all purchase a home for myself and my girls. Any advise is welcome, and I look forward to reading all these informative posts!! :slight_smile: