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.