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homeproblems · Aug 5, 2008, 07:38 PM

I'm in a very bad place right now and don't know what to do. Currently me, my husband, my father-in-law and two children ( 3 & 1 ) are living in a house and it has been foreclosed. We have to be out by mid September. The house we lost is only in my husband's name. My credit is decent, but I have a Ford F150 with a $730 truck payment. I was told without this debt I could get financed for a house around 99,000 (not the best but it's something). My problem is that my truck still has quite a bit owed on it so I can't trade it in. I also can't get refinanced because the price of trucks have decreased due to gas prices. So, I'm stuck with the truck... with a huge payment and we are losing our house and have no place to go. I'm a wreck. I don't know what to do.

Just some more back ground... we live in MI and my husband is self employed. With our economy not doing so good he has lost many builders he did work for due to the employer going out of business. Three years ago I NEVER thought I'd be in a situation like this. I'm scared, worried any help / advice would be appreciated.

Thank you!

Fr_Chuck · Aug 5, 2008, 07:43 PM

Well first don't mean to be rude, OK yes I do, perhaps you should not have bought a car with a 700 dollar payment and used that money to help pay the first mortgage. Even had let the car be repoed to save your home.

Still lots of remodeling being done, and also finding other work if needed

But at this point, you find a place and rent and start buidling things back up

homeproblems · Aug 5, 2008, 07:50 PM

FR-Chuck - No, you don't have to be rude... I guess you don't understand how depressed I am. I bought the truck when things were fine! I'm not an idoit. My $700 car payment wouldn't have saved out home either... it would have ruined my credit as well if I let it get repoed. Thanks a lot for encouragement. You certainly have no symathy at all for someone with 2 kids losing there home! I just need to vent and let stuff out and hope to get some useful advise... not a put down

LisaB4657 · Aug 6, 2008, 05:44 AM

What about selling the truck? I know that you won't get enough to completely pay off the loan but maybe you can pay off enough of the loan that you can still qualify for a new mortgage while carrying a much smaller payment.

ScottGem · Aug 6, 2008, 06:23 AM

Originally Posted by homeproblems

FR-Chuck - No, you don't have to be rude...I guess you don't understand how depressed I am. I bought the truck when things were fine! I'm not an idoit. My $700 car payment wouldn't have saved out home either...it would have ruined my credit as well if I let it get repoed. Thanks a lot for encouragement. You certainly have no symathy at all for someone with 2 kids losing there home! I just need to vent and let stuff out and hope to get some useful advise...not a put down

First, may I call your attention to the guidelines for using the comments feature found here:

https://www.askmehelpdesk.com/feedba...ure-24951.html

While I do sympathize with you, the bottom line is you CHOSE to buy a truck that may have been more than you could afford. While you are not alone in thinking the boom times of 3-4 years ago would not go bust, you would have been better off being more conservative.

That all being said, I agree with Chuck, that buying a house now may not be the best choice. You should be looking at rentals until you can build up your savings and get rid of obligations you can't afford.