RELIST-Trying one more time for that house!!
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,800.00 | Status: | Loan created |
| Grade: | D | DTI: | 7% |
| Lender Rate: | 20% | Borrower: | jt8491 |
| Finished | State: | MD | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-05-03 | EricsCC ROI: | 15% |
| Status History | |
|---|---|
| May 04, 2007 | Current |
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Purpose of loan: This loan will help me realize my dream of being a homeowner again. My brother and sister in law have offered to co-sign a home loan with me so that I can get back into my own home at a reasonable interest rate. An opportunity has come up on a home I have been keeping my eye on - the price is right and with their co-signature I can own my own home for $400 less than I pay in rent at this time. This is a re-list of my original request- the second time I did quite well so I am hoping I can clinch the deal this third and last time!! My financial situation: I made a very bad decision in 2000 and married a man that went on to have a gambling problem several years later. I almost lost my home in foreclosure and was forced to file Chapter 13 to protect it and my other assets. I had to pull my son out of college that same year. I was able to successfully pay off the Chapter 13 because as luck would have it, I was able to get myself into an executive position that enabled me to work my way back financially. In the summer of 2005, I sold my house and received a small profit after paying off all of my debts (and some that weren't mine). Instead of turning around in an new home, a took the advice of a financial counselor and waited the market out (houses were selling at above the asking rate at that time). The market is now unbelievable and I am glad I waited! The job I was able to obtain is an executive position ? I now earn a six figure income with a quarterly bonus structure (total $25,000 achievable). In that two year time period, I have taken out a car loan and have three open credit cards (none have credit limit for more than $600). I have made every payment before the due date for the cards and my car loan. I pay my rent early as well. I have additionally paid my son's way through college without incurring any extra debt. I am struggling with the credit agencies to get erroneous debt information off my record (one is not even mine) - the others were included in the bankruptcy and paid but keep popping up occasionally because of collection agencies who buy the debt without knowledge of pay off. This is taking forever and combined with the history of bankruptcy is bringing down my credit rating. I have a very low debt ratio because I make an excellent salary and pay off everything that I can. I have not saved more because my focus was to pay off my son?s college tuition without incurring any additional debt. My plan was to buy a home by the end of the year, but my income is good and I have finally caught up. Even with this loan and a mortgage, I am still ahead financially. I will use the money for closing costs and moving costs. My original loan request was for $14,000 but I just received my first quarter bonus so I now only am trying to borrow $7,800 - I have a short time frame to make the decision to put in a bid on this home ? I do not want to put myself at risk financially by bidding before I know I have the funds to do this - so far it is still on the market. I will make it my priority to pay this loan off with the terms defined. I understand that lenders like the loans to run the full term. I am worth the risk!! My monthly budget: Mortgage/rent: $1575 Insurance: $170 Car expenses: $425 Utilities: $150 Phone, cable, internet: $180 Food, entertainment: $400 Clothing, household expenses $100 Credit cards and other loan payments: $100 Other expenses: $400 --------------------------------------- Total monthly expenses: $3500 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 120854 | Help me finish my self improvement quest!!! | D | $14,000 @ 20% | Apr 09, 2007 | Withdrawn |
| 121835 | Back on my feet again! | D | $14,000 @ 18% | Apr 10, 2007 | Expired |
| 126089 | RELIST- Almost able to buy a house! | D | $8,200 @ 21% | Apr 19, 2007 | Expired |
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