Financial Restructuring
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 28% |
| Lender Rate: | 13% | Borrower: | MHM-Gravity |
| Finished | State: | WA | |
| Funded: | 100% | Group: | Computer & IT Professionals |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-07-25 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Jul 24, 2007 | Current |
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Hello first off thank you for taking the time to review my listing. My wife and I have decided that we are going to start doing foster care again, we were foster parents when we lived in California but when we moved up here initially we did not have the room to take on more children in addition to our two. Now that we have a home with a little more room it is now feasible to begin the process. We have already started the background checks and all of the paperwork, however as anyone familiar with the process it can take some time. In the meantime I have decided to get our financial house in order. In order for this to be a success a few things must happen. 1. We need to consolidate our credit card debt approx $20,000. Life happens and with foster kids it happens so fast that we really will not have the time to coordinate multiple bills to multiple creditors. So I will be consolidating all of our credit card debt into this Prosper loan, this will give us a fixed term and rate (not great but reasonable). 2. We will also need to furnish another bedroom, we already have the dressers and what not we will simply need a bunk bed and mattresses. 3. We will setup an account specifically for inbound foster children. Most of the time foster children come into your home with nothing more than the clothes on their backs. Because of this we will need to have cash available for the initial placements. My income will easily support this plan, I make $88,000 per year and my wife stays at home. In addition to my income when we have a foster child we will be given a monthly stipend that is intended to offset the cost of the child. Monthly Net Income: $5800 Breakdown of monthly expenses before Prosper Loan: Mortgage: $2200 Car Note: $400 Car Expenses (Ins, Gas): $200 Utilities (Gas, Elec, Water/Sewer/Garbage): $180 Utilities (TV, Internet, Phone, CellPhones): $190 Food: $600 Credit Cards: $500 Insurance: $120 Clothing: $150 ============ Total before Prosper Loan: $4540 --------------------- Breakdown of monthly expenses after Prosper Loan: Mortgage: $2200 Car Note: $400 Car Expenses (Ins, Gas): $200 Utilities (Gas, Elec, Water/Sewer/Garbage): $180 Utilities (TV, Internet, Phone, CellPhones): $190 Food: $600 Prosper Loan: $900 (approx) Insurance: $120 Clothing: $150 ============ Total after Prosper Loan: $4940 --------------------- As you can see from my credit history I have not had any BK\DQ or any other negative reports on my credit and I intend to keep it that way. Thanks for taking the time to read this. I welcome and will respond to any and all questions promptly. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 78858 | Safe Investment Opportunity | A | $6,500 @ 8% | Dec 28, 2006 | Withdrawn |
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