Payoff High Rate Debts
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 67% |
| Lender Rate: | 12% | Borrower: | dailybread |
| Finished | State: | WA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-09-26 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Sep 27, 2007 | Current |
|
Purpose of loan: Sorry I have to withdraw my previous listing because one of the lenders informed me that there's a very high probability that my listing will not fund. Thank you very much for those lenders who bid on my loan. I hope you'll bid again. I am relisting my loan to give the lenders more information on the purpose of my loan. I have a lot of credit card debts due to remodelling of my investment property. The property is now for sale. The remodel took longer than I anticipated due to different upgrades and contractor delay. I spent approx. $50,000 to remodel the property (hardwood floor in the living room, new stainless steel appliances, new kitchen cabinets, granite countertop, new kitchen floor tiles, new paints - inside & out, new vinyl and tiles in the bathrooms, new carpets in the bedrooms, new deck and 3 french doors. During the remodelling, I continue to pay the mortgage without delay. I saved enough money from the rent to pay for the mortgage but not enough for the remodel. My financial situation: One of the Prosper lenders helped me relist my loan. Also, I was promised that this lender will bid on my loan. Thsi lender just applied for a Prosper loan and already 100%funded. Some of the proceeds from this loan will be used to bid on my loan. I intend to keep this loan full term (36 mos) regardless If I sold the property or not. I owe $350K mortgage on this property. The current value according to Zillow is $480,000. Per market analysis done for me by my realtor, the property is around $475,000. After all expenses (escrow, real estate commission, excise tax, etc I will have approx $85,000 left to pay the rest of my credit cards. I started with these credit cards with rates of 1.99% to 5.99% but they are promotional rates only. They only lasted for 6 mos. The rates already jumped to 26% and 27%. The loan I'm applying for at Prosper is not enough to pay all my credit cards but will allow me to pay the credit card that has the highest rate (Chase MC which is charging me 27%). I should be an "AA" borrower but because of my DTI, Prosper put me in the "A" category. I worked for a real estate/mortgage firm. Although the real estate business has slowed down, I'm still working for the same company for the last 14 years. I have seen the ups and downs of the business but I'm still working in the same profession. My husband's and my salary pay for all our bills. He works for the government for the last 21 years. I have zero delinquencies on my credit for the last 15 years. Monthly net income: $ 7500 Monthly expenses: $ Housing: $ 2988 Insurance: $ 320 Car expenses: $ 100 Utilities: $ 400 Phone, cable, internet: $ 135 Food, entertainment: $ 200 Clothing, household expenses $ 100 Credit cards and other loans: $ 3000 Other expenses: $ |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 198931 | Payoff High Rate Debts | A | $15,000 @ 15% | Sep 07, 2007 | Withdrawn |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|